Fac1501

FAC1501
Source Document - correct answer-Proof that a transaction occurred

Cash Transactions effect? - correct answer-Bank Account, Petty Cash and or Cash Float

Business Transaction - correct answer-a record of a large number of transactions an entity is
engaged in .

Business Document Details - correct answer-Date, amount, type of transaction and with
whom

Internal source document - correct answer-documents prepared by an entity to record
transactions with external clients.

Source documents are drawn up in... - correct answer-Duplicates

(Internal Source Document) ... is given to the clients and ... is kept by the entity. - correct
answer-Original - Diplicate

Cash Register Roll (Internal/External Source Document) - correct answer-Internal Source
Document

Duplicate Cash Sales Invoice (Internal/External Source Document) - correct answer-Internal
Source Document

Duplicate Reciepts (Internal/External Source Document) - correct answer-Internal Source
Document

Cheque Counterfoils (Internal/External Source Document) - correct answer-Internal Source
Document

Petty Cash Vouchers (Internal/External Source Document) - correct answer-Internal Source
Document

Duplicate Bank Deposit Slips (Internal/External Source Document) - correct answer-Internal
Source Document

Internet Banking: Notice of Payment (Internal/External Source Document) - correct
answer-Internal Source Document

Signed Credit Card Slip (Internal/External Source Document) - correct answer-Internal
Source Document

External Source Documents also know as- - correct answer-Supporting Documents

, External Source Documents are prepared by... - correct answer-the other party and received
as proof of payment.

External Source Documents are usually - correct answer-originals

Original Cash Purchases Invoices (Internal/External Source Document) - correct
answer-External Source Documents

Original Slips (Internal/External Source Document) - correct answer-External Source
Documents

Cheques (Internal/External Source Document) - correct answer-External Source Documents

Cash Slips (Internal/External Source Document) - correct answer-External Source
Documents

What must be determined when opening a bank account. - correct answer-persons who are
authorized to sign cheques issued by an entity.

Who requires a sample of signatures before opening a bank account for an entity? - correct
answer-The Bank

VAT - correct answer-value added tax

When is it compulsory to register as a vendor? - correct answer-Total value of his taxable
supplies exceeds R 1 000 000 for a 12 month period.

Who needs to register as a Vat vendor? - correct answer-the owner

Tax Period - correct answer-How often a tax return must be completed and submitted to
SARS

Category A - Vendor Period - correct answer-Periods of 2 months beginning with January

Category A - Vendor Taxable Supplies must not exceed - correct answer-R 30 Million

Category A - Vendor Taxable Supplies (Farmers) Exceed... - correct answer-R 1.5 Million

Category B - Vendor Tax Period - correct answer-2 Months beginning with February

Category B - Vendor Taxable Supplies not exceeding - correct answer-R 30 Million

Category B - Vendor Taxable Supplies (Farmer) exceeding - correct answer-R 1.5 Million

Category C - Vendors Tax Period - correct answer-One month

Category C - Vendors Taxable Supplies exceed - correct answer-R 30 million