Financial Accounting Principles Concepts and Procedures (FAC1502)
Exam (elaborations)
FAC1502 ASSESSMENT 1 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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Course
Financial Accounting Principles Concepts and Procedures (FAC1502)
Institution
University Of South Africa (Unisa)
THIS DOCUMENT CONTAINS FAC1502 ASSESSMENT 1 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECLTY FOR PREPARATION AND AS A GUIDE TO HELP YOU SCORE ABOVE 75%
Financial Accounting Principles Concepts and Procedures (FAC1502)
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You are given the following transactions for an entity that
INVuses
BNUtheSTA
periodic
tutorials
inventory system:
Transaction Details
1 Sold inventory on credit to Mrs A Radebe for R9 600
(VAT exclusive).
2 Returned goods to ABS Stores and received a credit
note for R5 980 (VAT exclusive).
3 Paid Sandile Wholesalers R6 000 cash in full settlement
of account. Received a discount of R1 035.
Required:
Complete the table below for each of the three given transactions.
Indicate in which subsidiary journal the transaction will be entered.
Indicate whether the VAT Input account or the VAT Output account in
the general ledger must be debited or credited.
You must then calculate the VAT amount and enter it in the amount
column.
Instructions:
Only show the amount, do not show the R (eg: 12141)
Round off to the nearest Rand (eg: 50.56 is 51)
Do not type the amount with any spaces as separators for thousands
(eg: 12141)
,OSCAR THE TUTOR
oscardiura@gmail.com
+27737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA
tutorials
,Indicate by choosing the correct option whether the following statement is true or false:
An electronic funds transfer (EFT) to a creditor will decrease liabilities.
Select one:
True
False
, You are given the following information for Thabo's
Plumbers:
R
Services rendered for cash 20 000
Clients owing for services rendered 4 000
Wages 10 000
Water and electricity 3 000
Petrol 6 000
Interest received on favourable bank balance 400
Credit losses recovered 1 000
Consumables 8 000
Bank charges 600
EFT for rent paid to WR Estate Agency 13 600
Interest earned on a 30 day fixed deposit 1 400
Total expenses for Thabo's Plumbers is ....
NB: Instructions
1. Do not type the amount with any spaces as separators
for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
4. Show a total comprehensive loss with a “– sign”.
Answer: 42600.00
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