THIS DOCUMENT CONTAINS CAREFULLY WORKED OUT FAC1502 ASSESSEMNT 3 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USING IT CORRECTLY FOR PRACTICE WILL HELP YOU SCORE ABOVE 75% IN THE ASSESSMENT
OSCAR THE TUTOR
Please choose the correct option for the given scenario. oscardiura@gmail.com
0737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
Luna Electricians received a bank statement that reflects a debit balance of R2 000 tutorials
in Luna Electricians business bank account. This means … Luna Electricians has an unfavourable bank balance of R2 000.
A client paid R3 000 Luna Electricians with debit card. The debit card transaction
will automatically reflect during the course of the business day on Luna Electricians bank statement
…
The correction of errors and deposits not yet credited reflected on the previous
months … must be compared with current months bank statement to determine if bank reconciliation statement
the bank has attended to this items or not.
The bank statement of Luna Electricians must be compared with the … in the bank
reconciliation process. cash receipts and cash payments journal of Luna Electricians
Question 2
Indicate whether the following statement is true or false:
Answer saved
The cost price of property, plant and equipment includes any other expenses incurred in getting the asset operational excluding import duties and non-
Marked out of
1.00 refundable purchase taxes.
Flag
question
Select one:
True
False
Question 3
Indicate whether the following statement is true or false regarding debentures:
Answer saved
Debentures only has one creditor.
Marked out of
1.00
Flag
question Select one:
True
False
Question 4 Please choose the correct option for the given scenario.
Answer saved
Marked out of Extract of the pre-closing trial balance of THC Traders
4.00 Depreciation R38 367; Loss on sale of equipment R1 500; Interest on fixed deposit R7 500.
as at 30 September 2019
, Flag Debit Credit
question
R R OSCAR THE TUTOR
oscardiura@gmail.com
Plant and machinery (cost) 120 0737560989
000 for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
Accumulated depreciation: plant 41 750 tutorials
and machinery
Equipment (cost) 90 000
Accumulated depreciation: 17 100
equipment
Land and buildings (cost) 180
000
Fixed deposit (@ 7.5% p.a.) 100
000
Depreciation 38 367
Loss on sale of equipment 1 500
Interest on fixed deposit 7 500
The amounts that will be disclosed in the statement of
profit or loss and other comprehensive income of
THC Traders for the year ended 30 September 2019
relating to non-current assets are:
Current liability are liabilities that … are expected to be settled within twelve months after the statement of financial position date.
The following information was extracted from the Cash receipts journal; General journal
accounting records of Namgoong Plastics:
Balances at 1 April 20.19 R
Equipment: Cost 28 000
Accumulated depreciation: Equipment(26 133)
Additional information
At the beginning of the financial year, 1 April 20.19,
Namgoong Plastics replaced its plastic shredding
equipment with new glass recycling equipment that
had a purchase price of R45 600. The replaced plastic
shredding machine was sold for R5 000 cash, it was
the only piece of equipment in the books of
Namgoong prior to the purchase of the new glass
recycling equipment.
Depreciation is provided at 20% p.a. on the straight-
line method.
, Indicate which journal(s) will be used to record the
transactions relating to the sale of the plastic
shredding equipment?
An example that is not a current liability? Accrued income
Question 5 Indicate whether the following statement is true or false regarding the statement of profit or loss and other comprehensive income:
Answer saved The gross profit calculated in this statement is transferred to the capital account.
Marked out of
1.00
Flag
question Select one:
True
False
Question 6
Indicate whether the following statement is true or false:
Answer saved
Goodwill, that is the good name of an entity is an example of property, plant and equipment.
Marked out of
1.00
Flag
question Select one:
True
False
Question 7
Indicate whether the following statement, regarding cost of goods purchased, is true or false:
Answer saved
Cost of goods purchased excludes opening inventory only.
Marked out of
1.00
Flag
question Select one:
True
False
Question 8 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved
A summary of all cash transactions for a non-profit entity is represented in the income and expenditure statement.
Marked out of
1.00
, Flag Select one:
question
True
False
Question 9
Sales is R90 000. Mark-up of 20% on selling price. What is the cost of sales amount?
Answer saved
Round off your answer to the nearest Rand.
Marked out of
1.00
Flag
question
Answer: 72000.00
Question 10 Ms B Betty owns Betties Dealers. In which book of first entry (subsidiary journal) will the bookkeeper of Betties Dealers record the transactions that occurred
Answer saved on 25 March 20.1?
Marked out of
4.00 Date Transaction
Flag 20.1 Sales returns journal
question March 25 Received a credit note from Ray Traders for R300 for damaged goods that was returned.
Date Transaction
20.1 General journal
March 25 Purchased a laptop and other IT accessories from JJ Computers on credit for R5 000.
Date Transaction
20.1 Sales journal
March 25 Sold goods on credit to Arch Traders for R40 000.
Date Transaction
20.1
March 25
Purchases returns journal
Send some of the IT accessories, bought from JJ Computers on credit, back because it is
not fit for the purpose Betties Dealers wanted to use it.
Question 11 Please choose the correct option for the given scenario.
Answer saved
Marked out of A favourable bank balance will be disclosed as … in the statement of
4.00 financial position. a current asset
Flag
question The owner of Dubai Mountains withdrew R5 500 from the business
account for his personal use.
Assets will decrease with R5 500 and equity will decrease with R5 500.
What is the effect of this transaction on the elements of the basic
accounting equation?
Vehicles purchased for delivery purposes will be disclosed as … in the
statement of financial position. a non-current asset
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