FAC1502
Assignment 1
Semester 2
14 August
2023
,8/10/23, 8:26 PM Assessment 1: Attempt review Stuvia.com - The study-notes marketplace
MENU
Dashboard / My courses / FAC1502-22-S1
Started on
/ WELCOME Friday, 11
TO FAC1502 March 2022,
FINANCIAL 7:50 PM
ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 1
Completed on Friday, 11 March 2022, 8:24 PM
Time taken 34 mins 45 secs
Marks 88.00/100.00
Grade 80.00 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.
Question 1
Correct
Mark 1.00 out of 1.00
What is included in the statement of financial position of a business?
Select one:
A. Capital, sales and assets.
B. Assets, discounts and liabilities.
C. Income, expenses, assets and liabilities.
D. Equity, assets and liabilities.
E. Assets, liabilities, profit on disposal of non-current assets.
Question 2
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
The difference between income and expenditure is either a profit or a loss.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=1034305&cmid=117739 1/17
Downloaded by: ebbenpearl | Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 1
QUIZ
Time left 0:43:45
1
Question
An entity has the following income and expenditure for
nancial
the year: Sales: R33 000; Salaries: R11 000; Interest income: R1 000; Insurance
Not yet
expense: R1 500.
answered
Marked out of The net pro t or loss of the entity using the basic accounting equation is …
1.00
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 it is a loss, please enter the amount as a negative (eg: -12141.72)
Answer: 21500
2
Question Please choose the correct option for the given scenario.
Not yet
answered
The statement
Marked out of that best
4.00
describes the to provide usefulnancial information for decision making to a wide range of users
main aim of
accounting is
According to
the accounting
de nition,
accounting
consists of
three activities
which relate identifying, recording, communicating
to transactions.
The three
activities of
accounting are
Financial
information of
an entity is
communicated
a statement ofnancial position, a statement of pro t or loss and other comprehensive income, a statement of changes of equity
owand
state
a cash
to the internal
and external
users by way of
...
The elements
of nancial
assets, liabilities, equity, income, and expenses
statements are
...
3
Question
Bradly Carstens is the owner Carsten & Sons Plumbing. On 30 October 20.2 you are given the following information for Carsten & Sons Plumbing.
Not yet
answered
Marked out of
R
2.00
Clients owing for plumbing services rendered on credit 68 000
Equipment owned by Carsten & Sons Plumbing 87 000
Favourable bank balance 51 000
Carsten and Sons Plumbing owes suppliers for parts purchased on credit 46 000
Vehicles owned by Carsten and Sons Plumbing 209 000
What is the net asset value (equity) of Carsten and Sons Plumbing on 30 October 20.2?
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)
Answer: 369000
Downloaded by: ebbenpearl | Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
4
Question Please choose the correct option for the given scenario.
Not yet
answered
An example of a current asset will be … trade receivables.
Marked out of
4.00 One of the limitations of using money as a common
the value of money is unstable and in uenced by many economic factors.
denominator is because ...
An example of a concept that represents present economic
resources controlled by the entity, as a result of past events of
assets.
a business entity is ...
An account that will cause an increase in equity is ... pro t.
5
Question
If the closing balance of the VAT input account and VAT output account for the month ended 31 December 20.20 amount to R7 691 and R38 111,
Not yet
answered respectively. Is the following statement true of false about the VAT control account for the month ended 31 December 20.20.
Marked out of The VAT control account will re ect a payment due to SAR of R30 420.
1.00
Select one:
True
False
6
Question Betty Moloi is the owner of Betty Plumbing. You are given the following information for Betty Plumbing for the year ended 30 June 20.1.
Not yet
answered R
Marked out of Capital 250 000
2.00 Services rendered 500 000
Commission income 45 000
Accrued income 1 800
Income received in advance 4 800
Accrued expenses 800
Prepaid expenses 6 000
Wages 100 000
Telephone expenses 9 000
Water and electricity 5 000
Insurance 3 500
Maintenance of vehicles 4 000
Interest expenses 1 500
Interest income 2 000
The amount of the total expenditure for Betty Plumbing for the year ended 30 June 20.1 is ...
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)
Answer: 123000
7
Question Ms T Massey is the owner of Massey Traders. On 28 February 20.23 the weekly wages were paid directly into the bank accounts of the workers,
Not yet R1 000. The bank account of Massey Traders had a credit balance.
answered
Use the information provided to answer the questions about the given transaction.
Marked out of
4.00 Instructions:
An option can be used more than once.
The account to be debited is ... Wages
The effect on the accounting equation of the account credited willAssets
be ... will decrease with R1 000
The account to be credited is ... Bank
The effect on the accounting equation of the account debited willEquity
be ... will decrease with R1 000
Downloaded by: ebbenpearl | Want to earn
Distribution of this document is illegal R13,625 per year?
