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FAC1503 Assignment 4 (QUIZ) Semester 1 2023 R93,50   Add to cart

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FAC1503 Assignment 4 (QUIZ) Semester 1 2023

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FAC1503 Assignment 4 (QUIZ) Semester 1 2023 FAC1503 Assignment 4 (QUIZ) Semester 1 2023 FAC1503 Assignment 4 (QUIZ) Semester 1 2023

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  • May 11, 2023
  • 63
  • 2022/2023
  • Exam (elaborations)
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By: ntsengelen • 1 month ago

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TestbanksNotesAssignmentsAndExampacksGuru
FAC1503 Assignment 4
(QUIZ) Semester 1 2023


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, Faithful representation of information means that only information which is
significant enough needs to be separately disclosed. Minor items must be
included in the financial statements but need not be separately disclosed.



True
False




Answer Key:False

Feedback:Refer to section 1.5.4 of learning unit 1

Question 2 of 28
1.0/ 1.0 Points


SA attorneys spend R2300 on goods not utilised for earning taxable income. SA
Attorneys may not claim input VAT on the goods because it is specifically
excluded in the VAT Act.



True
False




Answer Key:True

Feedback:Refer to learning unit 3.4.7

Question 3 of 28
1.0/ 1.0 Points


In terms of IFRS, a statement of cash flows, which reflects the actual cash
movements in and out of the entity for a specific period should form part of an
entity's financial statements.



True
False




Answer Key:True

, Feedback:Refer to section 1.6 of learning unit 1

Question 4 of 28
1.0/ 1.0 Points


Neutrality refers to the fact that the information and disclosure in the
financial statements must be such that different knowledgeable and independent
observers can reach consensus that it is a faithful representation.



True
False




Answer Key:False

Feedback:Refer to section 1.5.4 of learning unit 1

Question 5 of 28
1.0/ 1.0 Points


As from 8 January 2016 the accurate description of goods and and/or services,
indicating where applicable that the goods are second hand goods must be
reflected on all tax invoice even where the consideration (price) does not
exceed R5 000 for it to be considered valid.



True
False




Answer Key:True

Feedback:Refer to learning unit 3.4.9

Question 6 of 28
1.0/ 1.0 Points


A client’s ledger is an accounting report showing all the closing balances of
the general ledger accounts that is prepared at a specific time in the
financial year.



True

, False




Answer Key:False

Feedback:Refer to learning unit 5.10

Question 7 of 28
1.0/ 1.0 Points


In terms of section 68 of the LPA and the LPC Rules, a legal practitioner must
keep a separate trust bank account at a banking institution in the Republic,
and in this account must deposit the money held or received by the attorney on
behalf of any person.



True
False




Answer Key:False

Feedback:Refer learning unit 4.6.2

Question 8 of 28
1.0/ 1.0 Points


With the periodic inventory system, the lack of accurate, real time inventory
information could lead to inefficient management of inventory.



True
False




Answer Key:True

Feedback:Refer to learning unit 3.2.3

Question 9 of 28
1.0/ 1.0 Points


A delivery note is a source document prepared by the buyer at the point of
receipt, recording the receipt of goods. The delivery note and the purchase

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