FAC 1502 MOCK EXAM Questions and
Answers 2024
Which one of the following transactions willrsultin a change in the equity of an entity operating on
a bank overdraft?
A. Property bought on credit.
B. A cheque issued for payment of assets purchased for cash.
C. A direct deposit in the bank account of an entity by a creditor in payment of his/her account.
D. A direct deposit of the salary of an employee into his/her bank account.
E. Receive money from a debtor in payment of his/her account.
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,7/13/2020 myModules : FAC1502-19-S2 : Online Assessment
Part 1 of 1 -
Question 2 of 20
2.0 Points
Which one of the following statements is correct?
A posting to the debit side of a ledger account will, where applicable, always have the effect of …
A. a decrease in the amount of a nominal account
B. a decrease in the amount of an income account.
C. a decrease in the amount of an expense account.
D. a decrease in the balance of an asset account.
E. an increase in the balance of a liability account.
1/1
, myModules : FAC1502-19-S2 : Online Assessment
Question 3 of 20
2.0 Points
Which one of the following statements is correct?
A. Errors made by the bank are corrected in the cash journals.
B. A deposit made directly to the bank that appears on the bank statement should be included as a
reconciling item in the bank reconciliation statement.
C. Errors made by the entity should appear as reconciling items in the bank reconciliation statement.
D. A credit balance in the bank statement and a debit balance in the entity’s bank account in the
ledger show a favourable bank balance.
E. Both (A) and (C) above.
1/1
, myModules : FAC1502-19-S2 : Online Assessment
Question 4 of 20
2.0 Points
A comparison of the May 2019 bank reconciliation statement and the June 2019 cash journals with
the June 2019 bank statement of JOHNNY TRADERS revealed the following:
(a) ..... Bank charges of R63 have not yet been taken into account.
(b) ..... A cheque of R316, for telephone expenses, was recorded in the cash payments journal as R361.
(c) ..... A deposit of R490 did not appear on the bank statement.
(d) ..... The bank erroneously debited the entity’s bank account with interest of R340.
(e) ..... Cheques to the amount of R1 210 were still outstanding.
Additional information:
Balances at 30 June 2019: R
Bank account (favourable) (provisional) before the above transactions were 117
taken into account.
Balances at 31 May 2019:
Bank statement (favourable) 690
Bank account (favourable) 1 900
Which one of the following alternatives represents the final balance of the bank account on 30 June 2019?
A. R 99 (favourable)
B. R117 (favourable)
C. R 99 (unfavourable)
D. R690 (favourable)
E. R117 (unfavourable)
1/1
Answers 2024
Which one of the following transactions willrsultin a change in the equity of an entity operating on
a bank overdraft?
A. Property bought on credit.
B. A cheque issued for payment of assets purchased for cash.
C. A direct deposit in the bank account of an entity by a creditor in payment of his/her account.
D. A direct deposit of the salary of an employee into his/her bank account.
E. Receive money from a debtor in payment of his/her account.
1/1
,7/13/2020 myModules : FAC1502-19-S2 : Online Assessment
Part 1 of 1 -
Question 2 of 20
2.0 Points
Which one of the following statements is correct?
A posting to the debit side of a ledger account will, where applicable, always have the effect of …
A. a decrease in the amount of a nominal account
B. a decrease in the amount of an income account.
C. a decrease in the amount of an expense account.
D. a decrease in the balance of an asset account.
E. an increase in the balance of a liability account.
1/1
, myModules : FAC1502-19-S2 : Online Assessment
Question 3 of 20
2.0 Points
Which one of the following statements is correct?
A. Errors made by the bank are corrected in the cash journals.
B. A deposit made directly to the bank that appears on the bank statement should be included as a
reconciling item in the bank reconciliation statement.
C. Errors made by the entity should appear as reconciling items in the bank reconciliation statement.
D. A credit balance in the bank statement and a debit balance in the entity’s bank account in the
ledger show a favourable bank balance.
E. Both (A) and (C) above.
1/1
, myModules : FAC1502-19-S2 : Online Assessment
Question 4 of 20
2.0 Points
A comparison of the May 2019 bank reconciliation statement and the June 2019 cash journals with
the June 2019 bank statement of JOHNNY TRADERS revealed the following:
(a) ..... Bank charges of R63 have not yet been taken into account.
(b) ..... A cheque of R316, for telephone expenses, was recorded in the cash payments journal as R361.
(c) ..... A deposit of R490 did not appear on the bank statement.
(d) ..... The bank erroneously debited the entity’s bank account with interest of R340.
(e) ..... Cheques to the amount of R1 210 were still outstanding.
Additional information:
Balances at 30 June 2019: R
Bank account (favourable) (provisional) before the above transactions were 117
taken into account.
Balances at 31 May 2019:
Bank statement (favourable) 690
Bank account (favourable) 1 900
Which one of the following alternatives represents the final balance of the bank account on 30 June 2019?
A. R 99 (favourable)
B. R117 (favourable)
C. R 99 (unfavourable)
D. R690 (favourable)
E. R117 (unfavourable)
1/1
