Fac1502 Financial Accounting 1 Financial Accounting Concepts, Principles And Proceduresfac1502 Assignment 2. Questions With Correct Answers. A+Grade.

8/10/23, 8:26 PM Assessment 1: Attempt review Time taken 34 mins 45 secs Marks 88.00/100.00 Grade 80.00 out of 100.00 UNISA 2023 FAC1502-23-S2Welcome MessageAssessment 1 QUIZ Time left 0:43:45 Question 1 An entity has the following income and expenditure for the nancial 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 Question 2 Please choose the correct option for the given scenario. Not yet answered The statement Marked out of that best 4.00 describes the main aim of accounting is According to the accounting de nition, accounting consists of three activities which relate to transactions. The three activities of accounting are Financial information of an entity is communicated to the internal a statement of nancial position, a statement of pro t or loss and other comprehensive income, a statement of changes of equity and a cash ow state and external users by way of ... The elements of nancial statements are ... Question 3 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 4 Please choose the correct option for the given scenario. An example of a current asset will be … 4.00 One of the limitations of using money as a common denominator is because ... An example of a concept that represents present economic resources controlled by the entity, as a result of past events of a business entity is ... An account that will cause an increase in equity is ... R Capital 250 000 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 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, respectively. Is the following statement true of false about the VAT control account for the month ended 31 December 20.20. The VAT control account will re ect a payment due to SAR of R30 420. Select one: True False 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. 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 Question 7 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 ... The effect on the accounting equation of the account credited will be ... The account to be credited is ... 8 Big Transport Services transported Mrs M Solomon’s household furniture to her new residence in Polokwane on 1 October 20.2. Big Transport Services rendered this service to Mrs M Solomon for R50 000 cash. The bank account of Big Transport had a credit balance of R10 000 5.00 The correct analysis of the given transaction in the general ledger and the accounting equation of Big Transport Services is ... Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01) 4. An increase must be indicated by the amount without any sign (eg: 1000.01) 5. If an option has been provided and it is not applicable to the specc question please put N/A in the column. BIG TRANSPORT SERVICES Date General ledger 20.2 Assets Equity Liabilities Account debited Account credited Oct R R R 1 Indicate whether the following statement is true or false: The statement of pro t or loss and other comprehensive income is prepared for a specied period. Select one: True False Khulani Barbers paid the electricity deposit of R6 400 via EFT on 1 February 20.2. The correct recording of the effect of the given transaction on the general ledger and the basic accounting equation is ... Instructions: 1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the amount also keep your cell phone horizontal when doing the question). 2. An option can be used more than once. 3. If an options has been provided and it is not applicable to the specc questions please put a 0 in the applicable column. 13 true or false: Indicate whether the following statement is The elements of the nancial statements that measure the nancial performance are income and expenses. 1.00 Select one: True False An entity has the following balances: Capital: R4 500; Drawings: R1 200; Trade payables: R3 200; Loan: R2 500. The total assets of the entity according to the basic accounting equation 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: 9000 Indicate whether the following statement is true or false: Employees are internal users who use the nancial information of an entity to assess the ability of the entity to continue as a going concern. Select one: True False On 18 February 20.1 Abdoola Spaza had a bank overdraft balance of R2 200. On 19 February 20.1 Mr W Alli, a tenant, made a direct payment of R3 200 into the bank account of Abdoola Spaza. The correct effect of the transaction on the basic accounting equation in the books of Abdoola Spaza is ... Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01) 4. An increase must be indicated by the amount without any sign (eg: 1000.01) 5. If an option has been provided and it is not applicable to the specc question, please put N/A in the column. 