FAC1502 Assignment 2 Due 9 April 2024

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Started on
/ WELCOME Monday,FINANCIAL
TO FAC1502 4 April 2022, 4:31 PM
ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 2
Completed on Friday, 5 April 2024, 5:10 PM
Time taken 39 mins 10 secs
Marks 38.00/40.00
Grade 92.50 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.



Opened: Tuesday, 2 April 2024, 8:00 AM
Closes: Tuesday, 9 April 2024, 11:00 PM




Question 1 Time left 0:31:33
Answer saved
Marked out of 1.00




Indicate by choosing the correct option whether the following statement is true or false:
After reconciling the year-end physical trading inventory count amount with the balance of the trading inventory account in the general ledger, it was
determined that there is a trading inventory deficit. The trading inventory deficit will be recorded as income in the statement of profit or loss and other
comprehensive income.




Select one:
True
False






, Question 2
Answer saved

Marked out of 1.00




Indicate by choosing the correct option whether the following statement is true or false:
Drawings and donation of trading inventory is recorded at cost price in the general journal.




Select one:
True
False