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FAC1502 Assignment 1 Semester 1 2020 Answers
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- University Of South Africa (Unisa)
FAC1502 Assignment 1 Semester 1 2020 Questions with answers and explanations.
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FAC1502Financial Accounting Concepts, Principles and
Procedures
Assignment 01 for Semester 01 (compulsory)
Unique Number 604110
Due: 11 March 2020
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1. There are external and internal users of accounting information. Which of the following will
be considered as an external user of accounting information for Gizmo Traders?
a) Employees, investors and lenders of Gizmo Traders
b) Investors and lenders of Gizmo Traders as well as government and their agencies.
c) Management, employees and customers of Gizmo Traders.
d) The general public, customers of Gizmo Traders and Gizmo Traders suppliers and other trade
creditors.
e) Employees and lenders of Gizmo Traders as well as the general public.
(1) a,b,c and d.
(2) a,b,c and e.
(3) b and d only.
(4) a and c only.
(5) b, c and d.
Answer:
Page 14 of Tutorial letter 103/3/2020:
1.9 The fields of accounting
Users of financial information can be subdivided into the following two categories:
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