Question 2 The secretary of the attorney must ensure that this position of trust is not abused;
Answer saved hence the reason for all the rules and regulations relating to the handling of trust
Marked out of
money.
1.00
Flag Select one: OSCAR THE TUTOR
question True oscardiura@gmail.com
False +27737560989
for FAC MAC ECS DSC TAX QMI FIN
INV BNU STA tutorials
Question 3 When a law practice receives an amount of cash from a client that is ear-marked
Answer saved for a specific task/service, the transaction will be recorded in the general journal.
Marked out of
1.00 Select one:
Flag True
question
False
Question 4 It is always the person who pays the amount (e.g. in the case of a property
Answer saved transaction) whose account must be credited and therefore it is not necessary to
Marked out of
include the details of the client on the receipt.
1.00
Flag Select one:
question True
False
Question 5 Africa Services, a registered VAT vendor, provides financial and rental services. The
Answer saved VAT rate is 15%.
Marked out of Africa Services
2.00 Cash Receipts Journal – February 2022
Flag CRJ02
question
Analysis Sundry accounts
Doc of Commission Rental VAT
no Day Details Fol receipts Bank income income output Amount Details
Fol
R R R R R R
SA Interest
4 Traders 10 000 10 000 10 000 income
SA
8 Dealers 17 250 17 250 15 000 2 250
SA
10 Properties 20 700 20 700 18 000 2 700
SA Interest
18 Traders 20 000 20 000 20 000 income
SA
22 Dealers 28 750 28 750 25 000 3 750
SA
28 Properties 25 300 25 300 22 000 3 300
122
000 40 000 40 000 12 000 30 000
Which one of the following options is the most correct posting of the VAT output column
in the cash receipts journal to the general ledger of Africa Services at the end of the
month?
, Select one:
a.
Dr VAT
output Cr
2022 R 2022 R
Feb 28 Bank 12 000 Feb
b.
Dr VAT
output Cr
2022 R 2022 R
Feb Feb 28 Bank 12 000
c.
Dr VAT
output Cr
2022 R 2022 R
Feb 8 Bank 2 250 Feb
10 Bank 2 700
22 Bank 3 750
28 Bank 3 300
d.
Dr VAT
output Cr
2022 R 2022 R
Feb Feb 8 Bank 2 250
10 Bank 2 700
22 Bank 3 750
28 Bank 3 300
Clear my choice
Question 6 If the attorney’s practice chose to deal with trust bank charges through an
Answer saved arrangement where these charges are credited to the business bank account, the
Marked out of
attorney’s practice should request its bank to certify the amount of bank charges in
1.00 respect of the trust bank account that has been credited to its business bank
statement at the end of each financial year.
Flag
question
Select one:
True
False
, Question 7 The following transactions relate to the accounting records of SA’s Legal
Answer saved Practice for March 2022. The legal practice is registered as a VAT vendor. VAT at
Marked out of 15% is included where applicable.
2.00
On 8 March, SA’s Legal Practice returned a new photocopier which was purchased
Flag on 1 March 2022 on credit, from SA Suppliers (registered VAT vendor) for R6 200.
question The photocopier was defective. SA’s Legal Practice did not replace the copier.
What will the general journal entry be for the above transaction in the records of
SA's Legal Practice?
Select one:
a. Date Details
8 Jun Office equipment
Creditors control
Return photocopy machine to Office Suppliers
b. Date Details
8 Jun Office equipment
VAT control
Creditors Control
Return photocopy machine to Office Suppliers
c. Date Details
8 Jun Creditors control
Office equipment
Return photocopy machine to Office Suppliers
d. Date Details
8 Jun Creditors control
VAT control
Office equipment
Return photocopy machine to Office Suppliers
Clear my choice
Question 8 Which of one the following statements is false for the preparation of a trial
Answer saved balance?
Marked out of
2.00 Select one:
Flag a. The trial balance shows all the closing balances of the general ledger
question accounts prepared at a specific time in the financial year.
b. In a digital accounting system, the balancing of a trial balance is done
automatically.
c. The trial balance ensures that total debits equal total credits in the
financial records.
d. In some instances, the trial balance does not necessarily balance because
of temporary accounts in the general ledger.
Clear my choice
Question 9
On the receipt of trust money, an attorney must issue a proper receipt to the client.
Answer saved Such receipts must be bound in numerical sequence and must indicate:
Marked out of
1.00 (i) The date.
Flag (ii) The time of the transaction.
question
(iii) From whom the money was received
(iv) The amount in words
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