FAC1503 EXAM PACK 2025 {DETAILED QUESTIONS AND ANSWERS }

lO M oARcPSD| 49
5119
09




Dow nloaded by Vincent master ()

, lO M oARcPSD| 49
5119
09




Question 2
Correct
Mark 1.00 out of 1.00
Flag question


Question text
The statement of financial position provides information about the solvency
of the entity’s position.
Select one:

True

False
Feedback
Refer to section 1.6.1 of learning unit 1
The correct answer is 'True'.
Question 3
Correct
Mark 1.00 out of 1.00
Flag question


Question text
A goods received note order is a source document which is written
acknowledgement that the seller has received payment (goods or money)
from the buyer.
Select one:

True

False
Feedback
Refer to learning unit 2.5.3
The correct answer is 'False'.
Question 4
Correct
Mark 1.00 out of 1.00
Flag question


Question text
Assets decrease on the debit side.
Select one:

True

False




Dow nloaded by Vincent master ()

, lO M oARcPSD| 49
5119
09




Feedback
Refer to learning unit 2.2
The correct answer is 'False'.
Question 5
Correct
Mark 1.00 out of 1.00
Flag question


Question text
Neutrality of information means that only information which is significant
enough needs to be separately disclosed. Minor items must be included in
the financial statements but need not be separately disclosed.
Select one:

True

False
Feedback
Refer to section 1.5.4 of learning unit 1
The correct answer is 'False'.
Question 6
Correct
Mark 1.00 out of 1.00
Flag question


Question text
Debit entries are made on the left-side of the general ledger accounts and
credit entries are made on the right-side of the general ledger accounts.
Select one:

True

False
Feedback
Refer to the introduction of learning unit 2
The correct answer is 'True'.
Question 7
Correct
Mark 1.00 out of 1.00
Flag question


Question text




Dow nloaded by Vincent master ()

, lO M oARcPSD| 49
5119
09




The ultimate aim of accounting standards is to encourage widespread use of
particular standards in financial reporting and to encourage creativity and
innovation by creating a variety of good alternative methods of reporting.
Select one:

True

False
Feedback
Refer to section 1.5.2 of learning unit 1
The correct answer is 'False'.
Question 8
Incorrect
Mark 0.00 out of 1.00
Flag question


Question text
The debit side of a ledger account is the side that shows gains in value.
Select one:

True

False
Feedback
Refer to learning unit 2.1
The correct answer is 'True'.
Question 9
Correct
Mark 1.00 out of 1.00
Flag question


Question text
Information pertaining to the liquidity of an entity may be used to predict the
availability of cash, after the settling of debts for the same period.
Select one:

True

False
Feedback
Refer to section 1.6.1 of learning unit 1
The correct answer is 'True'.




Dow nloaded by Vincent master ()

, lO M oARcPSD| 49
5119
09




Question 10
Correct
Mark 1.00 out of 1.00
Flag question


Question text
Equity can be calculated as follows for a sole proprietor: Issued share capital,
plus accumulated reserves, plus retained earnings (accumulated profits
minus accumulated losses).
Select one:

True

False
Feedback
Refer to section 1.6.1 of learning unit 1
The correct answer is 'False'.
Question 11
Correct
Mark 1.00 out of 1.00
Flag question


Question text
The third accounting activity encompasses the communication of the
recorded information to interested users. The information is communicated
through the preparation and distribution of accounting reports, the most
common of which are known as financial statements.
Select one:

True

False
Feedback
Refer to section 1.1 of learning unit 1
The correct answer is 'True'.
Question 12
Incorrect
Mark 0.00 out of 1.00
Flag question


Question text
Cash send makes use of QR codes for processing the payments.
Select one:




Dow nloaded by Vincent master ()

, lO M oARcPSD| 49
5119
09




True

False
Feedback
Refer to learning unit 2.5.2
The correct answer is 'False'.
Question 13
Correct
Mark 1.00 out of 1.00
Flag question


Question text
Free from error refers to the fact that all the information that a user needs in
order to be able to understand the economic events and transactions,
should be included in the financial statements Select one:


True

False
Feedback
Refer to section 1.5.4 of learning unit 1
The correct answer is 'False'.
Question 14
Correct
Mark 1.00 out of 1.00
Flag question


Question text
Source documents are usually drawn up in duplicate.
Sel ect one:

True

False
Feedback
Refer to learning unit 2.5.2
The correct answer is 'True'.
Question 15
Incorrect
Mark 0.00 out of 1.00
Flag question




Dow nloaded by Vincent master ()