FAC1502 NOTES PREPARATION
2020/2021 QUESTIONS WITH
ANSWERS
written by
GEEKA
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FAC1502 NOTES
PREPARATION 2020/2021
FAC1502 NOTES 2020/2021
QUESTIONS WITH ANSWERS
Part 1 of 4 - 4.0/ 8.0 Points
Question 1 of 20
0.0/ 1.0 Points
Make-it-Grow Salon bought hair trimming equipment from Wall Trimmers for R3 500 cash.
What is the net effect of this transaction on the elements of the basic accounting equation?
•
A.
Net effect on assets is R3 500 increase.
•
B.
Net effect on assets is R0.
•
C.
Net effect on equity is R3 500 decrease.
•
D.
Net effect on assets is R7 500 increase.
•
E.
Net effect on liabilities is R3500 increase.
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Answer Key:B
Question 2 of 20
1.0/ 1.0 Points
Which of the following is not an external user of financial information?
•
A.
Government
•
B.
Creditors
•
C.
Public
•
D.
Employees
•
E.
Investors
Answer Key:D
Question 3 of 20
1.0/ 1.0 Points
The objective of a business entity is to…
•
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A.
reduce expenditure.
•
B.
preserve assets.
•
C.
settle liabilities.
•
D.
maximise income.
•
E.
minimise losses.
Answer Key:D
Question 4 of 20
0.0/ 1.0 Points
Dubai Mountains made a direct payment to Sbali Limited to settle an amount owing of
R12 000 for business supplies. What is the effect of this transaction on the general ledger
accounts of Dubai Mountains?
•
A.
The bank account will decrease with R12 000 and the trade payables account
will
decrease with R12 000.
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Distribution of this document is illegal
2020/2021 QUESTIONS WITH
ANSWERS
written by
GEEKA
www.stuvia.com
Downloaded by: GEEKA |
Distribution of this document is illegal
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
FAC1502 NOTES
PREPARATION 2020/2021
FAC1502 NOTES 2020/2021
QUESTIONS WITH ANSWERS
Part 1 of 4 - 4.0/ 8.0 Points
Question 1 of 20
0.0/ 1.0 Points
Make-it-Grow Salon bought hair trimming equipment from Wall Trimmers for R3 500 cash.
What is the net effect of this transaction on the elements of the basic accounting equation?
•
A.
Net effect on assets is R3 500 increase.
•
B.
Net effect on assets is R0.
•
C.
Net effect on equity is R3 500 decrease.
•
D.
Net effect on assets is R7 500 increase.
•
E.
Net effect on liabilities is R3500 increase.
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Distribution of this document is illegal
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
Answer Key:B
Question 2 of 20
1.0/ 1.0 Points
Which of the following is not an external user of financial information?
•
A.
Government
•
B.
Creditors
•
C.
Public
•
D.
Employees
•
E.
Investors
Answer Key:D
Question 3 of 20
1.0/ 1.0 Points
The objective of a business entity is to…
•
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, Stuvia.com - The Marketplace to Buy and Sell your Study Material
A.
reduce expenditure.
•
B.
preserve assets.
•
C.
settle liabilities.
•
D.
maximise income.
•
E.
minimise losses.
Answer Key:D
Question 4 of 20
0.0/ 1.0 Points
Dubai Mountains made a direct payment to Sbali Limited to settle an amount owing of
R12 000 for business supplies. What is the effect of this transaction on the general ledger
accounts of Dubai Mountains?
•
A.
The bank account will decrease with R12 000 and the trade payables account
will
decrease with R12 000.
Downloaded by: GEEKA |
Distribution of this document is illegal
