FAC1502-24-S1 Welcome to FAC1502 Assessment 3
QUIZ
Time left 1:30:52
Question 1
Answer saved
Marked out of 1.00
Sales is R125 000. Mark-up of 50% on selling price. What is the cost of sales amount?
Round off your answer to the nearest Rand.
Answer: 83333
Question 2
Answer saved
Marked out of 1.00
Indicate whether the following statement is true or false:
According to the diminishing balance method depreciation is written off over the expected useful life of the asset.
Select one:
True
False
,Question 3
Answer saved
Marked out of 8.00
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system. During the current financial
year of 20.22, Mandla Traders had credit sales of R210 000. The company applies a 40% mark-up on selling price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Dr Cost of sales Cr
20.22 20.22
Dec 31 Inventory SJ 150000 Dec 31 Trading account GJ 150000
150000 150000
Dr Sales
20.22 20.22
Dec Trading account GJ 210000 Dec Trade receivables control
31 31
210000
.
Question 4
Answer saved
Marked out of 8.00
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system. During the current financial
year of 20.22, Mandla Traders had credit sales of R106 250. The company applies a 25% mark-up on cost price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Dr Cost of sales Cr
20.22 20.22
Dec 31 Inventory SJ 85000 Dec 31 Trading account GJ 85000
85000 85000
Dr Sales
20.22 20.22
Dec GJ Dec S
Trading account 106250 Trade receivables control
31 31
106250
.
,Question 5
Answer saved
Marked out of 4.00
Please choose the correct option for the given scenario.
Jimmy’s Spaza Shop bought furniture for
R5 000 cash from Fit for Office Furnitures.
Assets only.
Which elements of the basic accounting
equation will be affected?
Which general ledger accounts will be
debited and credited when an entity buys The furniture account will be debited and the trade payables account will be credited.
furniture on credit?
Donald started a furniture business, DD
Furniture, by borrowing R200 000 from his
personal bank. He used the amount of
R200 000 to buy a building for the
business. Assets will increase by R200 000 and equity and liabilities will increase with R100 000 each.
What is the net effect of these
transactions on the basic accounting
equation?
Mr Thembu withdrew R50 000 from his
personal account and deposit half of that
amount into his Salon Business.
Assets + R50 000; Equity + R50 000
The correct effect of this transaction on
the elements of the basic accounting
equation is ...
Question 6
Answer saved
Marked out of 1.00
Indicate whether the following statement, regarding cost of goods purchased, is true or false:
Cost of goods purchased excludes opening and closing inventory.
Select one:
True
False
, Question 7
Answer saved
Marked out of 1.00
Lola has prepared his financial statements for the year ended 30 April 2021, which showed a profit for the year of R150 000, current assets of
R96 000, non-current assets of R200 000 and a total assets figure of R296 000. He has since discovered that the closing inventory amount, he
used was overstated by R25 000.
Indicate whether the following statement is true or false regarding the correction of the error that was made?
The value of the closing inventory amount does not affect the profit for the year or the net assets.
Select one:
True
False
Question 8
Answer saved
Marked out of 2.00
The following balances appeared in the general ledger of Vice Traders on 30 June 20.2:
R
Inventory (1 July 20.1)……………………………………………… 60 000
Purchases…………………………………………………………… 80 000
Purchases returns………………………………………………….. 4 000
Settlement discount received……………………………………… 1 000
Sales…………………………………………………………………. 270 000
Customs duties……………………………………………………… 1 500
Carriage on purchases……………………………………………... 2 000
Carriage on sales…………………………………………………… 500
Settlement discount granted………………………………………. 3 000
Additional information:
Inventory on hand on 30 June 20.2 is R20 000.
The correct amount for the cost of purchases will be ...
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: 78500
QUIZ
Time left 1:30:52
Question 1
Answer saved
Marked out of 1.00
Sales is R125 000. Mark-up of 50% on selling price. What is the cost of sales amount?
Round off your answer to the nearest Rand.
Answer: 83333
Question 2
Answer saved
Marked out of 1.00
Indicate whether the following statement is true or false:
According to the diminishing balance method depreciation is written off over the expected useful life of the asset.
Select one:
True
False
,Question 3
Answer saved
Marked out of 8.00
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system. During the current financial
year of 20.22, Mandla Traders had credit sales of R210 000. The company applies a 40% mark-up on selling price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Dr Cost of sales Cr
20.22 20.22
Dec 31 Inventory SJ 150000 Dec 31 Trading account GJ 150000
150000 150000
Dr Sales
20.22 20.22
Dec Trading account GJ 210000 Dec Trade receivables control
31 31
210000
.
Question 4
Answer saved
Marked out of 8.00
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system. During the current financial
year of 20.22, Mandla Traders had credit sales of R106 250. The company applies a 25% mark-up on cost price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Dr Cost of sales Cr
20.22 20.22
Dec 31 Inventory SJ 85000 Dec 31 Trading account GJ 85000
85000 85000
Dr Sales
20.22 20.22
Dec GJ Dec S
Trading account 106250 Trade receivables control
31 31
106250
.
,Question 5
Answer saved
Marked out of 4.00
Please choose the correct option for the given scenario.
Jimmy’s Spaza Shop bought furniture for
R5 000 cash from Fit for Office Furnitures.
Assets only.
Which elements of the basic accounting
equation will be affected?
Which general ledger accounts will be
debited and credited when an entity buys The furniture account will be debited and the trade payables account will be credited.
furniture on credit?
Donald started a furniture business, DD
Furniture, by borrowing R200 000 from his
personal bank. He used the amount of
R200 000 to buy a building for the
business. Assets will increase by R200 000 and equity and liabilities will increase with R100 000 each.
What is the net effect of these
transactions on the basic accounting
equation?
Mr Thembu withdrew R50 000 from his
personal account and deposit half of that
amount into his Salon Business.
Assets + R50 000; Equity + R50 000
The correct effect of this transaction on
the elements of the basic accounting
equation is ...
Question 6
Answer saved
Marked out of 1.00
Indicate whether the following statement, regarding cost of goods purchased, is true or false:
Cost of goods purchased excludes opening and closing inventory.
Select one:
True
False
, Question 7
Answer saved
Marked out of 1.00
Lola has prepared his financial statements for the year ended 30 April 2021, which showed a profit for the year of R150 000, current assets of
R96 000, non-current assets of R200 000 and a total assets figure of R296 000. He has since discovered that the closing inventory amount, he
used was overstated by R25 000.
Indicate whether the following statement is true or false regarding the correction of the error that was made?
The value of the closing inventory amount does not affect the profit for the year or the net assets.
Select one:
True
False
Question 8
Answer saved
Marked out of 2.00
The following balances appeared in the general ledger of Vice Traders on 30 June 20.2:
R
Inventory (1 July 20.1)……………………………………………… 60 000
Purchases…………………………………………………………… 80 000
Purchases returns………………………………………………….. 4 000
Settlement discount received……………………………………… 1 000
Sales…………………………………………………………………. 270 000
Customs duties……………………………………………………… 1 500
Carriage on purchases……………………………………………... 2 000
Carriage on sales…………………………………………………… 500
Settlement discount granted………………………………………. 3 000
Additional information:
Inventory on hand on 30 June 20.2 is R20 000.
The correct amount for the cost of purchases will be ...
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: 78500
