Self-Assessment - Learning Unit 5 - Attempt Review

4/23/23, 10:09 PM Self-assessment: Learning unit 5: Attempt review
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Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5
Started on Sunday, 23 April 2023, 8:40 PM

State Finished
Completed on Sunday, 23 April 2023, 10:06 PM
Time taken 1 hour 26 mins
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=9721608&cmid=605980 1/34
Question 1
Complete
How is the financial result calculated in financial accounting terms?
Not graded
DashboardCalendar
The financial statements are how a business communicates its financial results and financial position with the users of its
financial
Dashboard / My courses statements
/ FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5
Profit for the year = income – expenditure
Question 2
Complete
The financial position of T Pay, an attorney, at 30 May 2020 is as follows:
Not graded A = E + L
50 000 = 30 000 + 20 000
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Income and expenditure for the year ended 30 May 2020:
Dashboard / My courses / FAC1503-23-S1

Fees earned R180 000 / Learning unit 5 / Self-assessment: Learning unit 5
Salaries R100 000
Administrative expenses R20 000
Insurance expenses
R10 000
Calculate T Pay’s equity as at 30 May 2020.
180000
Income = Fees earned R180 000
Expenditure = Salaries R100 000 + Administrative expenses R20 000 + Insurance expenses R10 000
= R130 000
Profit for the year = Income – Expenses

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= R180 000 – R130 000
Dashboard / My courses
= R50/ 000
FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5
Equity = Capital + Profit for the year
E = R30 000 (2020) + R50 000 (2020)
E = R80 000
Question 3
Complete
Describe the information that should accompany an entry in the general ledger.
Not graded
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A journal entry is like a set of instructions. The carrying out of these instructions is known as posting.
The date of the transaction,

A description stating where the corresponding entry can be found.
An indication of the ledger and page no (folio no.) of the corresponding entry.
Question 4
Complete
What is meant by the term “posting”?
Not graded
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To “post” means to copy the entries listed in the journals into their respective ledger accounts.
The term is used by accountants to refer to the entering of transactions into the different ledger accounts of the business.
Question 5
Complete
What does the word “contra” mean in accounting?
Not graded
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A contra account is used in a general ledger to reduce the value of a related account when the two are netted together
“Opposite” as in opposite entry. A contra account is used in a general ledger to reduce the value of a related account when
the two accounts are set off against each other. If the related account has a debit balance then the contra account records
a credit.
Question 6
Complete
What is the source document for recording a purchase of goods made on credit?
Not graded
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Invoice
An invoice
Question 7
Complete
Which financial report reflects the financial result?
Not graded
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Financial Statement
The statement of profit or loss and other comprehensive income for the year ended …
Question 8
Complete
All transactions must be entered into a book of first entry before the transactions are entered into the general ledger.
Not graded
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Select one:
True
False
True
The correct answer is 'True'.
Question 9
Complete
An explanation of why a transaction is necessary is entered into the general journal. What is the term for the explanation?
Not graded
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Book of original entry
The narrative
Question 10
Complete
Give three examples of income.
Not graded
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active income
passive income
Portfolio income
fees earned
sales
interest income
rental income
commission income
Question 11
Complete
What types of transactions are recorded in nominal accounts?
Not graded
Dashboard Calendar
The nominal accounts are the statement of profit and loss accounts such as the accounts for recording revenues, expenses,
gains, and losses
Nominal accounts record expenses, profits, gains and losses.
Question 12
Complete
Fill in the gaps with a “debited” or “credited”
Not graded
The business paid the telephone account. The bank account will be ……………. and the telephone account will be…………….
A business is invoiced R15 000 for the cost of maintaining the machinery in the factory. The business paid a deposit of R4 500. The
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bank will be……………… with R…………. and maintenance costs will be ……………… In addition, the “maintenance account” was ……………….
with R………….and the “accounts payable account” was……………….
A business / Learning
paid the R13 000 unitpremises.
rent on the 5 / Self-assessment:
The entries toLearning unit
record this 5
transaction are ……………the “rental paid account”
with R13 000 and …………….the “bank account” with R13 000.
Debited and credited
The business paid the telephone account. The bank account will be “debited” and the telephone account will be “credited”.
A business is invoiced R15 000 for the cost of maintaining the machinery in the factory. The business paid a deposit of
R4 500. The bank will be “credited” with R4 500 and maintenance costs will be “debited” In addition, the “maintenance
account” was “debited” with R10 500 and the “accounts payable account” was “credited”
A business paid the R13 000 rent on the premises. The entries to record this transaction are “debited” the “rental paid
Dashboard account” with R13 000 and “credited” the “bank account” with R13 000.
Calendar
Question 13
Complete
Which financial report reflects the financial position?
Not graded
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Financial statement
The statement of financial position for the year ended…..
Question 14
Complete
Does a loss increase or decrease the equity of the owner?
Not graded
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decrease
A loss decreases income and profits and therefore decreases the equity.
Question 15
Complete
Describe the workings of the purchases journal.
Not graded
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A purchases journal is a specialized type of accounting log that keeps track of orders made by a business on credit or on
account.
A purchases journal is a book of first entry used in the accounting process to record all purchases made on credit. The
accounting equation is Debit – Purchases of goods and Credit – Accounts payable (The business owes the supplier for the
purchase of the goods.)
Question 16
Complete
What is the source document for recording bank charges?
Not graded
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Bank Statement
Bank statement
Question 17
Complete
What is the source document for recording the purchase of equipment for cash?
Not graded
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Cash payment journal
EFT documentation
Question 18
Complete
Name five common types of transactions will be recorded in a general journal.
Not graded
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Accounts Receivable (an asset account)
Accounts Payable (a liability account)
Retained Earnings (an equity account)
Product Sales (a revenue account)
Cost of Goods Sold (an expense account)
1. The purchase of non-current assets on credit.

