FAC1502 Assignment 1
Semester 2 2023
QUESTIONS AND
ELABORATE ANSWERS
For inquiries and elaborate answers
Email:
WhatsApp: +254704997747
, FAC1502
ASSIGNMENT 1
SOLUTIONS
SEMESTER 2
ANSWERS
,Select one:
Mr Moloi made a deposit of R 100 000 into his business bank
account as a capital contribution to start his business. The
effect of this transaction on the basic accounting equation will
be ...
A. an increase in equity and a decrease in assets.
B. a decrease in assets and an increase in equity.
C. an increase in assets and equity. v
D. a decrease in liabilities and an increase assets.
E. an increase in equity and an increase in liabilities.
During the financial year, the owner withdraws R 50 000
from the business for his personal use. The effect of this
transaction on the basic accounting equation will be ...
Select one:
A. a decrease in assets and an increase in liabilities.
B. an increase in equity and a decrease in liabilities.
C. a decrease in assets and an increase in assets.
For assignment help and inquiries
Email:
WhatsApp: +254704997747
, Select one:
D. adecrease in equityandadecreasein assets.
E. a decrease in equity and an increase in oO
liabilities.
Indicate whether the following statement is true or false:
Income and expenses including gains and losses of the
entity are disclosed in the statement of profit or loss and other
comprehensive income.
True 7
Where is the profit or loss of an entity for a particular period
reported?
Select one:
A. statement of profit or loss and other v
comprehensive income. B. cash flow
statement.
C. expenditure statement.
D. statement of changes in equity.
E. statement of financial position.
For assignment help and inquiries
Email:
WhatsApp: +254704997747
Semester 2 2023
QUESTIONS AND
ELABORATE ANSWERS
For inquiries and elaborate answers
Email:
WhatsApp: +254704997747
, FAC1502
ASSIGNMENT 1
SOLUTIONS
SEMESTER 2
ANSWERS
,Select one:
Mr Moloi made a deposit of R 100 000 into his business bank
account as a capital contribution to start his business. The
effect of this transaction on the basic accounting equation will
be ...
A. an increase in equity and a decrease in assets.
B. a decrease in assets and an increase in equity.
C. an increase in assets and equity. v
D. a decrease in liabilities and an increase assets.
E. an increase in equity and an increase in liabilities.
During the financial year, the owner withdraws R 50 000
from the business for his personal use. The effect of this
transaction on the basic accounting equation will be ...
Select one:
A. a decrease in assets and an increase in liabilities.
B. an increase in equity and a decrease in liabilities.
C. a decrease in assets and an increase in assets.
For assignment help and inquiries
Email:
WhatsApp: +254704997747
, Select one:
D. adecrease in equityandadecreasein assets.
E. a decrease in equity and an increase in oO
liabilities.
Indicate whether the following statement is true or false:
Income and expenses including gains and losses of the
entity are disclosed in the statement of profit or loss and other
comprehensive income.
True 7
Where is the profit or loss of an entity for a particular period
reported?
Select one:
A. statement of profit or loss and other v
comprehensive income. B. cash flow
statement.
C. expenditure statement.
D. statement of changes in equity.
E. statement of financial position.
For assignment help and inquiries
Email:
WhatsApp: +254704997747
