Exam (elaborations)
FAC1502 ASSESSMENT 6 ELECTIVE TO ASSESSMENT 3 2024 SEMESTER 1
- Course
- Institution
FAC1502 ASSESSMENT 6 ELECTIVE TO ASSESSMENT 3 2024 SEMESTER 1
[Show more]
Seller
Follow
passmatetutorials
Reviews received
Content preview
5/19/24, 8:10 PM Assessment 3: Attempt review2024 FAC1502-24-S1 Welcome to FAC1502 Assessment 3
QUIZ
Started on Saturday, 4 May 2024, 5:12 AM
State Finished
Completed on Saturday, 4 May 2024, 6:18 AM
Time taken 1 hour 6 mins
Marks 79.00/86.00
Grade 91.86 out of 100.00
Feedback Congratulations, you pass the
assessment with a distinction.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18757138&cmid=842836 1/19
,5/19/24, 8:10 PM Assessment 3: Attempt review
Question 1
Correct
Mark 4.00 out of 4.00
Please choose the correct option to complete the
given statement or scenario.
What will be
classified as a
current asset Vehicles held for resale
for a motor
vehicle
dealership?
The total of the
trade payables
column in the debit side of the trade payables control account in the general ledger.
cash payments
journal will be
posted to the …
Where in the
statement of
financial
position would
a business that
trades in the
Non-current assets: Property, plant and equipment
sale of motor
vehicles
disclose the
fleet truck it
uses to deliver
sold vehicles
to customers?
The total
revenue and
the cost of
sales amount
disclosed in
the statement
of profit or loss
and other
comprehensive
income for
Thabo Stores
for the year
ended 30 June
20.1 is R870
31%
000 and
R600 000
respectively.
The gross
profit for the
year is
R270 000.
The gross
profit
percentage on
sales (rounded
off to the
nearest whole
number) is …
The correct answer is:
What will be classified as a current asset for a motor
vehicle dealership? → Vehicles held for resale,
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18757138&cmid=842836 2/19
,5/19/24, 8:10 PM Assessment 3: Attempt review
The total of the trade payables column in the cash
payments journal will be posted to the … → debit side
of the trade payables control account in the general
ledger.,
Where in the statement of financial position would a
business that trades in the sale of motor vehicles
disclose the fleet truck it uses to deliver sold vehicles
to customers? → Non-current assets: Property, plant
and equipment,
The total revenue and the cost of sales amount
disclosed in the statement of profit or loss and other
comprehensive income for Thabo Stores for the year
ended 30 June 20.1 is R870 000 and R600 000
respectively. The gross profit for the year is R270 000.
The gross profit percentage on sales (rounded off to
the nearest whole number) is … → 31%
Question 2
Correct
Mark 1.00 out of 1.00
Lola has prepared his financial statements for the year
ended 30 April 2021, which showed a profit for the
year of R150 000, current assets of R96 000, non-
current assets of R200 000 and a total assets figure of
R296 000. He has since discovered that the closing
inventory amount, he used was overstated by R25
000.
Indicate whether the following statement is true or
false regarding the correction of the error that was
made?
The revised current assets amount will be R121 000.
Select one:
True
False
The correct answer is 'False'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18757138&cmid=842836 3/19
, 5/19/24, 8:10 PM Assessment 3: Attempt review
Question 3
Correct
Mark 4.00 out of 4.00
Please choose the correct option for the given
scenario.
Trade payables
will be
disclosed as …
a current liability
in the
statement of
financial
position.
Electricity
deposit will be
disclosed as …
a current asset
in the
statement of
financial
position.
Drawings will …
in the
statement of
not be disclosed in the statement of profit or loss and other comprehensive income
profit and loss
and other
comprehensive
income.
Salaries will …
in the
statement of
be disclosed as distribution, administrative and other expenses
profit and loss
and other
comprehensive
income.
The correct answer is:
Trade payables will be disclosed as … in the statement
of financial position. → a current liability,
Electricity deposit will be disclosed as … in the
statement of financial position. → a current asset,
Drawings will … in the statement of profit and loss and
other comprehensive income. → not be disclosed in
the statement of profit or loss and other
comprehensive income,
Salaries will … in the statement of profit and loss and
other comprehensive income. → be disclosed as
distribution, administrative and other expenses
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18757138&cmid=842836 4/19
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 passmatetutorials. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.83. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now