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FAC1503 Assignment 7 Semester 1 - 2023 (solutions) R50,00   Add to cart
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  5. FAC1503 - Financial Accounting Principles For Law Practitioners (FAC1503)

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FAC1503 Assignment 7 Semester 1 - 2023 (solutions)
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FAC1503 Assignment 7 Semester 1 - 2023 (solutions) examples of questions answered: The useful life of an asset is an estimation of the length of time the asset can reasonably be used to generate income (revenue) and therefore be a benefit to the business. The sales account is: On 10 March 202...

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  • April 19, 2023
  • 12
  • 2022/2023
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  • fac1503 assignment 7 semester 1 2023 solutions

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, Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1503-23-S1 / Welcome Message / Assessment 7




Question 2
Not yet
answered Extract from Trial balance of SA Traders for the year ended 30 April 2021

Marked out of Nominal accounts Amounts
1.00
Sales R25 040
Sales returns R1 450
Purchases R15 000
Purchases returns R1 200
Carriage on purchases R450
Settlement discount granted R1 500
Settlement discount received R1 466

By scrutinizing the extract of the Trial balance of SA Traders, which one of the following inventory systems is used by SA Traders?



Select one:
Periodic inventory system

Perpetual inventory system

Weighted average inventory system

FIFO inventory system

Clear my choice




Question 3
Not yet
answered The useful life of an asset is an estimation of the length of time the asset can reasonably be used to generate income (revenue) and therefore be a benefit to the business.

Marked out of
1.00
Select one:
True

False




Question 4
Not yet
answered The sales account is:

Marked out of
1.00
Select one:
credited with the total of sales made, including VAT

debited with the total of sales made, including VAT

debited with the total of sales made, excluding VAT

credited with the total of sales made, excluding VAT

Clear my choice

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