GUARANTEED
DISTINCTION
2024
FAC 1502 ASSESSMENT 01
SEMESTER 01
PREPARE BY SYDNEY DER TUTOR
SYDNEY TUTORING ACADEMY
2024
,3/14/24, 7:18 PM Assessment 1
FAC1502-24-S1 Welcome Message Assessment 1
QUIZ
Question 1
Indicate by choosing the correct option whether the following statement is true or false:
Answer saved
Manual versus computerised accounting yield identical results as the basic principles used in accounting is the same.
Marked out of
1.00
Select one:
True
False
Question 2
You are given the following information for Sibas Nail Bar: R
Answer saved
Marked out of
Equipment……………………………………………………………………….................................. 31 500
2.00 Manicure tables and chairs……………………………………………………........................ 4 200
Inventory……………………………............................................................................. 10 500
Clients owing Sibas Nail Bar…………………………............................................... 5 250
Sibas Nail Bar owes Salon Suppliers……………………………............................... 15 750
Bank overdraft……………………………………………………………..................................... 3 150
The total current liabilities of Sibas Nail Bar will be …
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: 18900.00
Question 3
You are given the following information for Sibas Nail Bar: R
Answer saved
Marked out of
Equipment………………………………….................................................................... 47 817
2.00 Manicure tables and chairs……………………………………….................................... 6 375
Inventory…………………………………………………………….............................................. 15 939
Clients owing Sibas Nail Bar…………………………………………….............................. 7 969
Sibas Nail Bar owes Salon Suppliers………………………………………...................... 23 908
Bank overdraft……………………………………………………............................................ 4 781
The total current assets of Sibas Nail Bar will be …
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: 23908.00
, 3/14/24, 7:18 PM Assessment 1
Question 6
You are given the following information for Sibas Nail Bar: R
Answer saved
Marked out of
Equipment……………………………………………………………………....................................... 169 000
2.00 Manicure tables and chairs……………………………………………………......................... 5 200
Inventory……………………………………………………………………....................................... 13 000
Clients owing Sibas Nail Bar…………………………………………................................. 32 500
Sibas Nail Bar owes Salon Suppliers………………………………………....................... 97 500
Bank …………………………………….............................................................................. 16 900
Short term loan………………………………………......................................................... 65 000
The total non-current assets of Sibas Nail Bar will be…
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: 174200.00
Question 7 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved
The accounting policies that an entity will apply the current financial year will not be disclosed as notes to the financial statements.
Marked out of
1.00
Select one:
True
False
DISTINCTION
2024
FAC 1502 ASSESSMENT 01
SEMESTER 01
PREPARE BY SYDNEY DER TUTOR
SYDNEY TUTORING ACADEMY
2024
,3/14/24, 7:18 PM Assessment 1
FAC1502-24-S1 Welcome Message Assessment 1
QUIZ
Question 1
Indicate by choosing the correct option whether the following statement is true or false:
Answer saved
Manual versus computerised accounting yield identical results as the basic principles used in accounting is the same.
Marked out of
1.00
Select one:
True
False
Question 2
You are given the following information for Sibas Nail Bar: R
Answer saved
Marked out of
Equipment……………………………………………………………………….................................. 31 500
2.00 Manicure tables and chairs……………………………………………………........................ 4 200
Inventory……………………………............................................................................. 10 500
Clients owing Sibas Nail Bar…………………………............................................... 5 250
Sibas Nail Bar owes Salon Suppliers……………………………............................... 15 750
Bank overdraft……………………………………………………………..................................... 3 150
The total current liabilities of Sibas Nail Bar will be …
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: 18900.00
Question 3
You are given the following information for Sibas Nail Bar: R
Answer saved
Marked out of
Equipment………………………………….................................................................... 47 817
2.00 Manicure tables and chairs……………………………………….................................... 6 375
Inventory…………………………………………………………….............................................. 15 939
Clients owing Sibas Nail Bar…………………………………………….............................. 7 969
Sibas Nail Bar owes Salon Suppliers………………………………………...................... 23 908
Bank overdraft……………………………………………………............................................ 4 781
The total current assets of Sibas Nail Bar will be …
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: 23908.00
, 3/14/24, 7:18 PM Assessment 1
Question 6
You are given the following information for Sibas Nail Bar: R
Answer saved
Marked out of
Equipment……………………………………………………………………....................................... 169 000
2.00 Manicure tables and chairs……………………………………………………......................... 5 200
Inventory……………………………………………………………………....................................... 13 000
Clients owing Sibas Nail Bar…………………………………………................................. 32 500
Sibas Nail Bar owes Salon Suppliers………………………………………....................... 97 500
Bank …………………………………….............................................................................. 16 900
Short term loan………………………………………......................................................... 65 000
The total non-current assets of Sibas Nail Bar will be…
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: 174200.00
Question 7 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved
The accounting policies that an entity will apply the current financial year will not be disclosed as notes to the financial statements.
Marked out of
1.00
Select one:
True
False
