MULTIPLE CHOICE QUESTIONS

Resel Cliom Question 6 of 20 3.0 Points JFK Traders deposited R120 000 into a fixed deposit account with Tyra Bank on 1 May 2020, at an interest rate of 12% per annum. 10% of the fixed deposit amount can be withdrawn at any time with a 24 hour notice to the bank. How will the fixed deposit amount be disclosed in the statement of financial position as at 30 June 2020? A. Non-current assets: Fixed Deposit R108 000. B. Non-current assets: Fixed Deposit R120 000. . C. Non-current assets: Fixed Deposit R108 000: Current assets: Current portion of Fixed deposit R12 000. OD. Non-current assets: Fixed Deposit R120 000: Current assets: Current portion of Fixed deposit R12 000. . E. Non-current liabilities: Fixed Deposit R120 000. Reset Selection Previous Next Save isa.ac.za/portal/site/FAC1502-20-EX06-1/tool/f300f01d-fc87-423d-9cb7-adb81f083f8e/jsf/delivery/deliverAssessment Time Remaining: 1:23:01 Hide/Show Time Remaining Part 2 of 3 - Question 7 of 20 2.0 Points Which one of the following statements is false in relation to the statement of profit or loss and other comprehensive income? A. Revenue represents sales made by the business to its customers. B. Depreciation is disclosed as an operating expense. . OC. Gross profit is income before deducting operating expenses. . OD. Profit reflects expenses that exceed income. E. Profit calculated in this statement is transferred to the capital account. Reset Selection Question 8 of 20 2.0 Points Question 9 of 20 2.0 Points Where in the statement of financial position would a business that trades in the sale of motor vehicles disclose the fleet truck it uses to deliver sold vehicles to customers? A. Current liabilities: Trade payables OB. Current assets: Trade receivables O C. Current assets: Property, plant and equipment D. Current assets: Inventory E. Non-current assets: Property, plant and equipment Reset Selection Question 10 of 20 2.0 Points Extract of the pre-closing trial balance of THC Traders as at 30 September 2019 2.0 Points Question 12 of 20 Which one of the following statements is true in relation to the statement of financial position? A. The statement only reflects amounts owed by the business. . O B. The statement only reflects assets belonging to the business O C. Equity is determined by deducting total assets from total liabilities . D. Expenses for the year are disclosed in this statement. . E. The statement reflects the financial performance of the business. Reset Selection Question 13 of 20 2.0 Points