AIN2601 - ASSESSMENT 3 - QUESTIONS AND ANSWERS - SEMESTER 2 - 2024

2024 – S1 – AIN2601 – ASSESSMENT 3 – Q&A 1 Assessment 3 Started on Sunday, 28 April 2024, State Finished Completed on Sunday, 28 April 2024, Time taken Grade 40.00 out of 40.00 ( 100%) Question 1 General ledger accounts can be created as and when required on Pastel. Select one: True False Feedback The correct answer is 'True'. Question 2 Computer -aided design (CAD) and computer -aided engineering (CAE) are software to support the production planning process. Select one: True False Feedback The correct answer is 'False'. Question 3 A business activity that generates or modifies financial data and can usually be expressed in monetary terms is called a ______________ transaction. Feedback 2024 – S1 – AIN2601 – ASSESSMENT 3 – Q&A 2 The correct answer is: financial Question 4 An organisation can use a bank statement as a source document for all banking transactions. Select one: True False Feedback The correct answer is 'False'. Question 5 Employees should be allowed to change the descriptions of the inventory items while invoicing. Select one: True False Feedback The correct answer is 'False'. Question 6 In Pastel, who is responsible for authorising a temporary credit limit of a customer? 1. Chief Financial Officer 2. Financial manager 3. Supervisor 2024 – S1 – AIN2601 – ASSESSMENT 3 – Q&A 3 4. Credit manager Feedback Your answer is correct. The correct answer is: Supervisor Question 7 An organisation must either sell a physical item or provide a service, it cannot do both. Select one: True False Feedback The correct answer is 'False'. Question 8 Setting customer credit limits is not necessary because a situation may arise that warrants the exceeding of a customer’s credit limit. Select one: True False Feedback The correct answer is 'False'. Question 9 A quotation creates no obligation or liability on either party; therefore, no general ledger accounting entries are processed. Select one: True