Exam (elaborations)
FAC1502 Assignment 2 2024
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FAC1502 Assignment 2 2024
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PROSTUDENT
,Question 1
Not yet answered
Marked out of 1.00
Use the information provided below to calculate the cost of sales:
R
Opening inventory 360 000
Purchases 440 000
Settlement discount granted 55 000
Carriage on sales 62 000
Settlement discount received 73 000
Closing inventory 530 000
Answer: 197000
Question 2
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Donation of trading inventory is recorded at cost price in cash payments journal.
Select one:
True
False
Question 3
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
In a sole proprietorship, usually the owner himself is responsible for the daily activities of the business.
Select one:
True
False
,Question 4
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On 1 May 20.18 Venus Traders entered into a new two-year advertising agreement with Tino Advertising Agency. The advertising
agreement was effective with immediate effect and stipulated that Venus Traders would pay R2 750 per month to Tino Advertising
Agency for advertising services that would be provided by Tino Advertising Agency on a monthly basis. Tino Advertising Agency has
performed all the necessary advertising services that was required from them since the effective date of the advertising agreement for
the current nancial period (the current nancial period ends on 28 February 20.19).
The pre-adjustment trial balance for the year ended 28 February 20.19 re ected advertising expenses for an amount of R18 720 as well
as accrued advertising expenses of R4 170 on 1 March 20.18 (the beginning of the current nancial period). On 20 April 20.18 Venus
Traders paid the advertising expenses that was outstanding from the previous nancial period. The outstanding advertising expenses
for the current nancial period must still be provided for.
The advertising expenses amount to be disclosed in the statement of pro t or loss and other comprehensive income for the year
ended 28 February 20.19 will be:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 27500
Question 5
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
When the perpetual inventory system is used, carriage on purchases, is debited to the asset account, inventory, since the cost of sales
must be brought into account with each sales transaction and carriage on purchases constitutes an integral part of the cost per unit.
Select one:
True
False
Question 6
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
The account of a debtor that is insolvent will be credited with the amount owed and credit losses will be debited.
Select one:
True
False
, Question 7
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
The apportionment of the depreciation is credited in the asset contra account, namely accumulated depreciation.
Select one:
True
False
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