FAC1502 QUESTIONS AND ANSWERS PACK
FAC1502 QUESTIONS AND ANSWERS PACK FAC1502 NOTES 2020/2021 Part 1 of 4 - 4.0/ 8.0 Points Question 1 of 20 0.0/ 1.0 Points Make-it-Grow Salon bought hair trimming equipment from Wall Trimmers for R3 500 cash. What is the net effect of this transaction on the elements of the basic accounting equation? • A. Net effect on assets is R3 500 increase. • B. Net effect on assets is R0. • C. Net effect on equity is R3 500 decrease. • D. Net effect on assets is R7 500 increase. • E. Net effect on liabilities is R3500 increase. Answer Key:B Question 2 of 20 1.0/ 1.0 Points Which of the following is not an external user of financial information? • A. Government • B. Creditors • C. Pub
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- FAC1502 - Financial Accounting Principles, Concepts And Procedures
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- 13 april 2022
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fac1502 questions and answers pack