FAC1501 Assignment 6 Second Semester 2022

FAC1501
ASSIGNMENT 6
SECOND SEMSTER 2022
BY: MTHOMBENI: 0767297208




1

,1.DO NOT ATTEMPT THIS ASSESSMENT WITHOUT CONTACTING ME FIRST
2. SEND ME A WHATSAPP MESSAGE ON 0767297208 OR CALL ME ON 0762157458 SO THAT I CAN BE
ONLINE WHEN YOU START THE ASSESSMENT
3. MOST OF THE THEORY QUESTIONS ARE BASED ON THE INFORMATION FROM THE STUDY GUIDE


VERSION 1


Africa Traders makes use of the perpetual inventory system. If the owner took inventory for personal use,
the inventory account will be debited, and the drawings account will be credited.
Select one:
True
False
Question 3
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When non-current assets lose value due to wear and tear, it is called devaluation.
Select one:
True
False
Question 4
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In the financial statements, consumable stores on hand will be classified as?
Select one:

a.
Non-current assets


b.
Non-current liabilities


c.
Current assets



2

,d.
Current liabilities

Clear my choice
Question 5
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Bookkeeping is the systematic recording of transactions. This is also known as the input stage in the
accounting cycle.
Select one:
True
False
Question 6
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Posting to the wrong account refers to a transaction that has been entered on the wrong side of a ledger
account but has been posted to the correct account.

Select one:
True
False
Question 7
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All goods in which the entity trades (cash and credit purchases) are recorded in the purchases journal.
Select one:
True
False
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The balance shown in the bank statement should match the balance in the bank account in the general
ledger of an entity for a particular month. However, this rarely happens. To identify the reason for
balances not agreeing with one another, which of the following books/documents would need to be
compared for a particular month to identify reasons and make necessary corrections?
Select one:

a.
Compare the cash journals with the bank reconciliation statement

b.
Compare the cash journals with the bank statement since transactions are listed individually in
these books/documents

c.
Compare the cash journals with the bank account in the general ledger

d.
Compare the bank statement with the bank account in the general ledger
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Question 9
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Please match the question in column A to the correct option. Each option provided may be selected more
than once. You may assume that the entities mentioned in the transactions are not a registered VAT
vendors unless explicitly mentioned otherwise.
The bookkeeper of SA Landscapers realised that invoice number 200 issued to Mrs
A South (a client) for the sale of gardening products on credit was entered twice in Answer 1
the applicable journal. The account debited for the transaction to correct the error in Income
the books of SA Landscapers will be classified as ….
Mr S Africa, started a small service business, SA Landscapers on 1 January 2020.
On 3 January 2021 SA Landscapers bought a laptop and printer from SAComp Answer 2
(Pty) Ltd and paid for it with an internet banking transfer, R21 200. The account Non-current asset
debited for this transaction in the books of SA Landscapers will be classified as ….
On 30 January 2022, SA Landscapers wrote off the debt of Mrs C West as
irrecoverable. The account debited for this transaction in the books of SA Answer 3
Expense
Landscapers will be classified as ….

4