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02/04/2023, 13:15 Assessment 1MENU
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 1
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Question 1
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Please choose the correct option for the given scenario.
The going concern concept means that ... an entity will continue operating in the foreseeable future.
The difference between the value of assets owned by the entity and the
liabilities it has incurred is referred to as … equity.
Where would an entity disclose its accounting policy? Annual Financial Statements.
One of the elements that measures profitability in an entity is a /an … expense.
Question 2
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Please choose the correct option for the given scenario.
An example of a transaction of an expense to an entity is ... rent paid for premises leased.
An example of a transaction of an income to an entity ... interest received on a positive bank balance.
The financial performance of an entity is calculated by … income minus expenditure.
Where is the profit or loss of an entity for a particular period reported? statement of profit or loss and other comprehensive income.
Question 3
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Indicate whether the following statement is true or false:
The financial position of a business entity is indicated by the accounting equation.
Select one:
True
False
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, 02/04/2023, 13:15 Assessment 1
Question 4
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The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 1
R
Cash receipts journal
VAT input 2 760
Sales column 299 920
Cash payments journal
Purchases column 430 560
VAT output 3 160
Purchases journal
Purchases column 280 000
Sales journal
Sales column 500 800
Purchases returns journal
Purchases returns column 24 000
Sales returns journal
Sales returns column 19 200
On 1 February 20.2, the VAT input account had a debit opening balance of R71 760 and the VAT output account had a credit opening balance of
R103 960.
The VAT rate applicable is 15%.
Calculate the closing balance of the VAT output account as at 28 February 20.2.
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your
spelling of the words is correct.
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT output Cr
20.2 R 20.2 R
SRJ b/d
Feb 28 Trade receivables control 2880.00 Feb 1 Balance 103960.00
GJ CRJ
VAT control 224348.00 Feb 28 Bank 44988.00
CPJ
Bank 3160.00
SJ
Trade receivables control 75120.00
227228.00 227228.00
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