Exam (elaborations)
FAC 1502 ASSESSMENT 2 SEMESTER 2 2023 85% UPWARDS
- Institution
- University Of South Africa (Unisa)
FAC 1502 ASSESSMENT 2 SEMESTER 2 2023 85% UPWARDS
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4/30/23, 3:46 PM Assessment 2MENU
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
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Question 1
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Indicate by choosing the correct option whether the following statement is true or false:
Stationery on hand at the end of the year will be shown as an expense in the statement of profit or loss and other comprehensive income.
Select one:
True
False
Question 2
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The financial manager of Steven Traders hired an inexperienced bookkeeper, on 1 February 20.19, who was immediately required to assist with the
creation of an allowance for credit losses (current financial year ends on 28 February 20.19). The auditors of Steven Traders raised an audit finding in the
previous financial period, stating that trade and other receivables were overstated since no allowances for credit losses has been created although there
was evidence that some of the debtors did not pay their accounts in the previous financial periods. The financial manager wants to avoid this audit
finding in the current financial period.
The financial manager requested the bookkeeper to write a memo and indicate which accounts will be affected when the allowance for credit losses is
created? The bookkeeper has written the following statement down and requires you to confirm whether the statement is true or false when the
allowance for credit losses is created.
The balance on the trade receivable control account in the general ledger will be affected by creating the allowance for credit losses.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 1/14
, 4/30/23, 3:46 PM Assessment 2
Question 3
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MENU
Indicate by choosing the correct option whether the following statement is true or false:
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
Donation of trading inventory is recorded at cost price in cash payments journal.
Select one:
True
False
Question 4
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Isolation Traders paid an insurance premium of R10 824 on 1 March 20.19 for 12 months. Upon the inspection of the pre-adjustment trial balance for the
year ended 31 May 20.19, the bookkeeper noticed that insurance premiums amounting to R7 380 for the period starting 1 June 20.18 until
28 February 20.19, were paid in the previous financial period. The bookkeeper also noticed that, the insurance premium paid on 1 March 20.19 has not
yet been recorded in the books, and no adjustment has been processed and no reversal has been processed relating to insurance premium paid in the
previous financial period.
The amount for insurance expense to be shown in the statement of profit or loss and other comprehensive income for the year ended
31 May 20.19 will be:
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. Round the amount of to the nearest R (eg: 12141.72 will be 12142)
Answer: 2706.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 2/14
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