Fac1503 Assignment answers 2023

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a.
Yes


b.
No
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Your answer is correct.
The correct answer is:
Yes

Question 2
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Question text
On 25 March 2022, SA Attorneys (not a registered VAT vendor) paid the business
telephone account to the amount of R2 500 via an EFT. What will be the effect of the
transaction on the accounting equation?

Select one:

a.
Assets Equity Liabilities
R R R
+ 326,09 - 2 173,91 + 2 500

b.
Assets Equity Liabilities
R R R
- 2 500,00 - 2 500,00

,c.
Assets Equity Liabilities
R R R
- 2 500 - 2 173,91 + 326,09

d.
Assets Equity Liabilities
R R R
- 2 500,00
- 2 173,91
+ 326,09
Feedback
Refer to learning unit 2.4, examples 2.5 and 2.8
The correct answer is:
Assets Equity Liabilities
R R R
- 2 500,00 - 2 500,00
Question 3
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Input VAT in relation to a vendor, is defined as the tax charged in respect of the supply
of goods and services by the vendor.

Select one:
True
False
Feedback
Refer to learning unit 3.4.6
The correct answer is 'False'.

Question 4
Incorrect
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Question text
An amount of R2 052 includes VAT of 15%. What is the amount exclusive of VAT?


Select one:

a.
R1 800,00

b.
R1 784,35

c.
R1 744,20

d.
R1 764,72

e.
R252,00
Feedback
Refer to learning unit 3, explanation 3.6
The correct answer is: R1 784,35

Question 5
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Question text
Payments are shown as debit entries in the bank account in the general ledger but as
credit entries in the bank statement.

Select one:
True
False
Feedback
Refer to learning unit 3.5.1

, The correct answer is 'False'.

Question 6
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Question text
Which one of the following is not a current asset?

Select one:

a.
Trade inventories

b.
Trade receivables

c.
Prepaid expenses

d.
Accrued expenses
Feedback
Refer to learning unit 2.3
The correct answer is: Accrued expenses

Question 7
Correct
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Question text
An income account normally has a credit balance.

Select one:
True
False
Feedback
Refer to learning unit 2.2
The correct answer is 'True'.