6/22/22, 4:01 PM Assessment 3: Attempt review
MENU
Dashboard / My courses / FAC1502-22-S1
Started on
/ WELCOME Thursday,
TO FAC1502 28 April 2022,
FINANCIAL 3:01 AM 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
ACCOUNTING
State Finished
/ Assessment 3
Completed on Thursday, 28 April 2022, 3:17 AM
Time taken 16 mins 9 secs
Marks 38.00/41.00
Grade 92.68 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.
Question 1
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
An asset shall be classified as a non-current asset when it is held primarily for the purpose of being traded.
Select one:
True
False
The correct answer is 'False'.
Question 2
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date.
Select one:
True
False
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=2873683&cmid=117745 1/19
,6/22/22, 4:01 PM Assessment 3: Attempt review
Question 3
Correct
Mark 1.00 out of 1.00
MENU
If the closing balance of the VAT input account and VAT output account for the month ended 28 February 20.21 amount to R8 978 and R21
Dashboard
780, / MyIscourses
respectively. / FAC1502-22-S1
the following statement true or false about the VAT control account for the month ended 28 February 20.21.
/ VAT
The WELCOME
controlTO FAC1502
account will FINANCIAL ACCOUNTING
reflect a refund of R12 802.1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment 3
Select one:
True
False
The correct answer is 'False'.
Question 4
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
Expenses for the year are disclosed in the statement of financial position.
Select one:
True
False
The correct answer is 'False'.
Question 5
Incorrect
Mark 0.00 out of 1.00
Indicate whether the following statement is true or false:
The interest on a mortgage is shown as an expense in the statement of profit or loss and other comprehensive income
Select one:
True
False
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=2873683&cmid=117745 2/19
,6/22/22, 4:01 PM Assessment 3: Attempt review
Question 6
Correct
Mark 1.00 out of 1.00
MENU
State whether the following statement is true or false:
Dashboard / My courses / FAC1502-22-S1
When determining the historical cost of inventory, other costs that must be included are the cost of transporting the goods from the point
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
of sale to the premises of the purchaser.
/ Assessment 3
Select one:
True
False
The correct answer is 'False'.
Question 7
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
Fixed deposits are an example of an intangible asset.
Select one:
True
False
The correct answer is 'False'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=2873683&cmid=117745 3/19
, 6/22/22, 4:01 PM Assessment 3: Attempt review
Question 8
Correct
Mark 1.00 out of 1.00
MENU
Indicate whether the following statement is true or false:
Dashboard / My courses / FAC1502-22-S1
The instalment of a long-term borrowing which is payable in twelve months will be shown as current portion of long-term borrowings under
/ WELCOME
current liabilitiesTO
onFAC1502 FINANCIAL
the statement ACCOUNTING
of financial position.1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment 3
Select one:
True
False
The correct answer is 'True'.
Question 9
Correct
Mark 1.00 out of 1.00
When an entity uses a periodic inventory system the totals of the purchases journal will be posted to the general ledger as follows:
Select one:
A. Credit the trade payables control account; debit the VAT input account and the purchases account.
B. Credit the trade payables control account and the VAT input account; debit the purchases account.
C. Debit the trade receivables control account; credit the VAT output account and the purchases account.
D. Debit the trade payables control account and the VAT input account; credit the purchases account.
E. Debit the trade payables control account; credit the VAT input account and the purchases account.
The correct answer is:
Credit the trade payables control account; debit the VAT input account and the purchases account.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=2873683&cmid=117745 4/19
MENU
Dashboard / My courses / FAC1502-22-S1
Started on
/ WELCOME Thursday,
TO FAC1502 28 April 2022,
FINANCIAL 3:01 AM 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
ACCOUNTING
State Finished
/ Assessment 3
Completed on Thursday, 28 April 2022, 3:17 AM
Time taken 16 mins 9 secs
Marks 38.00/41.00
Grade 92.68 out of 100.00
Feedback Congratulations, you pass the assessment with a distinction.
Question 1
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
An asset shall be classified as a non-current asset when it is held primarily for the purpose of being traded.
Select one:
True
False
The correct answer is 'False'.
Question 2
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date.
Select one:
True
False
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=2873683&cmid=117745 1/19
,6/22/22, 4:01 PM Assessment 3: Attempt review
Question 3
Correct
Mark 1.00 out of 1.00
MENU
If the closing balance of the VAT input account and VAT output account for the month ended 28 February 20.21 amount to R8 978 and R21
Dashboard
780, / MyIscourses
respectively. / FAC1502-22-S1
the following statement true or false about the VAT control account for the month ended 28 February 20.21.
/ VAT
The WELCOME
controlTO FAC1502
account will FINANCIAL ACCOUNTING
reflect a refund of R12 802.1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment 3
Select one:
True
False
The correct answer is 'False'.
Question 4
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
Expenses for the year are disclosed in the statement of financial position.
Select one:
True
False
The correct answer is 'False'.
Question 5
Incorrect
Mark 0.00 out of 1.00
Indicate whether the following statement is true or false:
The interest on a mortgage is shown as an expense in the statement of profit or loss and other comprehensive income
Select one:
True
False
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=2873683&cmid=117745 2/19
,6/22/22, 4:01 PM Assessment 3: Attempt review
Question 6
Correct
Mark 1.00 out of 1.00
MENU
State whether the following statement is true or false:
Dashboard / My courses / FAC1502-22-S1
When determining the historical cost of inventory, other costs that must be included are the cost of transporting the goods from the point
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
of sale to the premises of the purchaser.
/ Assessment 3
Select one:
True
False
The correct answer is 'False'.
Question 7
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement is true or false:
Fixed deposits are an example of an intangible asset.
Select one:
True
False
The correct answer is 'False'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=2873683&cmid=117745 3/19
, 6/22/22, 4:01 PM Assessment 3: Attempt review
Question 8
Correct
Mark 1.00 out of 1.00
MENU
Indicate whether the following statement is true or false:
Dashboard / My courses / FAC1502-22-S1
The instalment of a long-term borrowing which is payable in twelve months will be shown as current portion of long-term borrowings under
/ WELCOME
current liabilitiesTO
onFAC1502 FINANCIAL
the statement ACCOUNTING
of financial position.1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
/ Assessment 3
Select one:
True
False
The correct answer is 'True'.
Question 9
Correct
Mark 1.00 out of 1.00
When an entity uses a periodic inventory system the totals of the purchases journal will be posted to the general ledger as follows:
Select one:
A. Credit the trade payables control account; debit the VAT input account and the purchases account.
B. Credit the trade payables control account and the VAT input account; debit the purchases account.
C. Debit the trade receivables control account; credit the VAT output account and the purchases account.
D. Debit the trade payables control account and the VAT input account; credit the purchases account.
E. Debit the trade payables control account; credit the VAT input account and the purchases account.
The correct answer is:
Credit the trade payables control account; debit the VAT input account and the purchases account.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=2873683&cmid=117745 4/19
