4/22/25, 1:33 PM FAC1502-25-S1: Assessment 3
UNISA 2025 FAC1502-25-S1 Welcome Message Assessments
QUIZ
Assessment 3
Opened: Tuesday, 22 April 2025, 8:00 AM
Closes: Saturday, 26 April 2025, 9:00 PM
218934
Dear students,
Please take note of the following important information regarding Assessment 3 for FAC1502:
Assessment 3 unique number: 218934
NB: Kindly note no extension or 2nd attempt will be granted for missing Assessment 3 for whatever reason (sick note,
load shedding, network problems, etc.).
It is the student’s responsibility to submit Assessment 3 before the due date.
Always read the instructions page carefully at the start of the Assessment.
NB: If you missed Assessment 3, you will still be required to complete the admin self-assessment to do any
assessments 4, or 5. You must pass this admin self-assessment with 80% to unlock all your assessments.
Please note the following:
1. The assessment is timed. Once you click on start assessment, a timer will start counting down on the system. Once a
timer runs out, your assessment 3 will be automatically submitted. You must stay online for the duration of your
Assessment 3. You only have one attempt to complete and submit Assessment 3.
Assessment 3 will only be open for submission for a period of 5 days.
1. You need to know the content of study units 1 to 15 to complete Assessment 3.
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,4/22/25, 1:33 PM FAC1502-25-S1: Assessment 3
due date of Assessment 3.
Kind regards
FAC1502 lecturers
Attempts allowed: 1
To continue with this quiz attempt you must open your webcam, and it will take some of your pictures randomly
during the quiz.
Time limit: 1 hour 15 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
State Marks / 50.00 Grade / 100.00 Review
Finished 43.89 97.78
Submitted Tuesday, 22 April 2025, 1:32 PM
Your final grade for this quiz is 97.78/100.00.
No more attempts are allowed
Back to the course
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, 4/22/25, 1:31 PM Assessment 3 (page 1 of 2)
UNISA 2025 FAC1502-25-S1 Welcome Message Assessment 3
QUIZ
Assessment 3
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Time left 0:02:24
Question 1
Mzansi Trading, not a registered VAT vendor, uses the periodic inventory system.
Answer saved
The following is an extract from the financial records of Mzansi Trading for May 2024:
Marked out of
20.00 R
V Flag question Trade receivables: opening balance (1 May) 224 800
Credit sales 75 500
Cash receipts journal: Trade receivables column total (3 1 May) 131 760
Sales returns journal: Trade receivables column (31 May) 9 770
At month’s end, the Bookkeeper completed a debtor’s reconciliation and found the following:
1. The trade receivables column in the cash receipts journal was overcast by R2 874.
2. Credit note no 15 for R450 was entered correctly to the sales account and the trade
receivables control account in the general ledger but was not posted to the specific
debtors account in the trade receivables ledger.
3. Credit sales of R190 was posted correctly to the sales account and the trade receivables
control account in the general ledger but was not posted to the specific debtor’s account
in the trade receivables ledger.
4. It was noted that there were credit balances amounting to R1 670, that appeared in the
trade receivables ledger. Further investigations disclosed that these balances were in
respect of transactions that were concluded with creditors accounts during April 2O24.The
inexperienced bookkeeper opened these creditors accounts in the trade receivables ledger.
The trade payables control account was, however, not affected by these incorrect entries.
5. On 03 May, Mr Thompson returned goods sold to him on credit in the amount of R2 980.
This transaction was incorrectly recorded in the Purchases returns journal instead of the
Sales returns journal.
6. On 12 May, goods sold on credit in the amount of R6 332 were recorded in the sales
journal as R3 662. No journal entry has been made to correct this error.
7. On 27 May 2024 Mzansi Trading was informed that S Smidt, a debtor who owed the
entity R2 650, had been declared insolvent. The amount must be written off as
irrecoverable.
