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FAC1502 Exam pack 2024(Financial Accounting Principles Concepts and Procedures) Questions and answers

Introduction and overview of the module ......................................................... ii LEARNING UNIT 1 Introduction to the preparation of financial statements .......................... 1 LEARNING UNIT 2 Financial statements of a sole proprietorship ........................................ 24 LEARNING UNIT 3 Establishment and financial statements of a partnership ...................... 46 LEARNING UNIT 4 Changes in the ownership structure of partnerships ..............

FAC1502 EXAM assignment 4 2024 | Due 29 October 2024 s 1. What is the primary purpose of financial accounting? • A) To assist management in decision-making • B) To provide information for internal users only • C) To prepare financial statements for external users • D) To ensure compliance with tax regulations Rationale: Financial accounting is primarily aimed at providing financial information through statements for external users such as investors, creditors, and regulators. ...

Financial Accounting Principles Concepts and Procedures(FAC1502 Exam pack 2023) Questions with 100% accurate answers.

. 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 ...

FAC1502 EXAM PACK FINANCIAL ACCOUNTING PRINCIPLES CONCEPTS PROCEDURES N & N ENTERPRISES STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2022 Revenue 500 000 Cost of Sales (362 800) Opening Inventory 100 000 Purchases (283 000 + 39 000 – 5 000) 317 000 Freight charges on purchases 5 000 Shipping Fees 2 800 Import duties 3 300 Delivery Fees 4 100 Modification Costs 2 600 Closing Inventory (72 000) Gross Profit 137 200 Other Income 2 860 Int...

EXAM QUESTION WITH ANSWERS (PRACTICE QUESTIONS) FAC1502

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