MENU
Dashboard / My courses / FAC1502-22-S2
Started on
/ WELCOME Thursday,
TO FAC1502 29 September
FINANCIAL 2022, 9:511:AM
ACCOUNTING FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 3
Completed on Thursday, 29 September 2022, 10:39 AM
Time taken 47 mins 19 secs
Marks 36.75/47.00
Grade 78.19 out of 100.00
Feedback
Well done you passed this assignment with a distinction.
Question 1
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
A loss on sale of a motor vehicle is recorded when the motor vehicle is sold for less than its carrying value.
Select one:
True
False
Correct answer
The correct answer is 'True'.
,Question 2
Correct
Mark 1.00 out of 1.00
MENU
Which of the following concepts represent possible assets whose existence will be confirmed by the occurrence or non-occurrence of
Dashboard / My courses / FAC1502-22-S2
uncertain future events that are not wholly within the control of the entity concerned?
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment 3
Select one:
A. Expenses
B. Contingent assets Correct
answer
C. Accrued income
D. Income
E. Contingent liabilities
Your answer is correct.
The correct answer is:
Contingent assets
, Question 3
Incorrect
Mark 0.00 out of 1.00
MENU
During the physical inventory count conducted by Nice Traders for the year ended 31 May 20.19, inventory on hand consists of trading
Dashboard
inventory, / My
R12 507,courses / FAC1502-22-S2
packaging material, R1 596, stationery. R978 and cleaning material, R560. Before Nice Traders signed off the inventory
count sheets, the supervisor noticed that trading inventory on hand included consignment inventory to the value of R1 547 that is owned by
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
Besties Suppliers.
/ Assessment
Extract 3
from Pre-adjustment trial balance for the year ended 31 May 20.19:
R
Trading inventory: 1 June 20.18 15 450
Purchases 36 962
Packaging material 6 303
Stationery 4 597
Cleaning material 3 896
Which of the following represents the correct closing trading inventory amount for Nice Traders for the year ended 31 May 20.19?
Select one:
A. R15 081
B. R10 960
C. R13 534
D. R15 641 Incorrect
answer
E. R14 094
Your answer is incorrect.
The correct answer is:
R10 960
Dashboard / My courses / FAC1502-22-S2
Started on
/ WELCOME Thursday,
TO FAC1502 29 September
FINANCIAL 2022, 9:511:AM
ACCOUNTING FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 3
Completed on Thursday, 29 September 2022, 10:39 AM
Time taken 47 mins 19 secs
Marks 36.75/47.00
Grade 78.19 out of 100.00
Feedback
Well done you passed this assignment with a distinction.
Question 1
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
A loss on sale of a motor vehicle is recorded when the motor vehicle is sold for less than its carrying value.
Select one:
True
False
Correct answer
The correct answer is 'True'.
,Question 2
Correct
Mark 1.00 out of 1.00
MENU
Which of the following concepts represent possible assets whose existence will be confirmed by the occurrence or non-occurrence of
Dashboard / My courses / FAC1502-22-S2
uncertain future events that are not wholly within the control of the entity concerned?
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment 3
Select one:
A. Expenses
B. Contingent assets Correct
answer
C. Accrued income
D. Income
E. Contingent liabilities
Your answer is correct.
The correct answer is:
Contingent assets
, Question 3
Incorrect
Mark 0.00 out of 1.00
MENU
During the physical inventory count conducted by Nice Traders for the year ended 31 May 20.19, inventory on hand consists of trading
Dashboard
inventory, / My
R12 507,courses / FAC1502-22-S2
packaging material, R1 596, stationery. R978 and cleaning material, R560. Before Nice Traders signed off the inventory
count sheets, the supervisor noticed that trading inventory on hand included consignment inventory to the value of R1 547 that is owned by
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
Besties Suppliers.
/ Assessment
Extract 3
from Pre-adjustment trial balance for the year ended 31 May 20.19:
R
Trading inventory: 1 June 20.18 15 450
Purchases 36 962
Packaging material 6 303
Stationery 4 597
Cleaning material 3 896
Which of the following represents the correct closing trading inventory amount for Nice Traders for the year ended 31 May 20.19?
Select one:
A. R15 081
B. R10 960
C. R13 534
D. R15 641 Incorrect
answer
E. R14 094
Your answer is incorrect.
The correct answer is:
R10 960
