FAC1503
EXAM PACK
, lOMoARcPSD|18222662
10/29/24, 9:00 PM Assessment 8: Attempt review
C1503-24-S2 FAC1503 - Financial Accounting Principles for Law Practitioners Assessment 8
QUIZ
Started onTuesday, 8 October 2024, 5:30 PM
State Finished
Completed onTuesday, 8 October 2024, 7:00 PM
Time taken1 hour 30 mins
Marks 17.90/45.00
Grade 39.78 out of 100.00
FeedbackYou have, unfortunately, failed this assignment. Please
review your questions and work through your study material
again. You are also welcome to contact your lecturers or e-
tutor if you need further assistance with certain concepts.
1
Question
Complete
Not graded
NB: If the below question is not answered, you will receive zero for your
assignment!
I declare that the work submitted in this assignment is my own. I did not
request assistance to complete the assignment questions from any third
parties.
I declare that I did not provide assistance to other students completing the
assignment.
a. Yes
b. No
Your answer is correct.
The correct answer is:
Yes
1/21
, lOMoARcPSD|18222662
10/29/24, 9:00 PM Assessment 8: Attempt review
2
Question
Incorrect
Mark 0.00 out of 2.00
On 1 January 2022, A South opened a hardware store, SA Stores, which is
registered as a VAT vendor (the applicable VAT rate is 15%). The periodic
inventory system and control accounts are in use. The amounts in the
transactions are VAT inclusive, where applicable.
Petty cash voucher
PETTY CASH VOUCHER No. 005
Date: 22 January 2022 Amount
Required for: R c
SA Groceries (Registered VAT vendor)(Tea and coffee) 230 00
Signature: S Africa
Authorised by: A South
What will the effect of the transaction be on the accounting equation?
Select one:
a. Assets Equity Liabilities
R R R
+ 30
- 200
- 230
b. Assets Equity Liabilities
R R R
- 230 - 230
c. Assets Equity Liabilities
R R R
- 230 - 200 - 30
d. Assets Equity Liabilities
R R R
- 230
+ 230
Refer to learning unit 2.5.2, 3.4.6 & 3.4.7
The correct answer is:
Assets Equity Liabilities
R R R
2/21
, lOMoARcPSD|18222662
10/29/24, 9:00 PM Assessment 8: Attempt review
+ 30
- 200
- 230
3
Question
Correct
Mark 1.00 out of 1.00
A maximum of 1/3 of the fees (professional and collection commission)
charged may be granted as correspondent allowance.
Select one:
True
False
Refer to learning unit 8.3
The correct answer is 'True'.
3/21
EXAM PACK
, lOMoARcPSD|18222662
10/29/24, 9:00 PM Assessment 8: Attempt review
C1503-24-S2 FAC1503 - Financial Accounting Principles for Law Practitioners Assessment 8
QUIZ
Started onTuesday, 8 October 2024, 5:30 PM
State Finished
Completed onTuesday, 8 October 2024, 7:00 PM
Time taken1 hour 30 mins
Marks 17.90/45.00
Grade 39.78 out of 100.00
FeedbackYou have, unfortunately, failed this assignment. Please
review your questions and work through your study material
again. You are also welcome to contact your lecturers or e-
tutor if you need further assistance with certain concepts.
1
Question
Complete
Not graded
NB: If the below question is not answered, you will receive zero for your
assignment!
I declare that the work submitted in this assignment is my own. I did not
request assistance to complete the assignment questions from any third
parties.
I declare that I did not provide assistance to other students completing the
assignment.
a. Yes
b. No
Your answer is correct.
The correct answer is:
Yes
1/21
, lOMoARcPSD|18222662
10/29/24, 9:00 PM Assessment 8: Attempt review
2
Question
Incorrect
Mark 0.00 out of 2.00
On 1 January 2022, A South opened a hardware store, SA Stores, which is
registered as a VAT vendor (the applicable VAT rate is 15%). The periodic
inventory system and control accounts are in use. The amounts in the
transactions are VAT inclusive, where applicable.
Petty cash voucher
PETTY CASH VOUCHER No. 005
Date: 22 January 2022 Amount
Required for: R c
SA Groceries (Registered VAT vendor)(Tea and coffee) 230 00
Signature: S Africa
Authorised by: A South
What will the effect of the transaction be on the accounting equation?
Select one:
a. Assets Equity Liabilities
R R R
+ 30
- 200
- 230
b. Assets Equity Liabilities
R R R
- 230 - 230
c. Assets Equity Liabilities
R R R
- 230 - 200 - 30
d. Assets Equity Liabilities
R R R
- 230
+ 230
Refer to learning unit 2.5.2, 3.4.6 & 3.4.7
The correct answer is:
Assets Equity Liabilities
R R R
2/21
, lOMoARcPSD|18222662
10/29/24, 9:00 PM Assessment 8: Attempt review
+ 30
- 200
- 230
3
Question
Correct
Mark 1.00 out of 1.00
A maximum of 1/3 of the fees (professional and collection commission)
charged may be granted as correspondent allowance.
Select one:
True
False
Refer to learning unit 8.3
The correct answer is 'True'.
3/21
