THIS DOCUMENT CONTAINS FAC1501 ASSESSMENT 2 OF 2023 SEM 1 EXPECTED QUESTIONS AND ANSWERS. USING IT CORRECTLY WILL HELP YOU PASS LEARNING UNIT 4 -7 QUIZ 1 AND ASSESSMENT 2 WITH EASE.
Opened: Thursday, 10 August 2023, 10:00 AM
Closes: Monday, 28 August 2023, 10:00 PM
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Kindly note that you will only be able to view your mark obtained for assessment 2 and the overall feedback for
assessment 2 after you have submitted your attempt.
You will be able to view the questions you have received for the attempt, with their answers and general
feedback, after the due date of assessment 2.
Attempts allowed: 1
Time limit: 40 mins
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
State 25.00 100.00 Review Feedback
Finished 25.00 100.00 You passed this assessment
Submitted Wednesday, with a distinction. Keep up
16 August 2023, 11:05 the good work.
PM
Please match the account name in column A to the correct option relating to the following equation: Assets = Equity
+ Liabilities. Each option provided may be selected more than once.
Petty cash Is a current asset and will increase on the debit side.
Credit losses Is an expense and will increase equity on the credit side.
Investments Is a non-current asset and will decrease on the credit side.
Credit losses recovered Is income and will decrease equity on the debit side.
Accrued expenses Is a current liability and will decrease on the debit side.
Question 2
Answer saved
M arked out of 2.00
The entity is registered as a VAT vendor.
Calculate the amount for VAT that is included in the invoice price if stationery for the amount of R1 328,00 (VAT
inclusive) were purchased.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
S Africa is the owner of Africa Traders. On 1 January 2022, he tells you that his interest in the business is R30 000
and the value of the assets is R55 000.
Calculate the value of the total liabilities of SA Traders
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72)
2. Use a full stop to indicate any decimals (eg: 1000.01)
3. You must enter cents even if it is 0 (eg .00)
4. Only show the amount, do not show the R (eg: 12141.72)
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)
Answer: 25000.00
Question 4
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M arked out of 1.00
For financial accounting purposes close corporations are not a form of business ownership.
Kgotsa Pools is in the business of installing swimming pool pumps. On 10 March 2023, Kgotsa Pools received a debit
card payment for an amount of R4 369 from Mr. D Charles for the installation of a pool pump at his residence.
Kgotsa Pools is not a registered VAT vendor.
What will the effect be of the above transaction in the accounting equation of Kgotsa Pools?
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