Exam (elaborations)
FAC 1501 ASSESSMENT 01 SEMESTER 01 2024
- Course
- FAC1501 (FAC1501)
- Institution
- University Of South Africa (Unisa)
FAC 1501 ASSESSMENT 01 SEMESTER 01 2024
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By: zandilemabaso70 • 7 months ago
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GUARANTEEDDISTINCTION
2024
FAC 1501 ASSESSMENT 01
SEMESTER 01
PREPARE BY SYDNEY DER TUTOR
SYDNEY TUTORING ACADEMY
2024
,3/15/24, 9:47 PM Assessment 1 (page 1 of 2)
2024 FAC1501-24-S1 Welcome Message Assessment 1
QUIZ
Time left 0:18:23
Question 1
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Financial accounting functions as an information
system: far-reaching decisions are taken on the basis
of the results reported in financial statements, and
business transactions have to be measured,
classified, summarised and recorded sporadically.
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=15770123&cmid=842825 1/5
, 3/15/24, 9:47 PM Assessment 1 (page 1 of 2)
Question 2
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Marked out of 6.00
Mekgoe Florist is situated in the Western Cape. The
business is not a registered VAT vendor and makes
use of the perpetual inventory system. During the
month of January 2024, Mekgoe Florist maintained an
unfavourable bank balance.
During December 2023, Mekgoe Florist purchased
flowers for resale on account from the Flower market
for R5 465. On 15 January 2024, Mekgoe Florist paid
the full amount owing with an electronic funds
transfer.
REQUIRED:
Analyse the transaction of Mekgoe Florist that took
place on 15 January 2024, in tabular format as
follows:
Account Account
Element Element
Date to be Amount to be Amount
debited credited
debited credited
Example: May 2 The owner of Mekgoe Florist withdrew R5 000
cash for own use.
R R
May 2 Drawings -5 000 Equity Bank -5 000 Asset
Complete the table below by selecting the account
to be debited, the account to be credited and the
element affected on the statement of Financial
position (assets, equity and liabilities) from the
dropdown menu and filling in the applicable
amounts in the correct spaces.
Please indicate whether the transaction increases
or decreases the affected element (assets, equity
and liabilities) in the amount column (see
instruction 3 and 4 for examples)
Instructions for numeric responses:
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. When an element decreases, use a negative sign in
front of the amount (eg: -1000.01)
4. When an element increases, the amount will be
without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg:
1000)
Element Element
Date Account to be debited Amount Account to be credited Amount
debited credited
R R
Jan
Trade and other payables control -5465.00 Liability -5465.00 Asset
15
Bank
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=15770123&cmid=842825 2/5
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