FAC1502 Financial Accounting Principles, Concepts and Procedures
University of South Africa
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FAC1502 SUMMARY NOTES 2022
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---157april 20222021/2022
- STUDY UNIT 1 
The Conceptual Framework for Financial Reporting 
What is the Framework? 
 Sets out the objectives & concepts 
 Provides a theoretical background or general frame of reference 
Purpose of the Framework: 
 Assist standard setting bodies; 
 Assist preparation of financial statements; 
 Assist auditors; 
 Assist other users of financial statements.
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$3.99 Meer Info
Dwayny
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FAC1502 QUESTIONS AND ANSWERS PACK
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---131april 20222021/2022A+
- 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? 
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A. 
Net effect on assets is R3 500 increase. 
 
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B. 
Net effect on assets is R0. 
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C. 
Net effect on equity is R3 500 decrease. 
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D. 
Net effect on assets is R7 500 increase....
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$4.29 Meer Info
lectdenis
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FAC1502 ASSIGNMENT 2
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---6april 20222021/2022A
- FAC1502 
ASSIGNMENT 2 
ANOE TUTORIALS JHB,KEMPTON PARK & PTA 
DURBAN SEMINAR FAC1502 REVISION 27 APRIL 2018 KINGMEAD CRICKET STADIUM(CONFERENCE ROOM) 
TO BOOK CONTACT 081 709 3568.(call or WhatsApp) 
QUESTION 1 
To calculate profit upon a disposal of a PPE asset one has to calculate accumulated depreciation. 
Selling price - Accumulated depreciation = loss(-)cr profit (+) dr 
One needs to construct a timeline for the disposal. 
Cost of the vehicle 21600 
Total accumulated depreciation (the yea...
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$4.29 Meer Info
lectdenis