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FAC1502-23-S2 Welcome Message Assessment 1QUIZ
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Question 1
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Indicate whether the following statement is true or false:
Depreciation, consumables and credit losses recovered are examples of expenses.
Select one:
True
False
Question 2
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On 15 February 20.1 Abdoola Spaza sold goods to the value of R21 360, on credit, to Mrs
S Dlamini. Abdoola Spaza uses the periodic inventory system.
The correct effect of the transaction on the basic accounting equation in the books of
Abdoola Spaza is ...
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. A decrease in an amount must be indicated by using a negative sign in front of the
amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has been provided and it is not applicable to the specific question please
put N/A in the column.
6. First do the increase and then the decrease. N/A must be done last.
Equity = Assets - Liabilities
R R R
+21360.00 +21360.00 N/A
N/A
,Question 3
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Please choose the correct option for the given scenario.
In which journal would a business entity record the
The general journal
purchase of equipment on credit?
In which journal would a business entity record the
purchase of merchandise on credit? The purchases journal
In which journal would a business entity record the sale
of equipment on credit? The general journal
In which journal would a business entity record the sale
of equipment for cash? The cash receipts journal
Question 4
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Indicate whether the following statement is true or false:
The knowledge of the meaning of concepts, principles and procedures of accounting will
ultimately help to understand the message contained in financial statements
Select one:
True
False
,Question 5
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Debits Credits
R R
Vehicles 325 000 Capital 357 750
Plant and equipment 170 000 Sales 530 000
Stationery 1 610 Interest on bank account 450
Insurance 6 200 Loan: Nice Bank 60 000
Interest expenses 5 200 Accumulated depreciation
Trade receivables control 24 300 (plant and equipment) 17 500
Water and electricity 8 800 Rent income 13 400
Depreciation (Vehicles) 15 000 Trade payables control 34 320
Salaries 110 360 Accumulated depreciation
Drawings 21 900 (vehicles) 15 350
Inventory 32 000 Bank 11 600
Cost of sales 320 000
1 040 370 1 040 370
The accounting equation (A = E + L) can be expressed as …
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. A decrease in an amount must be indicated by using a negative sign in front of
the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
Please note: Only include the total amount for assets, equity and liabilities in the table
provided.
Assets = Equity + Liabilities
R R R
530050 412530.00 117520.00
Question 6
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Indicate whether the following statement is true or false:
The statement of financial position reflects the financial performance of the business.
Select one:
True
False
, Question 7
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The following information relates to Sammy Technologies who buys and sells
computers and computer accessories. Sammy Technologies is a registered as a VAT
vendor and uses the periodic inventory system. VAT at 15% is applicable. The VAT
period of the business ends on unequal months.
Transactions:
20.22
July 6 Purchased 10 laptops from IT Wholesalers on credit for R172 500. (credit
invoice no: IT657)
Purchased a point-of-sale scanner from Mega Wholesalers on credit for R2
875 to be used by the cashiers. (credit invoice no: MW 456)
The correct entry in the general journal of Sammy Technologies will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
When recording the debit entries, you must start with the applicable income or expense or
asset account, followed by the applicable vat account.
Equipment 22 500
VAT input 150 000
Laptops Purchases
IT Wholesalers/Trade payables control 172 500
Mega Wholesalers/Trade payables control VAT output
VAT input Equipment
IT Wholesalers/Trade payables control
22 500 146 625 150 000 25 875 375 2 500 431.25 22 875
175 375 172 500 2 443.75 2 875 152 500
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