FAC1502 Study guides, Class notes & Summaries

Fac1502 assessment 2024

THIS REVISION TOOLK KIT CONTAINS QUESTIONS AND ANSWERS FOR ASSIGNMENT 1 SEM 1 OF 2024 . IT CONTAINS at least 5 ASSESSMENTS ENSURING THAT YOURS WILL BE SIMILAR OR THE SAME . USING THIS TOOL KIT WILL ENSURE THAT YOU SCORE ABOVE 80%

Part 1 of 4 - 4.0/ 8.0 Points Question 1 of 20 0.0/ 1.0 Points Make-it-Grow Salon bought hair trimming equipment from Wall Trimmers for R3 500 cash. What is the net effect of this transaction on the elements of the basic accounting equation? • A. Net effect on assets is R3 500 increase. • B. Net effect on assets is R0. • C. Net effect on equity is R3 500 decrease. • D. Net effect on assets is R7 500 increase. • E. Net effect on liabilities is R3500 increase. Ans...

7/13/2020 myModules : FAC1502-19-S2 : Online Assessment 2.0 Points Part 1 of 1 - Question 1 of 20 Which one of the following transactions will result in a change in the equity of an entity operating on a bank overdraft? A. Property bought on credit. B. A cheque issued for payment of assets purchased for cash. C. A direct deposit in the bank account of an entity by a creditor in payment of his/her account. D. A direct deposit of the salary of an employee into his/her bank account. E. R...

ACCOUNTING - Correct Answer Planning; Recording; Analyzing; Interpreting financial information. PLANNING DECISIONS - Correct Answer Financial information is used to determine future actions. Historical information provided by the accounting process serves as a basis for forecasting. CONTROL - Correct Answer Using financial information to evaluate the results of financial activities. THE FUNCTION OF ACCOUNTING - Correct Answer 1. The value added to the networth of a person/entity dur...

THIS DOCUMENT CONTAINS COMPARATIVE MAC2601 ASSIGNMENT 5 SOLUTIONS AND WORKINGS. USING IT CORRECTLY FOR COMPARATIVE AND RESEARCH PURPOSES WILL INSURE YOU SCORE ABOVE 75%

The Conceptual Framework for Financial Reporting Elements: Definition FINANCIAL POSITION: ASSETS = EQUITY + LIABILITIES – This is a measure of financial POSITION at a specific date. FINANCIAL PERFORMANCE: INCOME – EXPENSES = PROFIT – This is a measure of financial PERFORMANCE over a period. FINANCIAL POSITION • Asset: – Resource controlled by entity; – Resulting from past event; – Expected inflow of future economic benefits • Liability:...

This document contains FAC1502 Notes covering all chapters.

Contents Accounting Equation Table....................................................................................................................8 FAC1502_May 2016...............................................................................................................................8 Question 1: Statement of profit or loss and other comprehensive income (25)..................................................................8 Question 1: Answer.........................................

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