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FAC1503 ASSIGNMENT 8
- Course
- Fac1503 (FAC1503)
- Institution
- University Of South Africa (Unisa)
DISTINCTION
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10/9/24, 11:53 AM Assessment 8 (page 2 of 2)FAC1503-24-S2 FAC1503 - Financial Accounting Principles for Law Practitioners Assessment 8
QUIZ
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Question 2
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An amount of R370 appears on the business bank statement for interest charged on the unfavourable bank balance of SA
Attorneys. In which book of original entry will it be recorded?
Select one:
a. Trust cash payments journal
b. Business cash receipts journal
c. Trust cash receipts journal
d. Business cash payments journal
Clear my choice
Question 3
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Which of the following statements is incorrect?
Select one:
a. The Attorneys Fidelity Fund (AFF) became the Legal Practitioners Fidelity Fund (LPFF).
b. In the case of a section 86(3) of the Legal Practice Act, 28 of 2014, 100% of trust interest earned will be paid on an
annual basis to the LPFF.
c. In the case of a section 86(4) of the Legal Practice Act, 28 of 2014, 5% of the trust interest earned will be paid
annually to the LPFF.
d. In the case of a section 86(2) investment of the Legal Practice Act, 28 of 2014, 100% of trust interest earned, less
approved recoverable bank charges, will be paid monthly to the LPFF.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23062269&cmid=846368&page=1 1/13
, 10/9/24, 11:53 AM Assessment 8 (page 2 of 2)
Question 4
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Not all transactions of the entity will result in an amount being recorded in at least two accounts.
Select one:
True
False
Question 5
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South Attorneys instructed SA Attorneys to collect outstanding rental income on behalf of a client, Mrs S Africa.
Which one of the following statements regarding the above is correct?
Select one:
a. Mrs Africa is a client of South Attorneys and South Attorneys is a client of SA Attorneys after the instruction.
b. Mrs S Africa is a client of SA Attorneys after the instruction to collect the rental income.
c. Mrs S Africa is a client of both South Attorneys and SA Attorneys after the instruction to collect the rental income.
d. SA Attorneys is a client of South Attorneys and Mrs S Africa is a client of SA Attorneys after the instruction to collect
the rental income.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23062269&cmid=846368&page=1 2/13
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