FAC1501 question with answers

FAC1501 question with answers
Source Document - -Proof that a transaction occurred

-Cash Transactions effect? - -Bank Account, Petty Cash and or Cash Float

-Business Transaction - -a record of a large number of transactions an entity is
engaged in .

-Business Document Details - -Date, amount, type of transaction and with whom

-Internal source document - -documents prepared by an entity to record
transactions with external clients.

-Source documents are drawn up in... - -Duplicates

-(Internal Source Document) ... is given to the clients and ... is kept by the entity. - -
Original - Diplicate

-Cash Register Roll (Internal/External Source Document) - -Internal Source
Document

-Duplicate Cash Sales Invoice (Internal/External Source Document) - -Internal
Source Document

-Duplicate Reciepts (Internal/External Source Document) - -Internal Source
Document

-Cheque Counterfoils (Internal/External Source Document) - -Internal Source
Document

-Petty Cash Vouchers (Internal/External Source Document) - -Internal Source
Document

-Duplicate Bank Deposit Slips (Internal/External Source Document) - -Internal
Source Document

-Internet Banking: Notice of Payment (Internal/External Source Document) - -
Internal Source Document

-Signed Credit Card Slip (Internal/External Source Document) - -Internal Source
Document

-External Source Documents also know as- - -Supporting Documents

-External Source Documents are prepared by... - -the other party and received as
proof of payment.

-External Source Documents are usually - -originals

, -Original Cash Purchases Invoices (Internal/External Source Document) - -External
Source Documents

-Original Slips (Internal/External Source Document) - -External Source Documents

-Cheques (Internal/External Source Document) - -External Source Documents

-Cash Slips (Internal/External Source Document) - -External Source Documents

-What must be determined when opening a bank account. - -persons who are
authorized to sign cheques issued by an entity.

-Who requires a sample of signatures before opening a bank account for an entity?
- -The Bank

-VAT - -value added tax

-When is it compulsory to register as a vendor? - -Total value of his taxable supplies
exceeds R 1 000 000 for a 12 month period.

-Who needs to register as a Vat vendor? - -the owner

-Tax Period - -How often a tax return must be completed and submitted to SARS

-Category A - Vendor Period - -Periods of 2 months beginning with January

-Category A - Vendor Taxable Supplies must not exceed - -R 30 Million

-Category A - Vendor Taxable Supplies (Farmers) Exceed... - -R 1.5 Million

-Category B - Vendor Tax Period - -2 Months beginning with February

-Category B - Vendor Taxable Supplies not exceeding - -R 30 Million

-Category B - Vendor Taxable Supplies (Farmer) exceeding - -R 1.5 Million

-Category C - Vendors Tax Period - -One month

-Category C - Vendors Taxable Supplies exceed - -R 30 million

-Category D - Vendors Tax Period - -6 Months beginning with February

-Category D - Vendors Taxable Supplies not exceeding - -R 1.5 million

-VAT - -value added tax

-VAT Definition - -tax levied on goods or services.

-Current VAT amount of South Africa - -15%