05/05/2024, 16:27 Assessment 3
UNISA 2024 FAC1502-24-S1 Welcome to FAC1502 Assessment 3
QUIZ
Time left 1:26:20
Question 1
Not yet answered
Marked out of 8.00
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system.
During the current financial year of 20.22, Mandla Traders had credit sales of R210 000. The company applies a
40% mark-up on selling price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Dr Cost of sales Cr
20.22 20.22
Dec 31 Inventory SJ 126000.00 Dec 31 Trading Account GJ 126000.00
126000.00 126000.00
Dr Sales Cr
20.22 20.22
Dec Trading Account GJ 210000.00 Dec Trade and other receivables SJ 210000.00
31 31
210000.00 210000.00
.
Question 2
Not yet answered
Marked out of 4.00
Please choose the correct option for the given scenario.
Kinky Tresses Traders bought furniture from
Board Man Pty Ltd for R5 000 cash.
What is the net effect of the transaction on Net effect on assets is R0.
the elements of the basic accounting
equation?
Net asset value of an entity is also referred to
equity.
as …
A transaction that is an example of an income
to an entity is ... rent received for part of the premises that was leased out.
... plays an important role when the relevance
Verifiability
of information is evaluated.
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,05/05/2024, 16:27 Assessment 3
Question 3
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false.
A liability shall be classified as a current liability when it is expected to be converted into money (realised) within
12 months of the statement of financial position date.
Select one:
True
False
Question 4
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Prepaid expenses will be disclosed as a current liability in the statement of financial position at the end of a
financial period.
Select one:
True
False
Question 5
Not yet answered
Marked out of 1.00
The inventory controller at WR Wholesalers incorrectly calculated the inventory count at the end of the financial
year.
Indicate whether the following statement is true or false:
An incorrect inventory count will affect the calculation of sales.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18795721&cmid=842836 2/11
,05/05/2024, 16:27 Assessment 3
Question 6
Not yet answered
Marked out of 4.00
Please choose the correct option to complete the given statement or scenario.
The total revenue and the
cost of sales amount
disclosed in the statement of
profit or loss and other
comprehensive income for
Thabo Stores for the year
ended 30 June 20.1 is R870 31%
000 and R600 000
respectively. The gross profit
for the year is R270 000.
The gross profit percentage
on sales (rounded off to the
nearest whole number) is …
Where in the statement of
financial position would a
business that trades in the
sale of motor vehicles Non-current assets: Property, plant and equipment
disclose the fleet truck it uses
to deliver sold vehicles to
customers?
What will be classified as a
current asset for a motor Vehicles held for resale
vehicle dealership?
The total of the trade
payables column in the cash
payments journal will be debit side of the trade payables control account in the general ledger.
posted to the …
Question 7
Not yet answered
Marked out of 2.00
On 1 July 20.1, Joe Traders bought three printers for R84 000 each from Qwerty Technologies and was given a
10% cash discount. BB Logistics delivered all three printers to Joe Traders and charged R2 500. Joe Traders uses
the diminishing balance method at a depreciation rate of 20%.
The financial year-end of Joe Traders is 30 June.
The amount of accumulated depreciation of the printers to be disclosed in the property, plant and equipment
note on 30 June 20.6 will be …
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 153082.00
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, 05/05/2024, 16:27 Assessment 3
Question 8
Not yet answered
Marked out of 6.00
You are provided with the following information for Lerato Designers on 31 December 20.4:
R
Vehicles……………………………………………………………………............................................ 600 000
Accumulated depreciation: Vehicles……………………………………............................. 240 000
Additional information:
On 1 January 20.2, Lerato Designers bought a machine on credit from AN Commercial Machinery for R200
790 (VAT inclusive). The machine is expected to produce 25 000 units over its life span. The machine was
transported from Durban to Johannesburg by Fast Logistics for R16 000 and installed by Lindiwe Fitters for
R5 600.
Production in year 1 was 10 000, 5 000 in year 2 and 2 000 for the 20.4 financial year.
Lerato Designers decided to sell the machine on 30 June 20.4 for R61 500 cash.
The financial year end of Lerato Designers is 31 December.
The correct general ledger entries in the books of Lerato Designers will be ...
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the account
column and a 0 in the amount column.
Keep general ledger entries strictly according to the steps for the disposal of an asset.
Machinery (at cost) 196 200 Accumulated depreciation: Machinery 133 416
0 Bank 61 500
N/A
Loss on sale of machinery 1 284
196 200 196 200
Loss on sale of machinery Depreciation Profit on sale of machinery
Machinery (at cost) Accumulated depreciation: Machinery Trade payables control
N/A Bank Trade receivables control
61 500 125 568 1 284 196 200 174 600 78 480 190 600 180 200 200 790 9 132
133 416 0 117 720
Question 9
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false regarding debentures:
Debentures only has one creditor.
