FAC1602 ASSESSMENT 3 SEMESTER 1 2024 SEARCHABLE Myoli and Maduna, leveraging their passion for craftsmanship and home aesthetics, established a close corporation known as Qubulashe WoodGuys. Which one of the following alternatives represents the correct

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,4/28/24, 5:49 PM Assessment 3 (page 1 of 4)




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Question 1
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Since the Companies Act 71 of 2008, what significant change affected new close corporations in South Africa?


a. Close corporations are now required to have a minimum share capital.
b. Compulsory conversion of close corporations to public companies.
c. The number of members allowed in a close corporation was increased.
d. Discontinuation of the registration of new close corporations.
e. Mandatory auditing of all close corporations.
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Question 2
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When accounting for the payment of provisional tax by a close corporation, what are the correct journal entries?


a. Debit income tax expense and credit Bank.
b. Debit SARS (income tax) and Credit Bank.
c. Debit Bank and credit SARS (income tax).
d. Debit income tax payable and credit Bank.
e. Debit Bank and credit income tax expense.

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,4/28/24, 5:49 PM Assessment 3 (page 1 of 4)

Question 3

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Which one of the following alternatives is correct?


a. The liability of a member for the obligations of the close corporation is limited to the extent of the member's
contribution to the close corporation less distributions already paid to the members.
b. The liability of a member for the obligations of the close corporation is limited to the extent of the member's
contribution to the close corporation.
c. The liability of a member for the obligations of the close corporation is limited to the extent of the member's
contribution to the close corporation and members’ loans advanced to the business.
d. The liability of a member for the obligations of the close corporation is limited to the extent of the member's
contribution of the least active members in the close corporation.

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Question 4
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How many natural persons are allowed to be members of a close corporation?


a. 10
b. 15
c. 20
d. No limit as long as all are natural persons.
e. 5

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, 4/28/24, 5:49 PM Assessment 3 (page 2 of 4)




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Question 5
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A close corporation is a legal entity, which implies that it is not liable to pay for obligations and can acquire assets in its own
name.


a. False
b. True

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Question 6
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Which one of the following alternatives is correct journal entry to record income tax expense for a close corporation?


a. Debit “Income tax expense” profit or loss and Credit “SARS (income tax)” liability
b. Debit “Bank” asset and Credit “SARS (income tax)” liability
c. Credit “Income tax expense” profit or loss and Debit “SARS (income tax)” liability
d. Credit “Bank” asset and Debit “SARS (income tax)” liability
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Question 7
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Which statement accurately describes the taxation of close corporations?


a. A close corporation is taxed separately from its members.
b. Close corporations pay double the tax rate compared to companies.
c. Close corporations are exempt from all forms of taxation.
d. Members of a close corporation are taxed on the CC's income.
e. Taxation of a close corporation is at a fixed rate irrespective of income.

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