8/24/22, 4:24 PM Assessment 1: Attempt review
Started on Wednesday, 24 August 2022, 2:46 PM
State Finished
Completed on Wednesday, 24 August 2022, 4:17 PM
Time taken 1 hour 31 mins
Marks 33.00/40.00
Grade 82.50 out of 100.00
Question 1
Complete
Mark 1.50 out of 1.50
A credit balance on a ledger account indicates………
a. an asset or expense
b. an amount owing to the business
c. a liability or an expense
d. a liability or income
Question 2
Complete
Mark 1.50 out of 1.50
Which one of the following expenses should be included in cost of inventories sold during the year?
a. Depreciation on delivery vehicle
b. Carriage on sales
c. Insurance on deliveries
d. Carriage on purchases
Question 3
Complete
Mark 3.00 out of 3.00
On 30 June 2022, Ndabeni Traders sold R5 100 worth of inventory on credit to Ndlovu Supermarket, subject to a trade discount of 15%. A
cash discount of 15% will be given if the account is settled within 30 days. Which one of the following amounts represents the correct
amount received by Ndabezitha Wholesalers on 29 July 2022?
a. R4 335.00
b. R3 684.75
c. R3 570.00
d. R1 012.50
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=5021543&cmid=299788 1/8
, 8/24/22, 4:24 PM Assessment 1: Attempt review
Question 4
Complete
Mark 3.00 out of 3.00
As of 1 January 2021, Kelly’s Clothing had a capital balance of R100 000. During the year Kelly’s Clothing had revenues and expenses
amounting to R80 000 and R45 000 respectively. On 31 December 2021, the owner conducted a stock take and realised that an inventory
valued at R5 000 was damaged. The salvage value of the damaged inventory was estimated at R1 500. In addition, the owner (Kelly),
withdrew R20 100 for her personal use. Which one of the following alternatives represents the correct capital balance in the statement of
financial position of Kelly’s Clothing as at 31 December 2021?
a. R110 000
b. R111 400
c. R115 000
d. R111 500
Question 5
Complete
Mark 3.00 out of 3.00
The year-end of Xakwa Mining, a business entity owned by Mr Manenzhe, is 31 December. On 1 January 2021, the statement received from
the municipality showed that the company had overpaid by R2 500. Xakwa Mining received electricity accounts for the four quarters
starting 1 January 2021 and ending 31 December 2021 for R3 500, R3 570, R2 750 and R3 000 respectively. On 31 December 2021, the
municipal account reflected a balance of R2 000 owing. Which one of the following alternatives represents the correct amount that must be
disclosed as electricity expense in the statement of profit or loss and other comprehensive income of Xakwa Mining for the year ended 31
December 2021?
a. R 8 500
b. R12 500
c. R17 500
d. R17 320
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=5021543&cmid=299788 2/8
Started on Wednesday, 24 August 2022, 2:46 PM
State Finished
Completed on Wednesday, 24 August 2022, 4:17 PM
Time taken 1 hour 31 mins
Marks 33.00/40.00
Grade 82.50 out of 100.00
Question 1
Complete
Mark 1.50 out of 1.50
A credit balance on a ledger account indicates………
a. an asset or expense
b. an amount owing to the business
c. a liability or an expense
d. a liability or income
Question 2
Complete
Mark 1.50 out of 1.50
Which one of the following expenses should be included in cost of inventories sold during the year?
a. Depreciation on delivery vehicle
b. Carriage on sales
c. Insurance on deliveries
d. Carriage on purchases
Question 3
Complete
Mark 3.00 out of 3.00
On 30 June 2022, Ndabeni Traders sold R5 100 worth of inventory on credit to Ndlovu Supermarket, subject to a trade discount of 15%. A
cash discount of 15% will be given if the account is settled within 30 days. Which one of the following amounts represents the correct
amount received by Ndabezitha Wholesalers on 29 July 2022?
a. R4 335.00
b. R3 684.75
c. R3 570.00
d. R1 012.50
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=5021543&cmid=299788 1/8
, 8/24/22, 4:24 PM Assessment 1: Attempt review
Question 4
Complete
Mark 3.00 out of 3.00
As of 1 January 2021, Kelly’s Clothing had a capital balance of R100 000. During the year Kelly’s Clothing had revenues and expenses
amounting to R80 000 and R45 000 respectively. On 31 December 2021, the owner conducted a stock take and realised that an inventory
valued at R5 000 was damaged. The salvage value of the damaged inventory was estimated at R1 500. In addition, the owner (Kelly),
withdrew R20 100 for her personal use. Which one of the following alternatives represents the correct capital balance in the statement of
financial position of Kelly’s Clothing as at 31 December 2021?
a. R110 000
b. R111 400
c. R115 000
d. R111 500
Question 5
Complete
Mark 3.00 out of 3.00
The year-end of Xakwa Mining, a business entity owned by Mr Manenzhe, is 31 December. On 1 January 2021, the statement received from
the municipality showed that the company had overpaid by R2 500. Xakwa Mining received electricity accounts for the four quarters
starting 1 January 2021 and ending 31 December 2021 for R3 500, R3 570, R2 750 and R3 000 respectively. On 31 December 2021, the
municipal account reflected a balance of R2 000 owing. Which one of the following alternatives represents the correct amount that must be
disclosed as electricity expense in the statement of profit or loss and other comprehensive income of Xakwa Mining for the year ended 31
December 2021?
a. R 8 500
b. R12 500
c. R17 500
d. R17 320
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=5021543&cmid=299788 2/8
