FAC1501 Exam Questions With Correct Answers

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11/05/2024 12:06 PM


FAC1501 Exam Questions With Correct
Answers


Source Document - answer✔Proof that a transaction occurred

Cash Transactions effect? - answer✔Bank Account, Petty Cash and or Cash Float

Business Transaction - answer✔a record of a large number of transactions an entity is engaged in .

Business Document Details - answer✔Date, amount, type of transaction and with whom

Internal source document - answer✔documents prepared by an entity to record transactions with
external clients.

Source documents are drawn up in... - answer✔Duplicates

(Internal Source Document) ... is given to the clients and ... is kept by the entity. - answer✔Original -
Diplicate

Cash Register Roll (Internal/External Source Document) - answer✔Internal Source Document

Duplicate Cash Sales Invoice (Internal/External Source Document) - answer✔Internal Source Document

Duplicate Reciepts (Internal/External Source Document) - answer✔Internal Source Document

Cheque Counterfoils (Internal/External Source Document) - answer✔Internal Source Document

Petty Cash Vouchers (Internal/External Source Document) - answer✔Internal Source Document

Duplicate Bank Deposit Slips (Internal/External Source Document) - answer✔Internal Source Document

Internet Banking: Notice of Payment (Internal/External Source Document) - answer✔Internal Source
Document

Signed Credit Card Slip (Internal/External Source Document) - answer✔Internal Source Document

External Source Documents also know as- - answer✔Supporting Documents

External Source Documents are prepared by... - answer✔the other party and received as proof of
payment.

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11/05/2024 12:06 PM

External Source Documents are usually - answer✔originals

Original Cash Purchases Invoices (Internal/External Source Document) - answer✔External Source
Documents

Original Slips (Internal/External Source Document) - answer✔External Source Documents

Cheques (Internal/External Source Document) - answer✔External Source Documents

Cash Slips (Internal/External Source Document) - answer✔External Source Documents

What must be determined when opening a bank account. - answer✔persons who are authorized to sign
cheques issued by an entity.

Who requires a sample of signatures before opening a bank account for an entity? - answer✔The Bank

VAT - answer✔value added tax

When is it compulsory to register as a vendor? - answer✔Total value of his taxable supplies exceeds R 1
000 000 for a 12 month period.

Who needs to register as a Vat vendor? - answer✔the owner

Tax Period - answer✔How often a tax return must be completed and submitted to SARS

Category A - Vendor Period - answer✔Periods of 2 months beginning with January

Category A - Vendor Taxable Supplies must not exceed - answer✔R 30 Million

Category A - Vendor Taxable Supplies (Farmers) Exceed... - answer✔R 1.5 Million

Category B - Vendor Tax Period - answer✔2 Months beginning with February

Category B - Vendor Taxable Supplies not exceeding - answer✔R 30 Million

Category B - Vendor Taxable Supplies (Farmer) exceeding - answer✔R 1.5 Million

Category C - Vendors Tax Period - answer✔One month

Category C - Vendors Taxable Supplies exceed - answer✔R 30 million

Category D - Vendors Tax Period - answer✔6 Months beginning with February

Category D - Vendors Taxable Supplies not exceeding - answer✔R 1.5 million

VAT - answer✔value added tax

VAT Definition - answer✔tax levied on goods or services.

Current VAT amount of South Africa - answer✔15%