FAC 1503

LATEST AND UPTO DATE

FAC1503 EXAM pack 2019 Updated Financial Accounting Principles (University of South Africa) .........................................continued....................................... 2019 FAC1503 EXAM PACK 1 2 ...

FAC1503 EXAM pack 2019 Updated Financial Accounting Principles (University of South Africa) .........................................continued....................................... 2019 FAC1503 EXAM PACK 1 2 ...

FAC1503 EXAM pack 2019 Updated Financial Accounting Principles (University of South Africa) 2019 FAC1503 EXAM PACK 1 2 3

QUESTION 1 (18 marks) (22 minutes) You are provided with the following transactions for My-Shop Traders, using the periodic inventory system. My-Shop Traders is not registered as a VAT vendor. 1. Sold goods on account to Mandi Thibadira for R4 400. 2. Mandi Thibadira returned damaged goods worth R300, being not according to the sample she ordered. 3. Purchased goods from Welcome Traders for R15 400 less 20% trade discount. 4. Paid Welcome Traders by cheque, less 5% settlement discount. (S...

A trust bank account should never be in overdraft. A debit on a trust creditor account would mean the account is overdrawn which is not permitted In terms of the Rules for the Attorneys’ Profession (the Rules) with regard to the transfer of trust funds from the trust bank account to the business bank account, a legal practice shall ensure that the balance on its trust bank account shall at any date be equal to or exceed the total credit balances of the trust creditors in its accounting r...

Question 1 of 39 3.0 Points Please match the accounting term with the most suitable definition, example or description provided. A. When all the financial information of a business entity that is needed to understand the economic events and transactions were included in the financial statements, we can say that the information adhered to the fundamental characteristic of …………………. B. Reflects all the income earned and expenses paid by a business entity for a specific period. C. ...