FAC 1502 ASSESSMENT 01 SEMESTER 01 2024.

GUARANTEED
DISTINCTION
2024
FAC 1502 ASSESSMENT 01
SEMESTER 01




PREPARE BY SYDNEY DER TUTOR
SYDNEY TUTORING ACADEMY
2024

,3/14/24, 7:18 PM Assessment 1


FAC1502-24-S1  Welcome Message  Assessment 1

QUIZ




Question 1
Indicate by choosing the correct option whether the following statement is true or false:
Answer saved
Manual versus computerised accounting yield identical results as the basic principles used in accounting is the same.
Marked out of
1.00


Select one:
True

False




Question 2
You are given the following information for Sibas Nail Bar: R
Answer saved

Marked out of
Equipment……………………………………………………………………….................................. 31 500
2.00 Manicure tables and chairs……………………………………………………........................ 4 200

Inventory……………………………............................................................................. 10 500

Clients owing Sibas Nail Bar…………………………............................................... 5 250

Sibas Nail Bar owes Salon Suppliers……………………………............................... 15 750

Bank overdraft……………………………………………………………..................................... 3 150


The total current liabilities of Sibas Nail Bar 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)




Answer: 18900.00




Question 3
You are given the following information for Sibas Nail Bar: R
Answer saved

Marked out of
Equipment………………………………….................................................................... 47 817
2.00 Manicure tables and chairs……………………………………….................................... 6 375

Inventory…………………………………………………………….............................................. 15 939

Clients owing Sibas Nail Bar…………………………………………….............................. 7 969

Sibas Nail Bar owes Salon Suppliers………………………………………...................... 23 908

Bank overdraft……………………………………………………............................................ 4 781


The total current assets of Sibas Nail Bar 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)




Answer: 23908.00

, 3/14/24, 7:18 PM Assessment 1

Question 6
You are given the following information for Sibas Nail Bar: R
Answer saved

Marked out of
Equipment……………………………………………………………………....................................... 169 000
2.00 Manicure tables and chairs……………………………………………………......................... 5 200

Inventory……………………………………………………………………....................................... 13 000

Clients owing Sibas Nail Bar…………………………………………................................. 32 500

Sibas Nail Bar owes Salon Suppliers………………………………………....................... 97 500

Bank …………………………………….............................................................................. 16 900

Short term loan………………………………………......................................................... 65 000



The total non-current assets of Sibas Nail Bar 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)




Answer: 174200.00




Question 7 Indicate by choosing the correct option whether the following statement is true or false:
Answer saved
The accounting policies that an entity will apply the current financial year will not be disclosed as notes to the financial statements.
Marked out of
1.00


Select one:
True

False