Select one:
True
False
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UNISA 2024 FAC1502-24-S1 Welcome to FAC1502 Assessment 3
QUIZ
Time left 1:26:20
Question 1
Not yet answered
Marked out of 8.00
Mandla Traders financial year ends annually on 31 December. The business uses the perpetual inventory system.
During the current financial year of 20.22, Mandla Traders had credit sales of R210 000. The company applies a
40% mark-up on selling price.
The correct recording of the transaction in the general ledger of Mandla Traders will be:
Dr Cost of sales Cr
20.22 20.22
Dec 31 Inventory SJ 126000.00 Dec 31 Trading Account GJ 126000.00
126000.00 126000.00
Dr Sales Cr
20.22 20.22
Dec Trading Account GJ 210000.00 Dec Trade and other receivables SJ 210000.00
31 31
210000.00 210000.00
.
Question 2
Not yet answered
Marked out of 4.00
Please choose the correct option for the given scenario.
Kinky Tresses Traders bought furniture from
Board Man Pty Ltd for R5 000 cash.
What is the net effect of the transaction on Net effect on assets is R0.
the elements of the basic accounting
equation?
Net asset value of an entity is also referred to
equity.
as …
A transaction that is an example of an income
to an entity is ... rent received for part of the premises that was leased out.
... plays an important role when the relevance
Verifiability
of information is evaluated.
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18795721&cmid=842836 1/11
,05/05/2024, 16:27 Assessment 3
Question 3
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false.
A liability shall be classified as a current liability when it is expected to be converted into money (realised) within
12 months of the statement of financial position date.
Select one:
True
False
Question 4
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Prepaid expenses will be disclosed as a current liability in the statement of financial position at the end of a
financial period.
Select one:
True
False
Question 5
Not yet answered
Marked out of 1.00
The inventory controller at WR Wholesalers incorrectly calculated the inventory count at the end of the financial
year.
Indicate whether the following statement is true or false:
An incorrect inventory count will affect the calculation of sales.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18795721&cmid=842836 2/11
,05/05/2024, 16:27 Assessment 3
Question 6
Not yet answered
Marked out of 4.00
Please choose the correct option to complete the given statement or scenario.
The total revenue and the
cost of sales amount
disclosed in the statement of
profit or loss and other
comprehensive income for
Thabo Stores for the year
ended 30 June 20.1 is R870 31%
000 and R600 000
respectively. The gross profit
for the year is R270 000.
The gross profit percentage
on sales (rounded off to the
nearest whole number) is …
Where in the statement of
financial position would a
business that trades in the
sale of motor vehicles Non-current assets: Property, plant and equipment
disclose the fleet truck it uses
to deliver sold vehicles to
customers?
What will be classified as a
current asset for a motor Vehicles held for resale
vehicle dealership?
The total of the trade
payables column in the cash
payments journal will be debit side of the trade payables control account in the general ledger.
posted to the …
Question 7
Not yet answered
Marked out of 2.00
On 1 July 20.1, Joe Traders bought three printers for R84 000 each from Qwerty Technologies and was given a
10% cash discount. BB Logistics delivered all three printers to Joe Traders and charged R2 500. Joe Traders uses
the diminishing balance method at a depreciation rate of 20%.
The financial year-end of Joe Traders is 30 June.
The amount of accumulated depreciation of the printers to be disclosed in the property, plant and equipment
note on 30 June 20.6 will be …
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
Answer: 153082.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18795721&cmid=842836 3/11
, 05/05/2024, 16:27 Assessment 3
Question 8
Not yet answered
Marked out of 6.00
You are provided with the following information for Lerato Designers on 31 December 20.4:
R
Vehicles……………………………………………………………………............................................ 600 000
Accumulated depreciation: Vehicles……………………………………............................. 240 000
Additional information:
On 1 January 20.2, Lerato Designers bought a machine on credit from AN Commercial Machinery for R200
790 (VAT inclusive). The machine is expected to produce 25 000 units over its life span. The machine was
transported from Durban to Johannesburg by Fast Logistics for R16 000 and installed by Lindiwe Fitters for
R5 600.
Production in year 1 was 10 000, 5 000 in year 2 and 2 000 for the 20.4 financial year.
Lerato Designers decided to sell the machine on 30 June 20.4 for R61 500 cash.
The financial year end of Lerato Designers is 31 December.
The correct general ledger entries in the books of Lerato Designers will be ...
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the account
column and a 0 in the amount column.
Keep general ledger entries strictly according to the steps for the disposal of an asset.
Machinery (at cost) 196 200 Accumulated depreciation: Machinery 133 416
0 Bank 61 500
N/A
Loss on sale of machinery 1 284
196 200 196 200
Loss on sale of machinery Depreciation Profit on sale of machinery
Machinery (at cost) Accumulated depreciation: Machinery Trade payables control
N/A Bank Trade receivables control
61 500 125 568 1 284 196 200 174 600 78 480 190 600 180 200 200 790 9 132
133 416 0 117 720
Question 9
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false regarding debentures:
Debentures only has one creditor.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18795721&cmid=842836 4/11
