Exam (elaborations)
FAC 1502 ASSIGNMENT 01 SEMESTER %
- Course
- Institution
FAC 1502 ASSIGNMENT 01 SEMESTER %
[Show more]
2 reviews
By: mahlanguamogelang660 • 1 year ago
By: mondemngoma • 1 year ago
Seller
Follow
warasmyeko
Reviews received
Content preview
02/04/2023, 13:15 Assessment 1MENU
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 1
Time left 0:43:38
Question 1
Answer saved
Marked out of 4.00
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
Answer saved
Marked out of 4.00
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
Answer saved
Marked out of 1.00
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
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 1/12
, 02/04/2023, 13:15 Assessment 1
Question 4
Answer saved
Marked out of 12.00
MENU
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
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 2/12
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller warasmyeko. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.96. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78677 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now