Dashboard Calendar
Dashboard / Courses / UNISA / 2022 / Semester 2 / FAC1501-2
SA Traders is a registered VAT vendor. The following information
Traders as at 28 February 2022 (the financial year-end):
R
Furniture at cost 114 000
Vehicles at cost 360 000
Accumulated depreciation: Furniture (1 March 17 100
2021)
Accumulated depreciation: Vehicle (1 March 90 000
2021)
Furniture is depreciated at 15% per annum, using the straight-line
per annum, using the reducing balance method.
What will be the carrying value of the furniture as at 28 Febru
NB: Instructions
1. Do not type the amount with any spaces as separators for thou
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Dashboard / Courses / UNISA / 2022 / Semester 1 / FAC1501-22-S1 / Welcome Message / Assessment 9
Question 2
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Which one of the following statements is true regarding the calculation of depreciation if a non-current asset is expected to have a residual
value after its economic life?
Select one:
a. The residual value must first be added to the cost of the non-current asset before the depreciation rate is applied, so that there is no
cost remaining at the end of the economic life of a non-current asset.
b. The residual value must first be deducted from the cost of the non-current asset before the depreciation rate is applied.
c. Depreciation will always be calculated based on the cost of the non-current asset or the carrying amount of the non-current asset
without considering the residual value that is above zero.
d. The residual value must not be considered when calculating the depreciation of the non-current asset as the residual value is the
value that remains after the non-current asset's economic life.
Clear my choice
,Question 3
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Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goods. Stokvel Traders further provides certain marketing and
Dashboard / Courses / UNISA / 2022 / Semester 1 / FAC1501-22-S1 / Welcome Message / Assessment 9
advertising services to clients in the tourism industry. The periodic inventory system and control accounts are in use.
The following balances and totals were extracted from the financial records of Stokvel Traders for the year ended 31 March 2022:
R
Sales 1 166 045
Services rendered 219 000
Rent received 95 000
Insurance 76 700
Advertising 43 700
Water and electricity 36 800
Telephone expenses 25 350
Additional information:
1. Stokvel Traders sublets a portion of its office space to Tourists International for a monthly fee of R10 925 (VAT inclusive).
2. SA Destinations, made a direct deposit to the amount of R3 335 in to the bank account of Stokvel Traders for marketing consultation
services to be delivered during April 2022. The transaction was recorded as income in the accounting records.
3. The insurance was paid on 1 April 2021 for a period of 13 months.
4. On 30 March 2022, Stokvel Traders received an invoice for the water and electricity usage for March 2022 to the amount of R4 300
(VAT exclusive). This transaction has not yet been recorded.
What is the amount that will be reported as prepaid expenses in the statement of Financial position as at 31 March 2022?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 5900.00
, Question 4
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Sibasa Traders sells different product streams. Not all product streams were profitable during the 2021 financial year. At 31 August 2021, the
Dashboard
financial / Courses
year-end / UNISA
of Sibasa Traders,/ the
2022 / Semester
following 1 / FAC1501-22-S1
information / Welcome
was obtained from Message
the entity’s / Assessment
accounting records: 9
R
Net sales: Laptops 772 856
Net sales: Tablets 683 264
Net sales: Games 320 816
Cost of sales: Laptops 518 917
Cost of sales: Tablets 779 009
Cost of sales: Games 253 938
Interest received 14 077
Settlement discount received: Laptops 15 457
Settlement discount received: Tablets 29 045
Settlement discount received: Games 15 520
Insurance 13 801
Rent paid 16 561
Calculate the gross profit/loss on the Tablets product line for the year ended 31 August 2021.
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the
amount as a positive (eg: 12141.72)
Answer: -66700
Dashboard Calendar
Dashboard / Courses / UNISA / 2022 / Semester 2 / FAC1501-2
SA Traders is a registered VAT vendor. The following information
Traders as at 28 February 2022 (the financial year-end):
R
Furniture at cost 114 000
Vehicles at cost 360 000
Accumulated depreciation: Furniture (1 March 17 100
2021)
Accumulated depreciation: Vehicle (1 March 90 000
2021)
Furniture is depreciated at 15% per annum, using the straight-line
per annum, using the reducing balance method.
What will be the carrying value of the furniture as at 28 Febru
NB: Instructions
1. Do not type the amount with any spaces as separators for thou
,MENU
Dashboard / Courses / UNISA / 2022 / Semester 1 / FAC1501-22-S1 / Welcome Message / Assessment 9
Question 2
Answer saved
Marked out of 2.00
Which one of the following statements is true regarding the calculation of depreciation if a non-current asset is expected to have a residual
value after its economic life?
Select one:
a. The residual value must first be added to the cost of the non-current asset before the depreciation rate is applied, so that there is no
cost remaining at the end of the economic life of a non-current asset.
b. The residual value must first be deducted from the cost of the non-current asset before the depreciation rate is applied.
c. Depreciation will always be calculated based on the cost of the non-current asset or the carrying amount of the non-current asset
without considering the residual value that is above zero.
d. The residual value must not be considered when calculating the depreciation of the non-current asset as the residual value is the
value that remains after the non-current asset's economic life.
Clear my choice
,Question 3
Answer saved
Marked out of 3.00
MENU
Stokvel Traders (a registered VAT vendor) manufactures and sells luxury goods. Stokvel Traders further provides certain marketing and
Dashboard / Courses / UNISA / 2022 / Semester 1 / FAC1501-22-S1 / Welcome Message / Assessment 9
advertising services to clients in the tourism industry. The periodic inventory system and control accounts are in use.
The following balances and totals were extracted from the financial records of Stokvel Traders for the year ended 31 March 2022:
R
Sales 1 166 045
Services rendered 219 000
Rent received 95 000
Insurance 76 700
Advertising 43 700
Water and electricity 36 800
Telephone expenses 25 350
Additional information:
1. Stokvel Traders sublets a portion of its office space to Tourists International for a monthly fee of R10 925 (VAT inclusive).
2. SA Destinations, made a direct deposit to the amount of R3 335 in to the bank account of Stokvel Traders for marketing consultation
services to be delivered during April 2022. The transaction was recorded as income in the accounting records.
3. The insurance was paid on 1 April 2021 for a period of 13 months.
4. On 30 March 2022, Stokvel Traders received an invoice for the water and electricity usage for March 2022 to the amount of R4 300
(VAT exclusive). This transaction has not yet been recorded.
What is the amount that will be reported as prepaid expenses in the statement of Financial position as at 31 March 2022?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 5900.00
, Question 4
Answer saved
Marked out of 2.00
MENU
Sibasa Traders sells different product streams. Not all product streams were profitable during the 2021 financial year. At 31 August 2021, the
Dashboard
financial / Courses
year-end / UNISA
of Sibasa Traders,/ the
2022 / Semester
following 1 / FAC1501-22-S1
information / Welcome
was obtained from Message
the entity’s / Assessment
accounting records: 9
R
Net sales: Laptops 772 856
Net sales: Tablets 683 264
Net sales: Games 320 816
Cost of sales: Laptops 518 917
Cost of sales: Tablets 779 009
Cost of sales: Games 253 938
Interest received 14 077
Settlement discount received: Laptops 15 457
Settlement discount received: Tablets 29 045
Settlement discount received: Games 15 520
Insurance 13 801
Rent paid 16 561
Calculate the gross profit/loss on the Tablets product line for the year ended 31 August 2021.
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the total amount calculated is a loss, please enter the amount as a negative (eg: -12141.72), if the amount calculated is a profit, please enter the
amount as a positive (eg: 12141.72)
Answer: -66700
