1. The cost incurred by the taxpayer in moving assets from one location to another also form part of the cost of the asset.

• Select one:
• True
• False

2.Deposits that construction companies receive in advance for work has not yet been performed will be included in gross income.

• Select
• True
• False

3.Allenby Ltd bought six new apartments on 1 June 2022 in a residential building situated in the centre of Cape Town at a cost of R 1500 000 each, all the apartments were rented from 1 August 2022. The allowance that can be claimed by Allenby Ltd for the current year of assessment is:

• A. R 4950 000
• B. R 450 000
• C. R 247 500
• D. R 1800 000

4.The tree important dates when dealing with foreign exchange transaction is:

• A. realisation, termination, translation
• B .translation, termination, translation
• C. translation, translation, realisation
• D. translation, realisation, termination

5. Prepaid expenses are fully deductible and there are no limitations to this deduction.

• Select one :
• True
• False