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Question 1
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The pre-adjustment trial balance of PMT Traders as at 28 February 20.19, reflected the following balances:
Trading inventory R10 770
Office supplies R1 121
Cleaning material R740
Packaging material R2 670
A physical inventory count conducted at year-end, revealed that the following inventory were on hand:
Trading inventory, R9 560
Office supplies, R250
Cleaning material, R321
Packaging material, R826
No adjustment journal entries have been processed as yet in the accounting books of PMT Traders regarding the inventory count.
The business makes use of the perpetual inventory system.
The effect that the adjustment journal entry for inventory will have on the basic accounting equation of PMT Traders for the year ended
28 February 20.19 will be?
Instructions:
1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the amount - also keep
your cell phone horizontal when doing the question).
2. An option can be used more than once.
3. If an options has been provided and it is not applicable to the specific questions please put a 0 in the amounts column.
+1 397 +1 397 0
0 +9 560 -740 -321 -1 397 +740 -1 121 +321 -250 +2 670 +1 210 -2 670 +10 770 -826
+1 397 -1 210 -10 770 -4 531 +4 531 +1 121 - 9 560 +250 +826
,Question 2
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On 1 November 20.18 Mars Traders paid rental to the amount of R25 740 for 12 months. The pre-adjustment trial balance for the year ended 28 February
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
20.19 reflected an amount for rental expenses of R25 740 as well as an amount for prepaid rental expenses on 1 March 20.18 of R12 600. The only
transaction that has been recorded or processed in the accounting books of Mars Traders regarding rental expenses, related to a payment that was made
on 1 November 20.18 and no other transaction or adjustment has been taken into account as yet.
The amount for prepaid rental expenses to be disclosed in the statement of financial position as at 28 February 20.19 will be:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 12600
Question 3
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Please choose the correct option for the given scenario.
Transactions in the cash payments journal will be ticked off with items in the … of the ... debit column; bank statement
Interest on an overdrawn bank balance will reflect in the … of the … debit column; bank statement
Transactions in the cash receipts journal will be ticked off with items in the … of the ... credit column; bank statement
Direct deposits made by a client will reflect in the … of the ... credit column; bank statement
,Question 4
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A physical inventory count revealed that the following inventory was on hand for Mashaba Traders at the financial year end 28 February 20.21:
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
Inventory R21 220
Packaging material R8 100
Stationery R625
How will these items be disclosed in the statement of financial position as at 28 February 20.21?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts column and a 0 in the amounts column.
ASSETS
Current assets
Inventories 29 945
N/A 0
N/A 0
Inventories ASSETS N/A Current assets Packing materials
Equity Non-current liabilities EQUITY AND LIABILITIES Stationery Consumable stores on hand
Current liabilities Capital Stationery on hand Non-current assets
625 29 945 0 8 725 8 100 21 220
Question 5
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Indicate whether the following statement is true or false:
At the end of the financial year after the year-end adjustments are recorded in the general ledger accounts, the accountant will then prepare a pre-
adjustment trial balance.
Select one:
True
False
, Question 6
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Indicate whether the following statement is true or false regarding the statement of financial position:
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
The statement reflects the non-current and current assets of the business.
Select one:
True
False
Question 7
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Indicate by choosing the correct option whether the following statement is true or false:
A closing transfer entry will be done at the end of the financial year in the general journal to transfer sales returns to the sales account.
Select one:
True
False
Question 8
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Isolation Traders paid an insurance premium of R10 824 on 1 March 20.19 for 12 months. Upon the inspection of the pre-adjustment trial balance for the
year ended 31 May 20.19, the bookkeeper noticed that insurance premiums amounting to R7 380 for the period starting 1 June 20.18 until
28 February 20.19, were paid in the previous financial period. The bookkeeper also noticed that, the insurance premium paid on 1 March 20.19 has not
yet been recorded in the books, and no adjustment has been processed and no reversal has been processed relating to insurance premium paid in the
previous financial period.
