FAC1502 Financial Accounting (FAC1502)
University of South Africa
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FAC1502 Exam Prep.
- Exam (elaborations) • 83 pages • 2023
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. Mr J James is the owener of an enterprise trading as James Traders. At 31 May 2003 the enterprise 
had the following assets and liabilities: 
R 
Delivery vehicle 140 000 
Inventory 30 000 
Bank (overdraft) 10 000 
Creditors 120 000 
Debtors 100 000 
Accumulated depreciation: vehicles 20 000 
Provision for bad debts 5000 
Which one of the following amounts reflects the owner’s equity of James Traders at 31 May 2003? 
A R115 000 
B R125 000 
C R140 000 
D R160 000 
2. Capital Limited, who’s ...
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FAC1502-Financial Accounting Assignment 1 Semester 1 2022.
- Exam (elaborations) • 9 pages • 2022
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FAC1502-Financial Accounting Assignment 1 Semester 1 2022. 1. 4 
Accounting is therefore a process consisting of the following three activities: 
 Identifying those events that are evidence of economic activity (transactions) 
relevant to the particular business or entity 
 Recording the monetary value of the economic events (transactions) in order to 
provide a permanent history of the financial activities of a business. Recording 
involves keeping a chronological diary of measured events...
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FAC1502 Financial Accounting SUMMARY NOTES Revision course 2017 S1
- Summary • 157 pages • 2022
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FAC1502 Financial Accounting SUMMARY NOTES Revision course 2017 S1. The Conceptual Framework for Financial Reporting 
Elements: Recognition Criteria 
 First meet the definition of one of the elements! 
 Then 2 recognition criteria: 
1. Is PROBABLE that any FUTURE ECONOMIC BENEFITS will flow 
2. COST OR VALUE that can be MEASURED with RELIABILITY 
5 
Study unit 2 
FAC1502 
© Edge Business School 
STUDY UNIT 2 
FINANCIAL POSITION 
The equations: 
A = OE + L 
OE = A - L 
The Elements of the ...
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