Garantie de satisfaction à 100% Disponible immédiatement après paiement En ligne et en PDF Tu n'es attaché à rien
Recherché précédemment par vous
FAC1602 ASSESSMENT 3 SEMESTER 1 2024 SEARCHABLE Myoli and Maduna, leveraging their passion for craftsmanship and home aesthetics, established a close corporation known as Qubulashe WoodGuys. Which one of the following alternatives represents the correct€2,65
Ajouter au panier
Elementary Financial Accounting and Reporting - FA (FAC1602)
Examen
FAC1602 ASSESSMENT 3 SEMESTER 1 2024 SEARCHABLE Myoli and Maduna, leveraging their passion for craftsmanship and home aesthetics, established a close corporation known as Qubulashe WoodGuys. Which one of the following alternatives represents the correct
Elementary Financial Accounting and Reporting - FA (FAC1602)
Établissement
University Of South Africa (Unisa)
FAC1602 ASSESSMENT 3 SEMESTER 1 2024 SEARCHABLE
Myoli and Maduna, leveraging their passion for craftsmanship and home aesthetics, established a close corporation known as Qubulashe WoodGuys.
Which one of the following alternatives represents the correct carrying amount for land amount that mu...
Elementary Financial Accounting and Reporting - FA (FAC1602)
Tous les documents sur ce sujet (7)
1
vérifier
Par: edwinoor68 • 4 mois de cela
Par: BMZAcademy • 4 mois de cela
Thank you Edwin for the review, tell us if there is anything more you need about the module or any other modules please get in touch through the provided details
Since the Companies Act 71 of 2008, what significant change affected new close corporations in South Africa?
a. Close corporations are now required to have a minimum share capital.
b. Compulsory conversion of close corporations to public companies.
c. The number of members allowed in a close corporation was increased.
d. Discontinuation of the registration of new close corporations.
e. Mandatory auditing of all close corporations.
Clear my choice
Question 2
Answer saved
Marked out of 2.00
When accounting for the payment of provisional tax by a close corporation, what are the correct journal entries?
a. Debit income tax expense and credit Bank.
b. Debit SARS (income tax) and Credit Bank.
c. Debit Bank and credit SARS (income tax).
d. Debit income tax payable and credit Bank.
e. Debit Bank and credit income tax expense.
Which one of the following alternatives is correct?
a. The liability of a member for the obligations of the close corporation is limited to the extent of the member's
contribution to the close corporation less distributions already paid to the members.
b. The liability of a member for the obligations of the close corporation is limited to the extent of the member's
contribution to the close corporation.
c. The liability of a member for the obligations of the close corporation is limited to the extent of the member's
contribution to the close corporation and members’ loans advanced to the business.
d. The liability of a member for the obligations of the close corporation is limited to the extent of the member's
contribution of the least active members in the close corporation.
Clear my choice
Question 4
Answer saved
Marked out of 2.00
How many natural persons are allowed to be members of a close corporation?
a. 10
b. 15
c. 20
d. No limit as long as all are natural persons.
e. 5
A close corporation is a legal entity, which implies that it is not liable to pay for obligations and can acquire assets in its own
name.
a. False
b. True
Clear my choice
Question 6
Answer saved
Marked out of 2.00
Which one of the following alternatives is correct journal entry to record income tax expense for a close corporation?
a. Debit “Income tax expense” profit or loss and Credit “SARS (income tax)” liability
b. Debit “Bank” asset and Credit “SARS (income tax)” liability
c. Credit “Income tax expense” profit or loss and Debit “SARS (income tax)” liability
d. Credit “Bank” asset and Debit “SARS (income tax)” liability
Clear my choice
Question 7
Answer saved
Marked out of 2.00
Which statement accurately describes the taxation of close corporations?
a. A close corporation is taxed separately from its members.
b. Close corporations pay double the tax rate compared to companies.
c. Close corporations are exempt from all forms of taxation.
d. Members of a close corporation are taxed on the CC's income.
e. Taxation of a close corporation is at a fixed rate irrespective of income.
Les clients de Stuvia ont évalués plus de 700 000 résumés. C'est comme ça que vous savez que vous achetez les meilleurs documents.
L’achat facile et rapide
Vous pouvez payer rapidement avec iDeal, carte de crédit ou Stuvia-crédit pour les résumés. Il n'y a pas d'adhésion nécessaire.
Focus sur l’essentiel
Vos camarades écrivent eux-mêmes les notes d’étude, c’est pourquoi les documents sont toujours fiables et à jour. Cela garantit que vous arrivez rapidement au coeur du matériel.
Foire aux questions
Qu'est-ce que j'obtiens en achetant ce document ?
Vous obtenez un PDF, disponible immédiatement après votre achat. Le document acheté est accessible à tout moment, n'importe où et indéfiniment via votre profil.
Garantie de remboursement : comment ça marche ?
Notre garantie de satisfaction garantit que vous trouverez toujours un document d'étude qui vous convient. Vous remplissez un formulaire et notre équipe du service client s'occupe du reste.
Auprès de qui est-ce que j'achète ce résumé ?
Stuvia est une place de marché. Alors, vous n'achetez donc pas ce document chez nous, mais auprès du vendeur BMZAcademy. Stuvia facilite les paiements au vendeur.
Est-ce que j'aurai un abonnement?
Non, vous n'achetez ce résumé que pour €2,65. Vous n'êtes lié à rien après votre achat.
