FAC1503 Study guides, Class notes & Summaries

Kindly note that the questions may be different from one student to another

Question 1 of 35 1.0 Points The advocate’s journal is used to record those transactions that cannot be recorded in any of the other journals. True False Question 2 of 35 1.0 Points Trust money may include money paid in by a third party (the buyer) in respect of purchase transactions. True False

FAC1503 Assignment 2 Calculations/Explanations 1. 4 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 ex...

QUESTIONS WITH ANSWERS

FAC1503 ASSIGNMENT 06 EXPECTED SOLUTIONS SEM1 2023

Fac1503 Assignment 4 semester 2 2022

FAC1503 ASSIGNMENT 3 PACK. Q Question 1 of 32 1.0/ 1.0 Points Funds may be transferred from the trust bank account to the business bank account if the client has paid expenses on behalf of the attorney and the attorney owes the client for the payment. True Fals e Answer Key:False Feedback:Refer to learning unit 6.2 Question 2 of 32 1.0/ 1.0 Points The trust bank balance may never be a debit balance since an irregularity may occur. True Fals e Answer Key:False Feedback:Refer t...

FAC1503 ASSIGNMENT 8 SEMESTER 1 OF 2023 []

FAC1503 ASSIGNMENT 4 BOMB. Faithful representation of information means that only information which is significant enough needs to be separately disclosed. Minor items must be included in the financial statements but need not be separately disclosed. True False Answer Key:False Feedback:Refer to section 1.5.4 of learning unit 1 Question 2 of 28 1.0/ 1.0 Points SA attorneys spend R2300 on goods not utilised for earning taxable income. SA Attorneys may not claim input VAT on the goods b...

This exam pack contains • Exam question papers • Memorandums • Summary of the course material • Additional notes. All of the best for your exams!