Tentamen (uitwerkingen)
fac1502_assignment 1 semester2 14 august 2023.pd
- Vak
- Instelling
fac1502 assignment 1 semester 2 14 august 2023 VERIFIED QUESTIONS AND ANSWERS
[Meer zien]Voorbeeld 4 van de 183 pagina's
Voorbeeld 4 van de 183 pagina's
In winkelwagen
In winkelwagen
Verkoper
Volgen
robakosso
Ontvangen beoordelingen
Voorbeeld van de inhoud
FAC1502Assignment 1
Semester 2
14 August
2023
,8/10/23, 8:26 PM Assessment 1: Attempt review Stuvia.com - The study-notes marketplace
MENU
Dashboard / My courses / FAC1502-22-S1
Started on
/ WELCOME Friday, 11
TO FAC1502 March 2022,
FINANCIAL 7:50 PM
ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 1
Completed on Friday, 11 March 2022, 8:24 PM
Time taken 34 mins 45 secs
Marks 88.00/100.00
Grade 80.00 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.
Question 1
Correct
Mark 1.00 out of 1.00
What is included in the statement of financial position of a business?
Select one:
A. Capital, sales and assets.
B. Assets, discounts and liabilities.
C. Income, expenses, assets and liabilities.
D. Equity, assets and liabilities.
E. Assets, liabilities, profit on disposal of non-current assets.
Question 2
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
The difference between income and expenditure is either a profit or a loss.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=1034305&cmid=117739 1/17
Downloaded by: ebbenpearl | ebbenpearl@gmail.com Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 1
QUIZ
Time left 0:43:45
1
Question
An entity has the following income and expenditure for
nancial
the year: Sales: R33 000; Salaries: R11 000; Interest income: R1 000; Insurance
Not yet
expense: R1 500.
answered
Marked out of The net pro t or loss of the entity using the basic accounting equation is …
1.00
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If it is a loss, please enter the amount as a negative (eg: -12141.72)
Answer: 21500
2
Question Please choose the correct option for the given scenario.
Not yet
answered
The statement
Marked out of that best
4.00
describes the to provide usefulnancial information for decision making to a wide range of users
main aim of
accounting is
According to
the accounting
de nition,
accounting
consists of
three activities
which relate identifying, recording, communicating
to transactions.
The three
activities of
accounting are
Financial
information of
an entity is
communicated
a statement ofnancial position, a statement of pro t or loss and other comprehensive income, a statement of changes of equity
owand
state
a cash
to the internal
and external
users by way of
...
The elements
of nancial
assets, liabilities, equity, income, and expenses
statements are
...
3
Question
Bradly Carstens is the owner Carsten & Sons Plumbing. On 30 October 20.2 you are given the following information for Carsten & Sons Plumbing.
Not yet
answered
Marked out of
R
2.00
Clients owing for plumbing services rendered on credit 68 000
Equipment owned by Carsten & Sons Plumbing 87 000
Favourable bank balance 51 000
Carsten and Sons Plumbing owes suppliers for parts purchased on credit 46 000
Vehicles owned by Carsten and Sons Plumbing 209 000
What is the net asset value (equity) of Carsten and Sons Plumbing on 30 October 20.2?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 369000
Downloaded by: ebbenpearl | ebbenpearl@gmail.com Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
4
Question Please choose the correct option for the given scenario.
Not yet
answered
An example of a current asset will be … trade receivables.
Marked out of
4.00 One of the limitations of using money as a common
the value of money is unstable and in uenced by many economic factors.
denominator is because ...
An example of a concept that represents present economic
resources controlled by the entity, as a result of past events of
assets.
a business entity is ...
An account that will cause an increase in equity is ... pro t.
5
Question
If the closing balance of the VAT input account and VAT output account for the month ended 31 December 20.20 amount to R7 691 and R38 111,
Not yet
answered respectively. Is the following statement true of false about the VAT control account for the month ended 31 December 20.20.
Marked out of The VAT control account will re ect a payment due to SAR of R30 420.
1.00
Select one:
True
False
6
Question Betty Moloi is the owner of Betty Plumbing. You are given the following information for Betty Plumbing for the year ended 30 June 20.1.
Not yet
answered R
Marked out of Capital 250 000
2.00 Services rendered 500 000
Commission income 45 000
Accrued income 1 800
Income received in advance 4 800
Accrued expenses 800
Prepaid expenses 6 000
Wages 100 000
Telephone expenses 9 000
Water and electricity 5 000
Insurance 3 500
Maintenance of vehicles 4 000
Interest expenses 1 500
Interest income 2 000
The amount of the total expenditure for Betty Plumbing for the year ended 30 June 20.1 is ...
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 123000
7
Question Ms T Massey is the owner of Massey Traders. On 28 February 20.23 the weekly wages were paid directly into the bank accounts of the workers,
Not yet R1 000. The bank account of Massey Traders had a credit balance.
answered
Use the information provided to answer the questions about the given transaction.
Marked out of
4.00 Instructions:
An option can be used more than once.
The account to be debited is ... Wages
The effect on the accounting equation of the account credited willAssets
be ... will decrease with R1 000
The account to be credited is ... Bank
The effect on the accounting equation of the account debited willEquity
be ... will decrease with R1 000
Downloaded by: ebbenpearl | ebbenpearl@gmail.com Want to earn
Distribution of this document is illegal R13,625 per year?
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
√ Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, Bancontact of creditcard voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper robakosso. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €2,62. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 77851 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen