FAC 1502 : Assignment 1 attempt review

9/8/22, 10:54 AM Assessment 1: Attempt review




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Dashboard / My courses / FAC1502-22-S2

Started on
/ WELCOME Wednesday,
TO FAC1502 17 August
FINANCIAL 2022, 7:33 1:
ACCOUNTING PMFINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 1
Completed on Wednesday, 17 August 2022, 8:33 PM
Time taken 1 hour
Marks 17.00/30.00
Grade 56.67 out of 100.00
Feedback Congratulations you have passed this assignment.



Question 1

Correct

Mark 1.00 out of 1.00




Indicate whether the following statement is true or false:

According to the double-entry system each transaction must be recorded in such a way that the accounting equation remains in balance.




Select one:
True 

False



Correct answer
The correct answer is 'True'.




https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=4825490&cmid=212023 1/15

, 9/8/22, 10:54 AM Assessment 1: Attempt review

Question 2

Incorrect

Mark 0.00 out of 2.00


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Betties Smith is the owner of Betties Plumbing. You are given the following information for Betties Plumbing for the year ended 28
Dashboard
February / My courses / FAC1502-22-S2
20.2?

/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING
R CONCEPTS, PRINCIPLES AND PROCEDURES
Capital 250 000
/ Assessment 1
Services rendered 450 000
Drawings 17 000
Wages 70 000
Telephone expenses 10 000
Water and electricity 8 000
Insurance 1 500
Maintenance of vehicles 2 500
Interest expense 3 000
Interest income 2 500

What is the correct equity amount for Betties Smith on 28 February 20.2:
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: 588000 



The correct answer is: 590500




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