FAC1502 Assignment 1 Semester 2 2023 - DUE 14 August 2023

FAC1502 Assignment 1
Semester 2 2023


QUESTIONS AND
ELABORATE ANSWERS


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, 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.


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, 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.
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