FAC1503 (FAC1503)

QUESTIONS AMND ANSWERS

STUDY GUIDE

FAC1503 ASSIGNMENT 4 BOMB. Faithful representation 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. True False Answer Key:False Feedback:Refer to section 1.5.4 of learning unit 1 Question 2 of 28 1.0/ 1.0 Points SA attorneys spend R2300 on goods not utilised for earning taxable income. SA Attorneys may not claim input VAT on the goods b...

FAC1503 ASS 2 2021 DU TOIT. Part 1 of 5 - Question 1 of 35 1.0 Points The advocate’s journal is used to record those transactions that cannot be recorded in any of the other journals. True False Reset Selection Question 2 of 35 1.0 Points The individual amounts in the books of prime entry are posted to the personal accounts of the clients and trust creditors in the subsidiary ledgers, and do not form part of the double entry system. True False Reset Selection Question 3 of 35 ...

FAC1503 Assignment 2 Calculations/Explanations 1. 4 A trust bank account should never be in overdraft. A debit on a trust creditor account would mean the account is overdrawn which is not permitted In terms of the Rules for the Attorneys’ Profession (the Rules) with regard to the transfer of trust funds from the trust bank account to the business bank account, a legal practice shall ensure that the balance on its trust bank account shall at any date be equal to or ex...

FAC1503 STUDY SUMMARY NOTES 2022 (learning unit 8) Every attorney’s practice has to make use of the services of a correspondent at some point. The reason being that in some instances the instruction from the client to the attorney can only be executed in a jurisdiction where the attorney does not have an office. A law firm must be within a 15km radius of the office of the registrar of the Court. For example a client, E North, who resides in Mbombela, requests Mr Langa, an attorney, to...