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FAC1502 ASSESSMENT 3 SEMESTER 1 2024
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- University Of South Africa (Unisa)
FAC1502 ASSESSMENT 3 SEMESTER 1 2024
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5/4/24, 10:15 PM Assessment 3FAC1502-24-S1 Welcome to FAC1502 Assessment 3
QUIZ
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Question 1
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State whether the following statement is true or false:
The cost of stationery used is included in the calculation of cost of sales.
Select one:
True
False
Question 2
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State whether the following statement is true or false:
The classification inventory does not include consumable inventory which are consumed in the normal business activities.
Select one:
True
False
Question 3
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On 1 July 20.1, Joe Traders bought machinery for R84 000 was given a 5% cash discount. BB Logistics delivered the machinery to Joe
Traders and charged R2 500. The machinery was installed for R4 500. Joe Traders uses the fixed instalment method and the machine will
be depreciated at 20% per annum. Joe Traders also purchased 1 000 boxes of A4 copier paper on 1 July 20.1 for R130 000. The financial
year-end of Joe Traders is 30 June.
What is total accumulated depreciation on 30 June 20.4?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 52080
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,5/4/24, 10:15 PM Assessment 3
Question 4
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The following balances appeared in the general ledger of Vice Traders on 30 June 20.2:
R
Inventory (1 July 20.1)……………………………………………… 60 000
Purchases…………………………………………………………… 80 000
Purchases returns………………………………………………….. 4 000
Settlement discount received……………………………………… 1 000
Sales…………………………………………………………………. 270 000
Customs duties……………………………………………………… 1 500
Carriage on purchases……………………………………………... 2 000
Carriage on sales…………………………………………………… 500
Settlement discount granted………………………………………. 3 000
Additional information:
Inventory on hand on 30 June 20.2 is R20 000.
The correct amount for the cost of purchases 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)
Answer: 78500
Question 5
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Please choose the correct option for the given scenario:
Consumable stores
on hand and prepaid
expenses will Current assets; statement of financial position.
disclosed as … in the
…
Commission income
and profit on sale of
a vehicle will be Other income; statement of profit or loss and other comprehensive income
disclosed as … in the
…
Cost of sales and
consumables will be
Distribution, administrative and other expenses; statement of profit or loss and other comprehensive income.
disclosed as … in the
….
Bank overdrafts and
accrued expenses
will be disclosed as Current liabilities; statement of financial position.
… in the …
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,5/4/24, 10:15 PM Assessment 3
Question 6
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The inventory controller at WR Wholesalers incorrectly calculated the inventory count at the end of the financial year.
Indicate whether the following statement is true or false:
An incorrect inventory count will affect the calculation of sales.
Select one:
True
False
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, 5/4/24, 10:15 PM Assessment 3
Question 7
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Please choose the correct option for the given scenario.
Current liability are liabilities that … are expected to be settled within twelve months after the statement of financial position date.
The following information was
extracted from the accounting
records of Namgoong Plastics:
Balances at 1 April 20.19 R
Equipment: Cost 28 000
Accumulated depreciation:
(26 133)
Equipment
Additional information
At the beginning of the financial
year, 1 April 20.19, Namgoong
Plastics replaced its plastic
shredding equipment with new
glass recycling equipment that had
Cash receipts journal
a purchase price of R45 600. The
replaced plastic shredding machine
was sold for R5 000 cash, it was the
only piece of equipment in the
books of Namgoong prior to the
purchase of the new glass recycling
equipment.
Depreciation is provided at 20% p.a.
on the straight-line method.
Indicate which journal(s) will be
used to record the transactions
relating to the sale of the plastic
shredding equipment?
An example that is not a current
liability? Accrued income
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