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UNISA

2023

FAC1502-23-S2

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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