FAC 1503
ASSIGNMENT 9 SEMESTER 1 2023
Use this document as a guide to learn, compare and reference
, Which option below reflects only inventory valuation methods?
Select one:
a. Last-in, first-out and weighted average
b. Periodic inventory system and First-in, first-out
c. Perpetual inventory system and Last-in, first-out
d. Perpetual inventory system and periodic inventory system
Clear my choice
Question 3
Answer saved
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Which option below correctly indicates how a favourable balance from a bank account in the general ledger should be dealt with
when doing abank reconciliation?
Select one:
a. By crediting the bank reconciliation statement
b. By debiting the bank reconciliation statement
c. By crediting the bank statement
d. By debiting the bank statement
Clear my choice
Question 4
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Marked out of 1.00
South Attorneys instructed SA Attorneys to collect outstanding rental income on behalf of a client, Mrs
S Africa.Which one of the following statements regarding the above is correct?
Select one:
a. South Attorneys will create an account statement and issue it to SA Attorneys.
b. SA Attorneys must refund any expenses incurred on behalf of Mrs S Africa by the instructed attorney if South Attorneys
collected theoutstanding rental income.
c. South Attorneys will create a client account for Mrs S Africa.
d. SA Attorneys will create a trust creditors account for Mrs S Africa.
Clear my choice
,Question 5
Answer saved
Marked out of 2.00
On 21 July 2021, Africa Traders bought desktop scanners of R130 000 from SA
Dealers on credit to replace the old scanners. Africa Traders is not registered as a
VAT vendor.
Which account will be debited, and which account will be credited in the general
ledger of Africa Traders?
Select one:
a.
Dr Computer equipment
Cr
2021 R 2021 R
Jul 21 Bank 130 000 Jul
Dr Bank
Cr
2021 R 2021 R
Jul Jul 21 Computer equipment 130 000
b.
Dr Computer equipment
Cr
2021 R 2021 R
Jul 21 Creditors control 130 000 Jul
Dr Creditors control
Cr
2021 R 2021 R
Jul Jul 21 Computer equipment 130 000
c.
Dr Computer equipment
Cr
2021 R 2021 R
Jul Jul 21 Bank 130 000
Dr Bank
Cr
2021 R 2021 R
Jul 21 Computer equipment 130 000 Jul
d.
Dr Computer equipment
Cr
, 2021 R 2021 R
Jul Jul 21 Creditors control 130 000
ASSIGNMENT 9 SEMESTER 1 2023
Use this document as a guide to learn, compare and reference
, Which option below reflects only inventory valuation methods?
Select one:
a. Last-in, first-out and weighted average
b. Periodic inventory system and First-in, first-out
c. Perpetual inventory system and Last-in, first-out
d. Perpetual inventory system and periodic inventory system
Clear my choice
Question 3
Answer saved
Marked out of 1.00
Which option below correctly indicates how a favourable balance from a bank account in the general ledger should be dealt with
when doing abank reconciliation?
Select one:
a. By crediting the bank reconciliation statement
b. By debiting the bank reconciliation statement
c. By crediting the bank statement
d. By debiting the bank statement
Clear my choice
Question 4
Answer saved
Marked out of 1.00
South Attorneys instructed SA Attorneys to collect outstanding rental income on behalf of a client, Mrs
S Africa.Which one of the following statements regarding the above is correct?
Select one:
a. South Attorneys will create an account statement and issue it to SA Attorneys.
b. SA Attorneys must refund any expenses incurred on behalf of Mrs S Africa by the instructed attorney if South Attorneys
collected theoutstanding rental income.
c. South Attorneys will create a client account for Mrs S Africa.
d. SA Attorneys will create a trust creditors account for Mrs S Africa.
Clear my choice
,Question 5
Answer saved
Marked out of 2.00
On 21 July 2021, Africa Traders bought desktop scanners of R130 000 from SA
Dealers on credit to replace the old scanners. Africa Traders is not registered as a
VAT vendor.
Which account will be debited, and which account will be credited in the general
ledger of Africa Traders?
Select one:
a.
Dr Computer equipment
Cr
2021 R 2021 R
Jul 21 Bank 130 000 Jul
Dr Bank
Cr
2021 R 2021 R
Jul Jul 21 Computer equipment 130 000
b.
Dr Computer equipment
Cr
2021 R 2021 R
Jul 21 Creditors control 130 000 Jul
Dr Creditors control
Cr
2021 R 2021 R
Jul Jul 21 Computer equipment 130 000
c.
Dr Computer equipment
Cr
2021 R 2021 R
Jul Jul 21 Bank 130 000
Dr Bank
Cr
2021 R 2021 R
Jul 21 Computer equipment 130 000 Jul
d.
Dr Computer equipment
Cr
, 2021 R 2021 R
Jul Jul 21 Creditors control 130 000
