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FAC1601 MCQ QUESTION & ANSWERS (ASSIGNMENT 4 2023)
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FAC1601 MCQ QUESTION & ANSWERS (ASSIGNMENT 4 2023)
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UNISA 2023 FAC1501-23-S2 Welcome Message Assessment 4QUIZ
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Question 1
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Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders
buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders
purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of
R24 750. On 27 April 2021, Africa Traders paid R22 473,00 in full settlement of their account.
Required:
What amount will be recorded in the trade payables column of the cash payments journal of
Africa Traders on 27 April 2021?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 22473
Question 2
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The inexperienced bookkeeper of Africa Traders needs your assistance compiling the trial
balance of Africa Traders. Please indicate whether the amounts of the below accounts should be
entered in the debit or credit column:
1. VAT control (owed by SARS)
2. Mortgage loan
3. Stationery
Debit column
Credit column
Debit column
Debit column Credit column
, Question 3
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Outstanding payments are payments to suppliers during the statement period, which have been
cleared by the bank but were not recorded in the books of first entry.
Select one:
True
False
Question 4
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Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders
buys and sells furniture and equipment for cash or on credit. On 1 March 2021, Africa Traders
purchased furniture on credit from SA Suppliers (registered VAT vendor) to the amount of
R28 990. On 27 April 2021, Africa Traders paid R26 780,00 in full settlement of their account. On
the same day Africa Traders purchased furniture on the clearance sale. The selling price of the
furniture was R14 830 (including VAT). Africa Traders paid cash and received a further 8% cash
discount on the selling price.
Required:
What amount will be recorded in the settlement discount received column of the cash payments
journal of Africa Traders on 27 April 2021?
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
Answer: 3396.4
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