Exam (elaborations)
FAC1502 ASSESSMENT 2 SEMESTER 1 2024
- Institution
- University Of South Africa (Unisa)
FAC1502 ASSESSMENT 2 SEMESTER 1 2024
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,4/8/24, 5:32 PM Assessment 2
FAC1502-24-S1 Welcome to FAC1502 Assessment 2
QUIZ
Time left 1:30:47
Question 1
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
With the periodic inventory system an entity will keep continuous track of inventory levels for the different inventory items it sells.
Select one:
True
False
Question 2
Not yet answered
Marked out of 1.00
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: 10086
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17161240&cmid=842835 1/14
,4/8/24, 5:32 PM Assessment 2
Question 3
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
Drawings of trading inventory is not recorded at cost price in the general journal.
Select one:
True
False
Question 4
Not yet answered
Marked out of 1.00
Use the information provided below to calculate the cost of sales:
R
Opening inventory 200 000
Purchases 400 000
Purchases returns 90 000
Import duties 20 000
Settlement discount received 30 000
Closing inventory 300 000
Answer: 200000
Question 5
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
At the end of the financial year, the gross profit calculated in the profit or loss account is transferred to the trading account.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17161240&cmid=842835 2/14
, 4/8/24, 5:32 PM Assessment 2
Question 6
Not yet answered
Marked out of 42.00
The following information for May 2023 relates to Joe Traders.
1. The following information appeared in the bank reconciliation statement for April 2023.
Bank reconciliation statement as at 31 May 2023
Debit Credit
R R
Unfavourable balance as per the bank statement 24 500
Outstanding deposit 205 7 500
Outstanding EFT no:
- No. 210 3 500
- No. 212 1 800
- No. 213 2 550
Credit correction of error 250
Unfavourable balance as per bank account 24 600
2. The following appeared in the cash journals, but not on the bank statement.
· Outstanding deposit of R3 000
· EFT 217 for R1 500 to NCA for stationery purchased.
3. EFT no. 210, 212 appeared on the current bank statement for May 2023.
· The error made by the bank during April 2023 was corrected on the bank statement for May 2023.
· The outstanding deposit 205 does not appear in the current bank statement for May 2023.
4. An EFT for R3 550 was reflected in the JoeTraders bank statement. This payment is not related to business and must be
corrected by the bank.
5. An EFT payment to S Mmekwa for R665 was cancelled. The bookkeeper, however, recorded the payment in the cash payments
journal.
6. EFT 215 for R4 300 appeared twice on the bank statement.
7. An EFT payment to Solly Traders in settlement of our account R11 800. The bookkeeper incorrectly entered the amount as R11
980 in the cash payments journal.
8. A stop order in favour of Monument Insurers of R4 300 for monthly insurance Premium.The transaction had not been taken into
account in the cash journals
9. Joe Traders made an EFT payment of R16 465. The bookkeeper incorrectly entered the amount as R13 765 in the cash
payments journal.
10. Balances and subtotals at the end of May 2023.
· Cash receipts journal R224 795
· Cash payments journal R216 020
· Unfavourable bank statement R37 445
11. The following appeared on the bank statement, but not in the cash journals:
· annual service fee – R555
· internet service fee – R125
· cash deposit fees – R485
REQUIRED:
Complete the following in the accounting records of Joe Traders for the month ended on 31 May 2023:
The cash receipts and cash payments journals (bank columns only), properly totalled, as at 31 May 2023
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17161240&cmid=842835 3/14
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