Exam (elaborations)
FAC1602 ASSIGNMENT 3 2024
- Institution
- University Of South Africa (Unisa)
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UNISA 2024 FAC1602-24-S1 Welcome Message Assessment 3QUIZ
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Question 1
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Since the Companies Act 71 of 2008, what significant change affected new close corporations in South Africa?
a. The number of members allowed in a close corporation was increased.
b. Close corporations are now required to have a minimum share capital.
c. Discontinuation of the registration of new close corporations.
d. Compulsory conversion of close corporations to public companies.
e. Mandatory auditing of all close corporations.
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Question 2
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When accounting for the payment of provisional tax by a close corporation, what are the correct journal entries?
a. Debit Bank and credit income tax expense.
b. Debit SARS (income tax) and Credit Bank.
c. Debit income tax payable and credit Bank.
d. Debit Bank and credit SARS (income tax).
e. Debit income tax expense and credit Bank.
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