Assignment 1
Semester 2
14 August
2023
,8/10/23, 8:26 PM Assessment 1: Attempt review Stuvia.com - The study-notes marketplace
MENU
Dashboard / My courses / FAC1502-22-S1
Started on
/ WELCOME Friday, 11
TO FAC1502 March 2022,
FINANCIAL 7:50 PM
ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 1
Completed on Friday, 11 March 2022, 8:24 PM
Time taken 34 mins 45 secs
Marks 88.00/100.00
Grade 80.00 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.
Question 1
Correct
Mark 1.00 out of 1.00
What is included in the statement of financial position of a business?
Select one:
A. Capital, sales and assets.
B. Assets, discounts and liabilities.
C. Income, expenses, assets and liabilities.
D. Equity, assets and liabilities.
E. Assets, liabilities, profit on disposal of non-current assets.
Question 2
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
The difference between income and expenditure is either a profit or a loss.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=1034305&cmid=117739 1/17
Downloaded by: ebbenpearl | Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 1
QUIZ
Time left 0:43:45
1
Question
An entity has the following income and expenditure for
nancial
the year: Sales: R33 000; Salaries: R11 000; Interest income: R1 000; Insurance
Not yet
expense: R1 500.
answered
Marked out of The net pro t or loss of the entity using the basic accounting equation is …
1.00
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 it is a loss, please enter the amount as a negative (eg: -12141.72)
Answer: 21500
2
Question Please choose the correct option for the given scenario.
Not yet
answered
The statement
Marked out of that best
4.00
describes the to provide usefulnancial information for decision making to a wide range of users
main aim of
accounting is
According to
the accounting
de nition,
accounting
consists of
three activities
which relate identifying, recording, communicating
to transactions.
The three
activities of
accounting are
Financial
information of
an entity is
communicated
a statement ofnancial position, a statement of pro t or loss and other comprehensive income, a statement of changes of equity
owand
state
a cash
to the internal
and external
users by way of
...
The elements
of nancial
assets, liabilities, equity, income, and expenses
statements are
...
3
Question
Bradly Carstens is the owner Carsten & Sons Plumbing. On 30 October 20.2 you are given the following information for Carsten & Sons Plumbing.
Not yet
answered
Marked out of
R
2.00
Clients owing for plumbing services rendered on credit 68 000
Equipment owned by Carsten & Sons Plumbing 87 000
Favourable bank balance 51 000
Carsten and Sons Plumbing owes suppliers for parts purchased on credit 46 000
Vehicles owned by Carsten and Sons Plumbing 209 000
What is the net asset value (equity) of Carsten and Sons Plumbing on 30 October 20.2?
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)
Answer: 369000
Downloaded by: ebbenpearl | Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
4
Question Please choose the correct option for the given scenario.
Not yet
answered
An example of a current asset will be … trade receivables.
Marked out of
4.00 One of the limitations of using money as a common
the value of money is unstable and in uenced by many economic factors.
denominator is because ...
An example of a concept that represents present economic
resources controlled by the entity, as a result of past events of
assets.
a business entity is ...
An account that will cause an increase in equity is ... pro t.
5
Question
If the closing balance of the VAT input account and VAT output account for the month ended 31 December 20.20 amount to R7 691 and R38 111,
Not yet
answered respectively. Is the following statement true of false about the VAT control account for the month ended 31 December 20.20.
Marked out of The VAT control account will re ect a payment due to SAR of R30 420.
1.00
Select one:
True
False
6
Question Betty Moloi is the owner of Betty Plumbing. You are given the following information for Betty Plumbing for the year ended 30 June 20.1.
Not yet
answered R
Marked out of Capital 250 000
2.00 Services rendered 500 000
Commission income 45 000
Accrued income 1 800
Income received in advance 4 800
Accrued expenses 800
Prepaid expenses 6 000
Wages 100 000
Telephone expenses 9 000
Water and electricity 5 000
Insurance 3 500
Maintenance of vehicles 4 000
Interest expenses 1 500
Interest income 2 000
The amount of the total expenditure for Betty Plumbing for the year ended 30 June 20.1 is ...
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)
Answer: 123000
7
Question Ms T Massey is the owner of Massey Traders. On 28 February 20.23 the weekly wages were paid directly into the bank accounts of the workers,
Not yet R1 000. The bank account of Massey Traders had a credit balance.
answered
Use the information provided to answer the questions about the given transaction.
Marked out of
4.00 Instructions:
An option can be used more than once.
The account to be debited is ... Wages
The effect on the accounting equation of the account credited willAssets
be ... will decrease with R1 000
The account to be credited is ... Bank
The effect on the accounting equation of the account debited willEquity
be ... will decrease with R1 000
Downloaded by: ebbenpearl | Want to earn
Distribution of this document is illegal R13,625 per year?
