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Side panel 1 UNISA 2023 FAC1502-23-S2 Welcome Message Assessment 1 QUIZ Assessment 1 Open course index Open block drawer Back Time left 0:44:52 Question 1
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UNISA
2023
FAC1502-23-S2
Welcome Message
Assessment 1
QUIZ
Assessment 1
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Question 1
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Betties Smith is the owner of Betties Plumbing. You are given the following information for Betties Plumbing for the year ended 28 February 20.2?
R
Capital
250 000
Services rendered
450 000
Wages
70 000
Telephone expenses
10 000
Water and electricity
8 000
Insurance
1 500
Maintenance of vehicles
2 500
Interest expenses
2 500
Interest income
3 000
The total expenditure for Betties Plumbing for the year ended 28 February 20.2 is ...
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
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Question 2
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Ronnie Peters is the owner of Ronnies Hairdressing Salon. You are given the following information for Ronnies Hairdressing Salon for the year ended 30 September 20.1.
R
Capital
300 000
Equipment
200 000
Bank (favourable balance)
150 000
Trade payables
92 600
Services rendered
250 000
Wages
165 000
Telephone expenses
45 000
Water and electricity
29 000
Insurance expenses
12 000
Rental expenses
41 000
Advertising expenses
3 000
Interest income
2 400
What is the profit or loss of Ronnies Hairdressing Salon for the year ended 30 September 20.1?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the net effect is a loss, please enter the amount as a negative (eg: -12141.72)
Answer:
Question 3
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The following rules are applicable to income accounts in the general ledger:
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 column.
+
Balance
-
N/A
-
+
N/A
Balance
Question 4
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An entity has the following balances: Capital, R10000; Trade payables, R3200; Loan, R5000.
The total assets of the entity according to the basic accounting equation is
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer:
Question 5
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Indicate whether the following statement is true or false:
After each transaction the debit side of the accounting equation must equal the credit side of the accounting equation.
Select one:
True
False
Question 6
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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 twelve months of the statement of financial position date.
Select one:
True
False
Question 7
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If the closing balance of the VAT input account and VAT output account for the month ended 31 December 20.20 amount to R4 566 and R16 780, respectively. Is the following statement true or false about the VAT control account for the month ended 31 December 20.20.
The VAT control account will be debited with the amount of the VAT output account of R16 780 and credited with the amount of the VAT input account of R4 566.
Select one:
True
False
Question 8
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On 1 February 20.1 T Naidoo sublet a storeroom to Abdoola Spaza. Abdoola Spaza agreed to pay the amount of R2 500 via EFT into the bank account of T Naidoo.
The correct effect of the transaction on the basic accounting equation in the books of Abdoola Spaza is ...
Instructions:
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)
3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has been provided and it is not applicable to the specific question please put N/A in the column.
6. First do the increase and then the decrease. N/A must be done last.
Equity =
Assets -
Liabilities
R
R
R
Answer
Answer
Answer
Answer
Question 9
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Please choose the correct option for the given scenario.
Where would an entity disclose its accounting policy?
Answer 1Choose...Annual Financial Statements.expense.incremental assets.operations that are on-going within the entity.an entity will continue operating in the foreseeable future.Management accounts.asset.Financial press.money.an entity will operate indefinitely.liability.an entity will always make a profit.residual assets.Newspapers.positive liabilities.negative assets.Accounting textbooks.equity.the concerns of the owner regarding the profitability of the business.
One of the elements that measures profitability in an entity is a /an
Answer 2Choose...Annual Financial Statements.expense.incremental assets.operations that are on-going within the entity.an entity will continue operating in the foreseeable future.Management accounts.asset.Financial press.money.an entity will operate indefinitely.liability.an entity will always make a profit.residual assets.Newspapers.positive liabilities.negative assets.Accounting textbooks.equity.the concerns of the owner regarding the profitability of the business.
