FAC 1503
ECP 2021
Online Questions & Answers
ASSIGNMENT 4
1st & 2nd Attempt
Written by
Camecia Cass
BUY ME TO VIEW ALL OF THE ANSWERS
,4 Assignment 4
Part 1 of 10 - Part 5 9.0/ 9.0 Points
Question 1 of 28
1.0/ 1.0 Points
Output VAT is defined as the VAT incurred on the supply of goods or service to the
vendor.
True
False
Answer Key:False
Feedback:Refer to learning unit 3.4.6
Question 2 of 28
1.0/ 1.0 Points
Solvency is the availability of cash and other items, which can easily be converted
into cash to pay short term debt.
True
False
Answer Key:False
Feedback:Refer to section 1.6.1 of learning unit 1
,Question 3 of 28
1.0/ 1.0 Points
The statement of financial position reports on the assets, liabilities and equity of the
business.
True
False
Answer Key:True
Feedback:Refer to learning unit 5.12
Question 4 of 28
1.0/ 1.0 Points
When services were rendered the business is entitled to receive payment and
therefore the income is recognised (Cr – Services rendered) and a debtor is created
for the amount receivable (Dr – Accounts receivable).
True
False
Answer Key:True
Feedback:Refer learning unit 4.8
Question 5 of 28
1.0/ 1.0 Points
If each transaction is recorded so that the debit and credit entries are equal, the sum
of all the debits will still not be equal to the sum of all the credits and; therefore
reconciliations should be done.
True
, False
Answer Key:False
Feedback:Refer to learning unit 2.1
Question 6 of 28
1.0/ 1.0 Points
Transactions of a repetitive nature occur frequently, and the requirement of
materiality means that an entity must establish an accounting policy, which
determines how such transactions will be treated.
True
False
Answer Key:False
Feedback:Refer to section 1.5.3 of learning unit 1
Question 7 of 28
1.0/ 1.0 Points
The supply of goods and services are generally not subject to VAT at the standard
rate, unless such supply is specifically included in terms of the Act.
True
False
Answer Key:False
Feedback:Refer to learning unit 3.4.7
Question 8 of 28
ECP 2021
Online Questions & Answers
ASSIGNMENT 4
1st & 2nd Attempt
Written by
Camecia Cass
BUY ME TO VIEW ALL OF THE ANSWERS
,4 Assignment 4
Part 1 of 10 - Part 5 9.0/ 9.0 Points
Question 1 of 28
1.0/ 1.0 Points
Output VAT is defined as the VAT incurred on the supply of goods or service to the
vendor.
True
False
Answer Key:False
Feedback:Refer to learning unit 3.4.6
Question 2 of 28
1.0/ 1.0 Points
Solvency is the availability of cash and other items, which can easily be converted
into cash to pay short term debt.
True
False
Answer Key:False
Feedback:Refer to section 1.6.1 of learning unit 1
,Question 3 of 28
1.0/ 1.0 Points
The statement of financial position reports on the assets, liabilities and equity of the
business.
True
False
Answer Key:True
Feedback:Refer to learning unit 5.12
Question 4 of 28
1.0/ 1.0 Points
When services were rendered the business is entitled to receive payment and
therefore the income is recognised (Cr – Services rendered) and a debtor is created
for the amount receivable (Dr – Accounts receivable).
True
False
Answer Key:True
Feedback:Refer learning unit 4.8
Question 5 of 28
1.0/ 1.0 Points
If each transaction is recorded so that the debit and credit entries are equal, the sum
of all the debits will still not be equal to the sum of all the credits and; therefore
reconciliations should be done.
True
, False
Answer Key:False
Feedback:Refer to learning unit 2.1
Question 6 of 28
1.0/ 1.0 Points
Transactions of a repetitive nature occur frequently, and the requirement of
materiality means that an entity must establish an accounting policy, which
determines how such transactions will be treated.
True
False
Answer Key:False
Feedback:Refer to section 1.5.3 of learning unit 1
Question 7 of 28
1.0/ 1.0 Points
The supply of goods and services are generally not subject to VAT at the standard
rate, unless such supply is specifically included in terms of the Act.
True
False
Answer Key:False
Feedback:Refer to learning unit 3.4.7
Question 8 of 28
