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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
