FAC2602 Assignment 2 Quiz Semester 1 Answers 2024 ||
Verified Accounting Quiz Solutions with Step-by-Step
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Description: Comprehensive FAC2602 Assignment 2 Quiz (Semester 1, 2024)
with verified and accurate answers. Includes detailed accounting calculations, cost
analysis, and theory applications. Ideal for UNISA accounting students.
Keywords: FAC2602 assignment 2 quiz 2024 accounting quiz answers unisa
accounting semester 1 verified accounting solutions cost accounting exam prep
FAC2602 Assignment 2 Quiz Semester 1 - 100 Q&A (2024)
QUESTION 1: The legal framework that governs companies in South Africa is
the:
a) Close Corporations Act
b) Companies Act of 2008
c) South African Revenue Service Act
d) Financial Intelligence Centre Act
QUESTION 2: A company's Memorandum of Incorporation (MOI) is a document
that:
a) Is issued by CIPC upon name reservation.
b) Outlines the internal rules and governance structure of the company.
c) Is only required for public companies.
d) Details the company's marketing strategy.
QUESTION 3: When a company is formed, the initial capital contributed by
shareholders is recorded at:
a) Par value.
b) Fair value.
,c) Historical cost.
d) Net realizable value.
QUESTION 4: The equity section of a company's statement of financial position
typically includes all of the following EXCEPT:
a) Share Capital
b) Retained Earnings
c) Long-term Loans
d) Share Premium
QUESTION 5: A company issues 10,000 ordinary shares with a par value of R1
each for R5 per share. The journal entry to record this issue will include a:
a) Debit to Bank for R50,000; Credit to Share Capital for R50,000.
b) Debit to Bank for R50,000; Credit to Share Capital for R10,000 and Credit to
Share Premium for R40,000.
c) Debit to Share Capital for R10,000; Credit to Bank for R10,000.
d) Debit to Bank for R10,000; Credit to Share Capital for R10,000.
QUESTION 6: Share issue costs, such as brokerage fees, should be:
a) Expensed in the statement of profit or loss.
b) Treated as an intangible asset.
c) Deducted from the Share Premium account.
d) Added to the cost of inventory.
QUESTION 7: A rights issue is an offer of new shares:
a) To the general public.
b) To existing shareholders in proportion to their current holdings.
c) To the directors of the company only.
d) At a price lower than the par value.
QUESTION 8: A company declares a final cash dividend. The liability for the
dividend is created on the:
a) Date of declaration.
b) Last day of the financial year.
c) Date of record.
d) Date of payment.
, QUESTION 9: A share that gives its holder a fixed rate of dividend and priority in
repayment upon liquidation is a:
a) Ordinary share.
b) Redeemable share.
c) Preference share.
d) Deferred share.
QUESTION 10: According to IAS 1, the two mandatory primary financial
statements for a company are:
a) Statement of profit or loss and Statement of cash flows.
b) Statement of financial position and Statement of changes in equity.
c) Statement of financial position and Statement of profit or loss and other
comprehensive income.
d) Notes to the financial statements and Director's report.
QUESTION 11: The primary objective of financial statements, as per the
Conceptual Framework, is to provide information:
a) For tax calculation purposes.
b) About the reporting entity that is useful to existing and potential investors,
lenders, and other creditors.
c) To internal management for decision-making.
d) Regarding the company's market share.
QUESTION 12: An asset is defined as a resource:
a) Owned by the entity.
b) Controlled by the entity as a result of past events and from which future
economic benefits are expected to flow.
c) Purchased for cash.
d) With a physical substance.
QUESTION 13: Which of the following is an example of a financial liability?
a) Deferred Tax Liability
b) Trade Payables
c) Provision for Warranty
d) Unearned Revenue
Verified Accounting Quiz Solutions with Step-by-Step
Explanations
Description: Comprehensive FAC2602 Assignment 2 Quiz (Semester 1, 2024)
with verified and accurate answers. Includes detailed accounting calculations, cost
analysis, and theory applications. Ideal for UNISA accounting students.
Keywords: FAC2602 assignment 2 quiz 2024 accounting quiz answers unisa
accounting semester 1 verified accounting solutions cost accounting exam prep
FAC2602 Assignment 2 Quiz Semester 1 - 100 Q&A (2024)
QUESTION 1: The legal framework that governs companies in South Africa is
the:
a) Close Corporations Act
b) Companies Act of 2008
c) South African Revenue Service Act
d) Financial Intelligence Centre Act
QUESTION 2: A company's Memorandum of Incorporation (MOI) is a document
that:
a) Is issued by CIPC upon name reservation.
b) Outlines the internal rules and governance structure of the company.
c) Is only required for public companies.
d) Details the company's marketing strategy.
QUESTION 3: When a company is formed, the initial capital contributed by
shareholders is recorded at:
a) Par value.
b) Fair value.
,c) Historical cost.
d) Net realizable value.
QUESTION 4: The equity section of a company's statement of financial position
typically includes all of the following EXCEPT:
a) Share Capital
b) Retained Earnings
c) Long-term Loans
d) Share Premium
QUESTION 5: A company issues 10,000 ordinary shares with a par value of R1
each for R5 per share. The journal entry to record this issue will include a:
a) Debit to Bank for R50,000; Credit to Share Capital for R50,000.
b) Debit to Bank for R50,000; Credit to Share Capital for R10,000 and Credit to
Share Premium for R40,000.
c) Debit to Share Capital for R10,000; Credit to Bank for R10,000.
d) Debit to Bank for R10,000; Credit to Share Capital for R10,000.
QUESTION 6: Share issue costs, such as brokerage fees, should be:
a) Expensed in the statement of profit or loss.
b) Treated as an intangible asset.
c) Deducted from the Share Premium account.
d) Added to the cost of inventory.
QUESTION 7: A rights issue is an offer of new shares:
a) To the general public.
b) To existing shareholders in proportion to their current holdings.
c) To the directors of the company only.
d) At a price lower than the par value.
QUESTION 8: A company declares a final cash dividend. The liability for the
dividend is created on the:
a) Date of declaration.
b) Last day of the financial year.
c) Date of record.
d) Date of payment.
, QUESTION 9: A share that gives its holder a fixed rate of dividend and priority in
repayment upon liquidation is a:
a) Ordinary share.
b) Redeemable share.
c) Preference share.
d) Deferred share.
QUESTION 10: According to IAS 1, the two mandatory primary financial
statements for a company are:
a) Statement of profit or loss and Statement of cash flows.
b) Statement of financial position and Statement of changes in equity.
c) Statement of financial position and Statement of profit or loss and other
comprehensive income.
d) Notes to the financial statements and Director's report.
QUESTION 11: The primary objective of financial statements, as per the
Conceptual Framework, is to provide information:
a) For tax calculation purposes.
b) About the reporting entity that is useful to existing and potential investors,
lenders, and other creditors.
c) To internal management for decision-making.
d) Regarding the company's market share.
QUESTION 12: An asset is defined as a resource:
a) Owned by the entity.
b) Controlled by the entity as a result of past events and from which future
economic benefits are expected to flow.
c) Purchased for cash.
d) With a physical substance.
QUESTION 13: Which of the following is an example of a financial liability?
a) Deferred Tax Liability
b) Trade Payables
c) Provision for Warranty
d) Unearned Revenue
