FAC1503
Assignment 1 Semester 1 2025
Unique Number:
Due Date: 20 March 2025
DISCLAIMER & TERMS OF USE
Educational Aid: These study notes are intended to be used as educational resources and should not be seen as a
replacement for individual research, critical analysis, or professional consultation. Students are encouraged to perform
their own research and seek advice from their instructors or academic advisors for specific assignment guidelines.
Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the information in
these study notes, the seller does not guarantee the completeness or correctness of all content. The buyer is
responsible for verifying the accuracy of the information and exercising their own judgment when applying it to their
assignments.
Academic Integrity: It is essential for students to maintain academic integrity and follow their institution's policies
regarding plagiarism, citation, and referencing. These study notes should be used as learning tools and sources of
inspiration. Any direct reproduction of the content without proper citation and acknowledgment may be considered
academic misconduct.
Limited Liability: The seller shall not be liable for any direct or indirect damages, losses, or consequences arising from
the use of these notes. This includes, but is not limited to, poor academic performance, penalties, or any other negative
consequences resulting from the application or misuse of the information provided.
, UNISA 2025 FAC1503-25-S1 FAC1503 - Financial Accounting Principles for Law Practitioners Assessment 1
QUIZ
Time left 0:27:12
Question 2
Not yet answered
Marked out of 5.00
Please match the accounting term with the most suitable definition, example or description provided.
Who plays an important role in the development
of the International Financial Reporting International Accounting Standards Board (IASB)
Standards (IFRS)?
Who approves the generally accepted
accounting standards and practices for use in Financial Reporting Standards Council (FRSC)
South Africa?
IFRS A standardised set of accounting rules that are, for example, used in South Africa.
Who issues the generally accepted accounting
Financial Reporting Standards Council (FRSC)
standards for use in South Africa?
Who prepares the generally accepted
South African Institute of Chartered Accountants (SAICA)
accounting standards and practices?
Question 3
Not yet answered
Marked out of 6.00
Manqele Attorneys obtained a loan to the amount of R135 135 from the bank and purchased a law library for the full amount. Manqele
Attorneys maintained a favourable bank balance.
Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the
account debited and credited:
Instructions for numeric responses:
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Assets = Equity + Liabilities
135135.0 0 135135.0
Bank account debit Not applicable Loan account credit
,DOWNLOAD THE FULL MEMO USING THE BELOW LINK
https://www.stuvia.com/doc/7549628/fac1503-assignment-1-
complete-answers-semester-1-2025-805773-due-20-march-2025
WHATSAPP 081 278 3372
, Please match the accounting term with the most suitable definition,
example or description provided.
Who plays an important role in the developmentof the International
Financial ReportingStandards (IFRS)?
International Accounting Standards Board (IASB)
Who approves the generally acceptedaccounting standards and
practices for use inSouth Africa?
Financial Reporting Standards Council (FRSC)
IFRS A standardised set of accounting rules that are, for example,
used in South Africa.
Who issues the generally accepted accountingstandards for use in
South Africa?
Financial Reporting Standards Council (FRSC)
Who prepares the generally acceptedaccounting standards and
practices? South African Institute of Chartered Accountants (SAICA)
Manqele Attorneys obtained a loan to the amount of R135 135 from
the bank and purchased a law library for the full amount.
ManqeleAttorneys maintained a favourable bank balance.
Prepare the BAE incorporating the information form the above
transaction in the table below by indicating the net effect (amount)
and theaccount debited and credited:
Instructions for numeric responses:
1. Use a
full stop to indicate any decimals
Assignment 1 Semester 1 2025
Unique Number:
Due Date: 20 March 2025
DISCLAIMER & TERMS OF USE
Educational Aid: These study notes are intended to be used as educational resources and should not be seen as a
replacement for individual research, critical analysis, or professional consultation. Students are encouraged to perform
their own research and seek advice from their instructors or academic advisors for specific assignment guidelines.
Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the information in
these study notes, the seller does not guarantee the completeness or correctness of all content. The buyer is
responsible for verifying the accuracy of the information and exercising their own judgment when applying it to their
assignments.
Academic Integrity: It is essential for students to maintain academic integrity and follow their institution's policies
regarding plagiarism, citation, and referencing. These study notes should be used as learning tools and sources of
inspiration. Any direct reproduction of the content without proper citation and acknowledgment may be considered
academic misconduct.
Limited Liability: The seller shall not be liable for any direct or indirect damages, losses, or consequences arising from
the use of these notes. This includes, but is not limited to, poor academic performance, penalties, or any other negative
consequences resulting from the application or misuse of the information provided.
, UNISA 2025 FAC1503-25-S1 FAC1503 - Financial Accounting Principles for Law Practitioners Assessment 1
QUIZ
Time left 0:27:12
Question 2
Not yet answered
Marked out of 5.00
Please match the accounting term with the most suitable definition, example or description provided.
Who plays an important role in the development
of the International Financial Reporting International Accounting Standards Board (IASB)
Standards (IFRS)?
Who approves the generally accepted
accounting standards and practices for use in Financial Reporting Standards Council (FRSC)
South Africa?
IFRS A standardised set of accounting rules that are, for example, used in South Africa.
Who issues the generally accepted accounting
Financial Reporting Standards Council (FRSC)
standards for use in South Africa?
Who prepares the generally accepted
South African Institute of Chartered Accountants (SAICA)
accounting standards and practices?
Question 3
Not yet answered
Marked out of 6.00
Manqele Attorneys obtained a loan to the amount of R135 135 from the bank and purchased a law library for the full amount. Manqele
Attorneys maintained a favourable bank balance.
Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the
account debited and credited:
Instructions for numeric responses:
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")
Assets = Equity + Liabilities
135135.0 0 135135.0
Bank account debit Not applicable Loan account credit
,DOWNLOAD THE FULL MEMO USING THE BELOW LINK
https://www.stuvia.com/doc/7549628/fac1503-assignment-1-
complete-answers-semester-1-2025-805773-due-20-march-2025
WHATSAPP 081 278 3372
, Please match the accounting term with the most suitable definition,
example or description provided.
Who plays an important role in the developmentof the International
Financial ReportingStandards (IFRS)?
International Accounting Standards Board (IASB)
Who approves the generally acceptedaccounting standards and
practices for use inSouth Africa?
Financial Reporting Standards Council (FRSC)
IFRS A standardised set of accounting rules that are, for example,
used in South Africa.
Who issues the generally accepted accountingstandards for use in
South Africa?
Financial Reporting Standards Council (FRSC)
Who prepares the generally acceptedaccounting standards and
practices? South African Institute of Chartered Accountants (SAICA)
Manqele Attorneys obtained a loan to the amount of R135 135 from
the bank and purchased a law library for the full amount.
ManqeleAttorneys maintained a favourable bank balance.
Prepare the BAE incorporating the information form the above
transaction in the table below by indicating the net effect (amount)
and theaccount debited and credited:
Instructions for numeric responses:
1. Use a
full stop to indicate any decimals