The amount for prepaid expenses to be shown in the statement of financial position as at 31 May 20.19 will be:
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. Round the amount of to the nearest R (eg: 12141.72 will be 12142)
Answer: 8118
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
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Question 1
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The pre-adjustment trial balance of PMT Traders as at 28 February 20.19, reflected the following balances:
Trading inventory R10 770
Office supplies R1 121
Cleaning material R740
Packaging material R2 670
A physical inventory count conducted at year-end, revealed that the following inventory were on hand:
Trading inventory, R9 560
Office supplies, R250
Cleaning material, R321
Packaging material, R826
No adjustment journal entries have been processed as yet in the accounting books of PMT Traders regarding the inventory count.
The business makes use of the perpetual inventory system.
The effect that the adjustment journal entry for inventory will have on the basic accounting equation of PMT Traders for the year ended
28 February 20.19 will be?
Instructions:
1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the amount - also keep
your cell phone horizontal when doing the question).
2. An option can be used more than once.
3. If an options has been provided and it is not applicable to the specific questions please put a 0 in the amounts column.
+1 397 +1 397 0
0 +9 560 -740 -321 -1 397 +740 -1 121 +321 -250 +2 670 +1 210 -2 670 +10 770 -826
+1 397 -1 210 -10 770 -4 531 +4 531 +1 121 - 9 560 +250 +826
,Question 2
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On 1 November 20.18 Mars Traders paid rental to the amount of R25 740 for 12 months. The pre-adjustment trial balance for the year ended 28 February
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
20.19 reflected an amount for rental expenses of R25 740 as well as an amount for prepaid rental expenses on 1 March 20.18 of R12 600. The only
transaction that has been recorded or processed in the accounting books of Mars Traders regarding rental expenses, related to a payment that was made
on 1 November 20.18 and no other transaction or adjustment has been taken into account as yet.
The amount for prepaid rental expenses to be disclosed in the statement of financial position as at 28 February 20.19 will be:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 12600
Question 3
Answer saved
Marked out of 4.00
Please choose the correct option for the given scenario.
Transactions in the cash payments journal will be ticked off with items in the … of the ... debit column; bank statement
Interest on an overdrawn bank balance will reflect in the … of the … debit column; bank statement
Transactions in the cash receipts journal will be ticked off with items in the … of the ... credit column; bank statement
Direct deposits made by a client will reflect in the … of the ... credit column; bank statement
,Question 4
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A physical inventory count revealed that the following inventory was on hand for Mashaba Traders at the financial year end 28 February 20.21:
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
Inventory R21 220
Packaging material R8 100
Stationery R625
How will these items be disclosed in the statement of financial position as at 28 February 20.21?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts column and a 0 in the amounts column.
ASSETS
Current assets
Inventories 29 945
N/A 0
N/A 0
Inventories ASSETS N/A Current assets Packing materials
Equity Non-current liabilities EQUITY AND LIABILITIES Stationery Consumable stores on hand
Current liabilities Capital Stationery on hand Non-current assets
625 29 945 0 8 725 8 100 21 220
Question 5
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Indicate whether the following statement is true or false:
At the end of the financial year after the year-end adjustments are recorded in the general ledger accounts, the accountant will then prepare a pre-
adjustment trial balance.
Select one:
True
False
, Question 6
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Marked out of 1.00
MENU
Indicate whether the following statement is true or false regarding the statement of financial position:
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 2
The statement reflects the non-current and current assets of the business.
Select one:
True
False
Question 7
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Indicate by choosing the correct option whether the following statement is true or false:
A closing transfer entry will be done at the end of the financial year in the general journal to transfer sales returns to the sales account.
Select one:
True
False
Question 8
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Isolation Traders paid an insurance premium of R10 824 on 1 March 20.19 for 12 months. Upon the inspection of the pre-adjustment trial balance for the
year ended 31 May 20.19, the bookkeeper noticed that insurance premiums amounting to R7 380 for the period starting 1 June 20.18 until
28 February 20.19, were paid in the previous financial period. The bookkeeper also noticed that, the insurance premium paid on 1 March 20.19 has not
yet been recorded in the books, and no adjustment has been processed and no reversal has been processed relating to insurance premium paid in the
previous financial period.
The amount for prepaid expenses to be shown in the statement of financial position as at 31 May 20.19 will be:
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. Round the amount of to the nearest R (eg: 12141.72 will be 12142)
Answer: 8118
