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FAC1601 ASSIGNMENT 1 SEMESTER 2 EXPECTED QUESTION AND ANSWERS

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FAC1601 ASSIGNMENT 1 SEMESTER 2 EXPECTED QUESTION AND ANSWERS

Institution
University Of South Africa
Course
FAC1601 - Financial Accounting And Reporting (FAC1601)

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FAC1601 ASSIGNMENT 1
SEMESTER 2 EXPECTED QUESTIONS AND
ANSWERS

, ashboard

 Courses
 UNISA
 2022
 Semester 2
 FAC1601-22-S2
 Welcome Message
 Assessment 1

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Question 1
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Question text
A credit balance on a ledger account indicates………


a.
an asset or expense

b.
an amount owing to the business

c.
a liability or an expense

d.
a liability or income
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Question 2
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Question text
Which one of the following expenses should be included in cost of inventories sold during
the year?


a.
Insurance on deliveries

b.
Carriage on purchases

c.
Carriage on sales

d.
Depreciation on delivery vehicle
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Question 3
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Question text
On 30 June 2022, Ndabeni Traders sold R5 100 worth of inventory on credit to Ndlovu
Supermarket, subject to a trade discount of 15%. A cash discount of 15% will be given if the
account is settled within 30 days. Which one of the following amounts represents the
correct amount received by Ndabezitha Wholesalers on 29 July 2022?


a.
R4 335.00

b.
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Institution
University of South Africa
Course
FAC1601 - Financial Accounting And Reporting (FAC1601)

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Uploaded on
August 23, 2022
Number of pages
16
Written in
2022/2023
Type
OTHER
Person
Unknown

Subjects

  • fac1601
  • semester 2
  • assignment answers
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