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FAC1503
Financial accounting principles for legal practitioners
ASSIGNMENT 3 QUIZ
MEMO + EXTRA MCQ BOOKLET
SEMESTER 2 – 2025 - UNISA
UNIQUE NUMBER: - 184916
DUE DATE: - 11 SEPTEMBER 2025
ASSIGNMENT PREVIEW – SEE PAGE 1
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, Correct
# Question Options Explanation
Answer
A. Statement of Cash
Which financial statement Flows
The Balance Sheet shows
shows a company’s financial B. Income Statement
1 C assets, liabilities, and equity
position at a specific point in C. Balance Sheet
at a specific date.
time? D. Statement of
Changes in Equity
A. Goodwill
B. Land Accounts Receivable is
Which of the following is
2 C. Accounts C expected to be converted
classified as a current asset?
Receivable into cash within 12 months.
D. Equipment
A. Internal decision-
making
B. Budgeting Financial accounting serves
What is the primary purpose
3 C. Managing D external users like investors
of financial accounting?
operations and creditors.
D. Informing
external users
A. Revenue
Recognition
Which principle requires that The Matching Principle
B. Historical Cost
4 expenses be matched with C aligns expenses with related
C. Matching
revenues? revenues.
Principle
D. Going Concern
A. Capital
Which account is increased B. Revenue Asset accounts like Cash
5 C
with a debit? C. Cash increase with a debit.
D. Accounts Payable
SELLING” memos for the year 2024.
FAC1503
Financial accounting principles for legal practitioners
ASSIGNMENT 3 QUIZ
MEMO + EXTRA MCQ BOOKLET
SEMESTER 2 – 2025 - UNISA
UNIQUE NUMBER: - 184916
DUE DATE: - 11 SEPTEMBER 2025
ASSIGNMENT PREVIEW – SEE PAGE 1
BOOST YOUR YEAR MARK BY GETTING
A DISTINCTION (100%) FOR YOUR
QUIZ
Disclaimer
Extreme care has been used by our Tutors to draft this document, however the contents are provided “as is” without any representations o
warranties, express or implied. This document is to be used for comparison, research and reference purposes ONLY. No part of this document ma
be reproduced, resold or transmitted in any form or by any means without prior written permission from the Author. – LLB EXAMPACKS &
TUTORIALS.
PAST PAPERS & MEMOS, ASSIGNMENT MEMOS, NOTES, SUMMARIES & TUITONS
Cell: 076 835 8371 Email:
Fax: 086 096 5452 www.llbexampacksandtutorials.co.za
, Correct
# Question Options Explanation
Answer
A. Statement of Cash
Which financial statement Flows
The Balance Sheet shows
shows a company’s financial B. Income Statement
1 C assets, liabilities, and equity
position at a specific point in C. Balance Sheet
at a specific date.
time? D. Statement of
Changes in Equity
A. Goodwill
B. Land Accounts Receivable is
Which of the following is
2 C. Accounts C expected to be converted
classified as a current asset?
Receivable into cash within 12 months.
D. Equipment
A. Internal decision-
making
B. Budgeting Financial accounting serves
What is the primary purpose
3 C. Managing D external users like investors
of financial accounting?
operations and creditors.
D. Informing
external users
A. Revenue
Recognition
Which principle requires that The Matching Principle
B. Historical Cost
4 expenses be matched with C aligns expenses with related
C. Matching
revenues? revenues.
Principle
D. Going Concern
A. Capital
Which account is increased B. Revenue Asset accounts like Cash
5 C
with a debit? C. Cash increase with a debit.
D. Accounts Payable
