Exam (elaborations)
FAC1502 Assignment 4 Answers Semester 1 2023
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FAC1502ASSIGNMENT4 SEMESTER 1 2023
UPDATED QUESTIONS
AND ANSWERS
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SEMESTER 1 2023
FAC1502
ASSIGNMENT 4
SEMESTER 1 2023
JUNE 2023
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Question 1 Time left 0:32:13
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Luna Smith is the owner of Luna’s Plumbing. On 30 September you are given the following information for Luna’s Plumbing.
R
Clients owing for plumbing services rendered on credit 36 000
Equipment owned by Luna’s Plumbing 100 000
Unfavourable bank balance 50 000
Luna’s Plumbing owes suppliers for parts purchased on credit 25 000
Vehicles owned by Luna’s Plumbing 120 000
The correct representation of the accounting equation of Luna’s Plumbing after considering the given information is …
Instructions:
1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the amount - also keep your
cell phone horizontal when doing the question).
2. An option can be used more than once.
181 000 256 000 75 000
25 000 181 000 256 000 306 000 231 000 75 000 175 000 36 000 25 000 139 000 281 000
Question 2
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A liability is a claim which a party other than the owner/s has on the assets of the entity. Indicate whether the following statement is true or
false regarding liabilities?
Liabilities are classified into current liabilities and non-current liabilities.
Select one:
True
False
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Question 3
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Indicate whether the following statement is true or false:
Accounting policy aims to ensure that the same type of transactions are recorded consistently.
Select one:
True
False
Question 4
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Indicate by choosing the correct option whether the following statement is true or false:
One of the steps to calculate purchases if no distinction can be made between cash and credit purchases, if you want to convert a single-entry system into a
double-entry system where minimal records are kept, is to calculate the amounts with the aid of the trade payables control account.
Select one:
True
False
Question 5
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Indicate by choosing the correct option whether the following statement is true or false:
Gizmo Soccer Club will be classified as a non-profit entity.
Select one:
True
False
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