FAC1502 ACTUAL FINALS ANSWERS AND QUESTIONS SET A.pdf

FAC1502 ACTUAL FINALS ANSWERS AND
QUESTIONS SET A+
✔✔rental deposit (paid) - ✔✔asset

✔✔unfavourable bank account - ✔✔liability

✔✔debtors account receivable - ✔✔asset

✔✔Trade recievables - ✔✔asset

✔✔services rendered - ✔✔income

✔✔Accrued income - ✔✔Income earned but not yet received - Asset

✔✔perpetual inventory system - ✔✔A detailed inventory system in which a company
maintains the cost of each inventory item, and the records continuously show the
inventory that should be on hand.

✔✔inventory account - ✔✔debit + / credit -

✔✔cost of goods sold - ✔✔expense debit + / credit -

✔✔VAT Input - ✔✔Value-added tax paid on purchases.

✔✔Vat Output - ✔✔Value-added tax collected on sales.

✔✔Vat Input account - ✔✔expense debit + / credit -

✔✔Vat output account - ✔✔liability credit + / debit -

✔✔purchases account (periodic) - ✔✔expense