FAC1502 ASSIGNMENT AND ANSWERS 2021/2022

FAC1502 ASSIGNMENT AND ANSWERS 2021/2022 Part 1 of 4 - 4.0/ 8.0 Points Question 1 of 20 0.0/ 1.0 Points Make-it-Grow Salon bought hair trimming equipment from Wall Trimmers for R3 500 What is the net effect of this transaction on the elements of the basic accounting equa • A. Net effect on assets is R3 500 increase. • B. Net effect on assets is R0. • C. Net effect on equity is R3 500 decrease. • D. Net effect on assets is R7 500 increase. • E. Net effect on liabilities is R3500 increase. Answer Key:B Question 2 of 20 1.0/ 1.0 Points Which of the following is not an external user of financial information? • A. Government • B. Creditors • C. Public • D. Employees • E. Investors Answer Key:D Question 3 of 20 1.0/ 1.0 Points The objective of a business entity is to… • A. reduce expenditure. • B. preserve assets. • C. settle liabilities. • D. maximise income. • E. minimise losses. Answer Key:D