THIS DOCUMENT IS A COLLATION OF FAC1502 ASSESSMENT 1 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECTLY AS A GUIDE AND FOR PRACTICE TO SCORE ABOVE 75%
OSCAR THE TUTOR
Re-attempt quiz
oscardiura@gmail.com
+27737560989
Attempts allowed: 2
for FAC MAC ECS DSC TA
QMI FIN INV BNU STA
Time limit: 1 hour 15 mins tutorials
Grading method: Highest grade
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
Attempt State 50.00 100.00 Review Feedback
1 Finished 39.23 78.46 Congratulations, you pass the assessment with
Submitted Friday, 16 August a distinction.
2024, 8:17 PM
OSCAR THE TUTOR
oscardiura@gmail.com
+27737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
tutorials
,You are given the following information for Sibas Nail Bar: R
Equipment…………………………………………………………………........................................ 130 000
Manicure tables and chairs……………………………………………….............................. 4 000
Inventory………………………………………………………………….......................................... 10 000
Clients owing Sibas Nail Bar……………………………………………............................... 25 000
Sibas Nail Bar owes Salon Suppliers………………………………………....................... 75 000
Bank …………………………………………………………......................................................... 13 000
Short term loan…………………………………………………….............................................. 50 000
The total current liabilities of Sibas Nail Bar 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: 125000.00
,Indicate whether the following statement is true or false:
Historical costs measures are entry values and provide monetary information about liabilities and assets
and related expenses and income using the information derived, at least in part, from the price of the
transaction or other event that gave rise to them.
Select one:
True
False
, Indicate whether the following statement is true or false regarding the procedures that must be followed at
the end of the month regarding to posting from the subsidiary journals?
Entries made in the general journal for creditors must be posted on a daily basis to the personal accounts of
the creditors.
Select one:
True
False
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oscardiura. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R97,33. You're not tied to anything after your purchase.