The difference between the value of assets owned by the entity and the liabilities it has incurred is referred to as
Answer 3Choose...Annual Financial Statements.expense.incremental assets.operations that are on-going within the entity.an entity will continue operating in the foreseeable future.Management accounts.asset.Financial press.money.an entity will operate indefinitely.liability.an entity will always make a profit.residual assets.Newspapers.positive liabilities.negative assets.Accounting textbooks.equity.the concerns of the owner regarding the profitability of the business.
The going concern concept means that ...
Answer 4Choose...Annual Financial Statements.expense.incremental assets.operations that are on-going within the entity.an entity will continue operating in the foreseeable future.Management accounts.asset.Financial press.money.an entity will operate indefinitely.liability.an entity will always make a profit.residual assets.Newspapers.positive liabilities.negative assets.Accounting textbooks.equity.the concerns of the owner regarding the profitability of the business.
Question 10
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If the closing balance of the VAT input account and VAT output account for the month ended 31 December 20.20 amount to R38 111 and R7 691, respectively. Is the following statement true of false about the VAT control account for the month ended 31 December 20.20.
The VAT control account will reflect a refund of R30 420.
Select one:
True
False
Question 11
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You are given the following information for Luna Dealers for the year ended 30 June 20.1.
Totals of the VAT output and VAT input columns in the subsidiary journals:
R
VAT output
Sales journal: VAT output.
9 600
Cash receipts journal: VAT output
7 020
Cash payments journal: VAT output
276
Sales returns journal: VAT output
180
VAT input
Purchases journal: VAT input...
9 000
Purchases returns journal: VAT input.
300
Cash payments journal: VAT input..
8 100
Cash receipts journal: VAT input..
320
Balances of the VAT output and VAT input accounts in the general ledger
VAT input (1 June 20.1)
17 348
VAT output (1 June 20.1) ..
18 108
What will the correct general ledger entries be in the VAT output account for Luna Dealers for the year ended 30 June 20.1.?
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
Trade receivables control
Sales
Bank
276
blank
blank
Bank
VAT control
Settlement discount granted
Receiver of revenue
Sales
Trade receivables control
Sales returns
Trade payables control
180
35 004
34 824
276
Question 12
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Big Transport Services transported Mrs M Solomons household furniture to her new residence in Polokwane on 1 October 20.2. Big Transport Services rendered this service to Mrs M Solomon for R50 000 cash. The bank account of Big Transport had a credit balance of R10 000
The correct analysis of the given transaction in the general ledger and the accounting equation of Big Transport Services is ...
Instructions:
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)
3. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
5. If an option has been provided and it is not applicable to the specific question please put N/A in the column.
BIG TRANSPORT SERVICES
Date
General ledger
Assets
Equity
Liabilities
20.2
Oct
Account debited
Account credited
R
R
R
1
Answer SalesBankDelivery costsVehiclesTrade payables controlServices renderedTrade receivables control
Answer Services renderedTrade payables controlBankVehiclesDelivery costsSalesTrade receivables control
AnswerAnswerAnswer
Question 13
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Indicate whether the following statement is true or false:
Bookkeeping does not include accounting, but accounting includes bookkeeping.
Select one:
True
False
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Debits
Credits
R
R
Vehicles
325 000
Capital
357 750
Plant and equipment
170 000
Sales
530 000
Stationery
1 610
Interest on bank account
450
Insurance
6 200
Loan: Nice Bank
60 000
Interest expenses
5 200
Accumulated depreciation
Trade receivables control
24 300
(plant and equipment)
17 500
Water and electricity
8 800
Rent income
13 400
Depreciation (Vehicles)
15 000
Trade payables control
34 320
Salaries
110 360
Accumulated depreciation
Drawings
21 900
(vehicles)
15 350
Inventory
32 000
Bank
11 600
Cost of sales
320 000
1 040 370
1 040 370
The accounting equation (A = E + L) can be expressed as
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