FAC1501
FAC1501
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Examen
FAC1501 QUIZ QUESTIONS WITH CORRECT ANSWERS
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---7septiembre 20242024/2025A+
- FAC1501 QUIZ QUESTIONS WITH 
CORRECT ANSWERS 
Source Document - ANSWERS Proof that a transaction occurred 
Cash Transactions effect? - ANSWERS Bank Account, Petty Cash and or Cash Float 
Business Transaction - ANSWERS a record of a large number of transactions an entity is engaged in . 
Business Document Details - ANSWERS Date, amount, type of transaction and with whom 
Internal source document - ANSWERS documents prepared by an entity to record transactions with 
external clients. 
Source doc...
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brendamaina
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Examen
FAC1501 2023 with complete solution questions and answers
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---1abril 20232022/2023A+
- Assests 
Assets are resources owned by the business, which have economic value and a business uses to generate income. 
 
 
 
Liabilities 
Liabilities are creditors' interest or interests of parties other than the owner(s). Liabilities are therefore the debts of the business. 
 
 
 
Expenses 
An expense is a cost related to the day-to-day running of a business. An expense is a debit.
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Arthurmark