Exam (elaborations)
FAC1503 EXAM PACK 2025 {DETAILED QUESTIONS AND ANSWERS }
- Course
- FAC1503
- Institution
- University Of South Africa
FAC1503 EXAM PACK 2025 {DETAILED QUESTIONS AND ANSWERS }
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Question 2
Correct
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Question text
The statement of financial position provides information about the solvency
of the entity’s position.
Select one:
True
False
Feedback
Refer to section 1.6.1 of learning unit 1
The correct answer is 'True'.
Question 3
Correct
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Question text
A goods received note order is a source document which is written
acknowledgement that the seller has received payment (goods or money)
from the buyer.
Select one:
True
False
Feedback
Refer to learning unit 2.5.3
The correct answer is 'False'.
Question 4
Correct
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Question text
Assets decrease on the debit side.
Select one:
True
False
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Feedback
Refer to learning unit 2.2
The correct answer is 'False'.
Question 5
Correct
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Question text
Neutrality of information means that only information which is significant
enough needs to be separately disclosed. Minor items must be included in
the financial statements but need not be separately disclosed.
Select one:
True
False
Feedback
Refer to section 1.5.4 of learning unit 1
The correct answer is 'False'.
Question 6
Correct
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Question text
Debit entries are made on the left-side of the general ledger accounts and
credit entries are made on the right-side of the general ledger accounts.
Select one:
True
False
Feedback
Refer to the introduction of learning unit 2
The correct answer is 'True'.
Question 7
Correct
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Question text
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The ultimate aim of accounting standards is to encourage widespread use of
particular standards in financial reporting and to encourage creativity and
innovation by creating a variety of good alternative methods of reporting.
Select one:
True
False
Feedback
Refer to section 1.5.2 of learning unit 1
The correct answer is 'False'.
Question 8
Incorrect
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Question text
The debit side of a ledger account is the side that shows gains in value.
Select one:
True
False
Feedback
Refer to learning unit 2.1
The correct answer is 'True'.
Question 9
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Information pertaining to the liquidity of an entity may be used to predict the
availability of cash, after the settling of debts for the same period.
Select one:
True
False
Feedback
Refer to section 1.6.1 of learning unit 1
The correct answer is 'True'.
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