6. First do the increase and then the decrease. N/A must be done last. Equity = Assets - Liabilities R R R Question 17 World-Wide Deliveries bought a delivery vehicle on 28 February 20.1 for R600 000. World-Wide Deliveries applied for a loan from ABC Bank to pay Not yet for the delivery vehicle. The loan is repayable in 60 monthly instalments and bears interest of 11% per annum. answered Debits Credits R R Vehicles 350 000 Capital 373 300 Plant and equipment 175 000 Sales 550 000 Stationery 1 610 Bank 25 000 Insurance 8 200 Loan: Nice Bank 65 000 Trade receivables control 25 500 Rent income 15 400 Water and electricity 8 800 Trade payables control 34 320 Depreciation (Vehicles) 15 000 Accumulated depreciation Salaries 110 360 (vehicles) 15 350 Drawings 21 900 Inventory 32 000 Cost of sales 330 000 1 078 370 1 078 370 18 3.00 The accounting equation (A = E + L) can be expressed as … Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01) 4. An increase must be indicated by the amount without any sign (eg: 1000.01) Please note: Only include the total amount for assets, equity and liabilities in the table provided. Assets = Equity + Liabilities R R R Question 19 You are given the following information for Luna Dealers for the year ended 30 June 20.1. Not yet Totals of the VAT output and VAT input columns in the subsidiary journals: answered R VAT output Sales journal: VAT output…………………………………………………….. 9 600 Cash receipts journal: VAT output…………………………………………… 7 020 Cash payments journal: VAT output…………………………………………. 276 Sales returns journal: VAT output……………………………………………. 180 VAT input Purchases journal: VAT input…………………………………………………. 9 000 Purchases returns journal: VAT input…………………………………….….. 300 Cash payments journal: VAT input…………………………………………… 8 100 Cash receipts journal: VAT input……………………………………………… 320 Balances of the VAT output and VAT input accounts in the general ledger VAT input (Debit balance on 1 June 20.1) …………………………………… 17 348 VAT output (Credit balance on 1 June 20.1) ………………………………… 18 108 Marked out of 6.00 What will the correct general ledger entries be in the VAT input account for Luna Dealers for the year ended 30 June 20.1.? Instructions: Drag the correct answer into the correct space. An option can be used more than once. 20 true or false: Indicate whether the following statement is Equity is the interest of the owner after liabilities are deducted from assets. 1.00 Select one: R Capital (1 July 20.20) 50 000 Plus: Additional capital contributions during the year 25 000 Plus/Less: Total comprehensive income/loss for the year ? Less: Drawings Capital (30 June 20.21) (15 350) 76 000 True False You were presented with the following statement of change in equity of Salome Hairdressers: SALOME HAIRDRESSERS STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 20.21 The total comprehensive profit/loss for the year 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) 3. If it is a loss, please enter the amount as a negative (eg: -12141.72) Answer: 16350 Question 22 The following transactions occurred in the books of BC Plumbers for April 20.21: Not yet answered 20.21 April 5 Bought stationery from KZN Stationers for R2 000 and paid with the credit card of the business. 16 Bought plumbing equipment on credit for R3 000 from Plumbing Suppliers. 22 Made a direct payment of R1 000 into the bank account of Plumbing Suppliers. Marked out of 2.00 What will the balance of the trade payables account in the general ledger of BC Plumber for the month ended 30 April 20.21 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: 2000 24 On 1 February 20.1 T Naidoo sublet a storeroom to Abdoola Spaza. Abdoola Spaza agreed to pay the amount of R2 500 via EFT into the bank account of T Naidoo. The correct effect of the transaction on the basic accounting equation in the books of Abdoola Spaza is ... 2.00 Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the second decimal after the full stop (eg: 50.56) 3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01) 4. An increase must be indicated by the amount without any sign (eg: 1000.01) 5. If an option has been provided and it is not applicable to the specc question please put N/A in the column. 6. First do the increase and then the decrease. N/A must be done last. Equity = Assets - Liabilities R R R Question 25 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 3.00 Clients owing for plumbing services rendered on credit 36 000 Equipment owned by Carsten & Sons Plumbing 72 000 Favourable bank balance 50 000 Carsten and Sons Plumbing owes supplies for parts purchased on credit 27 000 Vehicles owned by Carsten and Sons Plumbing 200 000 The correct representation of the accounting equation of Bradly Carstens & Sons Plumbing after consideration of the given information is ... Instructions: 1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the amount also keep your cell phone horizontal when doing the question). 2. An option can be used more than once.