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Fac1503 Assignment 9 Semester 1 2023 ( distinction on all possible ques)
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Accounting for law students
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FAC 1503ASSIGNMENT 9 SEMESTER 1 2023
Use this document as a guide to learn, compare and reference
, Which option below reflects only inventory valuation methods?
Select one:
a. Last-in, first-out and weighted average
b. Periodic inventory system and First-in, first-out
c. Perpetual inventory system and Last-in, first-out
d. Perpetual inventory system and periodic inventory system
Clear my choice
Question 3
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Which option below correctly indicates how a favourable balance from a bank account in the general ledger should be dealt with
when doing abank reconciliation?
Select one:
a. By crediting the bank reconciliation statement
b. By debiting the bank reconciliation statement
c. By crediting the bank statement
d. By debiting the bank statement
Clear my choice
Question 4
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South Attorneys instructed SA Attorneys to collect outstanding rental income on behalf of a client, Mrs
S Africa.Which one of the following statements regarding the above is correct?
Select one:
a. South Attorneys will create an account statement and issue it to SA Attorneys.
b. SA Attorneys must refund any expenses incurred on behalf of Mrs S Africa by the instructed attorney if South Attorneys
collected theoutstanding rental income.
c. South Attorneys will create a client account for Mrs S Africa.
d. SA Attorneys will create a trust creditors account for Mrs S Africa.
Clear my choice
,Question 5
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On 21 July 2021, Africa Traders bought desktop scanners of R130 000 from SA
Dealers on credit to replace the old scanners. Africa Traders is not registered as a
VAT vendor.
Which account will be debited, and which account will be credited in the general
ledger of Africa Traders?
Select one:
a.
Dr Computer equipment
Cr
2021 R 2021 R
Jul 21 Bank 130 000 Jul
Dr Bank
Cr
2021 R 2021 R
Jul Jul 21 Computer equipment 130 000
b.
Dr Computer equipment
Cr
2021 R 2021 R
Jul 21 Creditors control 130 000 Jul
Dr Creditors control
Cr
2021 R 2021 R
Jul Jul 21 Computer equipment 130 000
c.
Dr Computer equipment
Cr
2021 R 2021 R
Jul Jul 21 Bank 130 000
Dr Bank
Cr
2021 R 2021 R
Jul 21 Computer equipment 130 000 Jul
d.
Dr Computer equipment
Cr
, 2021 R 2021 R
Jul Jul 21 Creditors control 130 000
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