8. On 31 May 2024, Mzansi Trading charged interest on overdue clients’ accounts of R235.
Required:
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=26392548&cmid=1106290 1/7
UNISA 2025 FAC1502-25-S1 Welcome Message Assessments
QUIZ
Assessment 3
Opened: Tuesday, 22 April 2025, 8:00 AM
Closes: Saturday, 26 April 2025, 9:00 PM
218934
Dear students,
Please take note of the following important information regarding Assessment 3 for FAC1502:
Assessment 3 unique number: 218934
NB: Kindly note no extension or 2nd attempt will be granted for missing Assessment 3 for whatever reason (sick note,
load shedding, network problems, etc.).
It is the student’s responsibility to submit Assessment 3 before the due date.
Always read the instructions page carefully at the start of the Assessment.
NB: If you missed Assessment 3, you will still be required to complete the admin self-assessment to do any
assessments 4, or 5. You must pass this admin self-assessment with 80% to unlock all your assessments.
Please note the following:
1. The assessment is timed. Once you click on start assessment, a timer will start counting down on the system. Once a
timer runs out, your assessment 3 will be automatically submitted. You must stay online for the duration of your
Assessment 3. You only have one attempt to complete and submit Assessment 3.
Assessment 3 will only be open for submission for a period of 5 days.
1. You need to know the content of study units 1 to 15 to complete Assessment 3.
https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=1106290 1/4
,4/22/25, 1:33 PM FAC1502-25-S1: Assessment 3
due date of Assessment 3.
Kind regards
FAC1502 lecturers
Attempts allowed: 1
To continue with this quiz attempt you must open your webcam, and it will take some of your pictures randomly
during the quiz.
Time limit: 1 hour 15 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
State Marks / 50.00 Grade / 100.00 Review
Finished 43.89 97.78
Submitted Tuesday, 22 April 2025, 1:32 PM
Your final grade for this quiz is 97.78/100.00.
No more attempts are allowed
Back to the course
https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=1106290 3/4
, 4/22/25, 1:31 PM Assessment 3 (page 1 of 2)
UNISA 2025 FAC1502-25-S1 Welcome Message Assessment 3
QUIZ
Assessment 3
Face not found. Try changing your camera to a better lighting. Thanks. X
Back
Time left 0:02:24
Question 1
Mzansi Trading, not a registered VAT vendor, uses the periodic inventory system.
Answer saved
The following is an extract from the financial records of Mzansi Trading for May 2024:
Marked out of
20.00 R
V Flag question Trade receivables: opening balance (1 May) 224 800
Credit sales 75 500
Cash receipts journal: Trade receivables column total (3 1 May) 131 760
Sales returns journal: Trade receivables column (31 May) 9 770
At month’s end, the Bookkeeper completed a debtor’s reconciliation and found the following:
1. The trade receivables column in the cash receipts journal was overcast by R2 874.
2. Credit note no 15 for R450 was entered correctly to the sales account and the trade
receivables control account in the general ledger but was not posted to the specific
debtors account in the trade receivables ledger.
3. Credit sales of R190 was posted correctly to the sales account and the trade receivables
control account in the general ledger but was not posted to the specific debtor’s account
in the trade receivables ledger.
4. It was noted that there were credit balances amounting to R1 670, that appeared in the
trade receivables ledger. Further investigations disclosed that these balances were in
respect of transactions that were concluded with creditors accounts during April 2O24.The
inexperienced bookkeeper opened these creditors accounts in the trade receivables ledger.
The trade payables control account was, however, not affected by these incorrect entries.
5. On 03 May, Mr Thompson returned goods sold to him on credit in the amount of R2 980.
This transaction was incorrectly recorded in the Purchases returns journal instead of the
Sales returns journal.
6. On 12 May, goods sold on credit in the amount of R6 332 were recorded in the sales
journal as R3 662. No journal entry has been made to correct this error.
7. On 27 May 2024 Mzansi Trading was informed that S Smidt, a debtor who owed the
entity R2 650, had been declared insolvent. The amount must be written off as
irrecoverable.
8. On 31 May 2024, Mzansi Trading charged interest on overdue clients’ accounts of R235.
Required:
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=26392548&cmid=1106290 1/7