2. The sale of non-current assets on credit.
3. The correction of errors.
4. The journal entries that are necessary to start a business.
5. The journal entries that are necessary to close off the general ledger accounts at the end of a financial year.
Question 19
Complete
Fill in the gaps with a “debited” or “credited”
Not graded
Money paid into the business bank account by a partner in the practice will be ……………….the “Capital account” and……………… to the
“Business bank account”.
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Depreciation calculated for the period will be …………… to the “depreciation account” and ………………..to the “accumulated
depreciation account”.
A business received a loan from ABC Bank and the “loan account” will be ……………..and the “bank account” will be …………….
A business purchased inventory on credit. The inventory was delivered and the “inventory account” was ………………. and the
“accounts payable account” was……………….
A laptop to the value of R10 000 was taken from the business by Partner A. The “computer equipment account will be ……………. and
the “drawings account” will be……………….
Included on the bank statement is service fees. The “bank charges account” will be ………………….and the “bank account” will be
………………..
Wages of R22 000 were paid by the business. The bank account will be …………… and the “wages account” will be
………………….
Debit and Credit
Money paid into the business bank account by a partner in the practice will be “credited” to the “Capital account” and
“debited” to the “Business bank account”.
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Depreciation calculated for the period will be “debited” to the “depreciation account” and “credited” to the “accumulated
depreciation
Dashboard / My courses account”. / Learning unit 5 / Self-assessment: Learning unit 5
/ FAC1503-23-S1
A business received a loan from ABC Bank and the “loan account” will be “credited” and the “bank account” will be
“debited”
A business purchased inventory on credit. The inventory was delivered and the “inventory account” was “debited” and the
“accounts payable account” was “credited”
A laptop to the value of R10 000 was taken from the business by Partner A. The “computer equipment account will be
“credited” and the “drawings account” will be “debited”
Included on the bank statement is service fees. The “bank charges account” will be “debited” and the “bank account” will be
“credited”
Wages of R22 000 were paid by the business. The bank account will be “credited” and the “wages account” will be “debited”
Question 20
Complete
How is profit/loss determined for a financial period?
Not graded
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The profit and loss statement, also called an income statement, details a company's financial performance for a specific
period of time.
Profit for the year = income – expenditure
Question 21
Complete
The primary source of information used to record transactions in the books of first entry are called prime documents.
Not graded
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Select one:
True
False
Source document
The correct answer is 'False'.
Question 22
Complete
The financial position of T Pay, an attorney, at 30 May 2020 is as follows:
Not graded A = E + L
50 000 = 30 000 + 20 000
DashboardCalendar
For the year ended 30 May 2020 he had the following income and expenditure:
R
Fees earned 180 000
Salaries 100 000
Administrative
expenses 20 000
Insurance expenses 10 000
Calculate the profit for the year ended 30 May 2020.
140000
Income = Fees earned R180 000

Expenditure = Salaries R100 000 + Administrative expenses R20 000 + Insurance expenses R10 000
= R130 000
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Profit for the year = Income – Expenses
= R180 000 – R130 000 / Learning unit 5 / Self-assessment: Learning unit 5
= R50 000
Question 23
Complete
List the various ledgers.
Not graded
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General ledger.
Sales ledger.
Purchase ledger.
General ledger
Creditors’ ledger
Debtors’ ledger
Trust creditors’ ledger
Trust clients’ ledger
Question 24
Complete
Explain the reasons for using a ledger.
Not graded
Dashboard Calendar
The general ledger is a collection of all the accounts and transactions of a business
A ledger provides an accurate record of all financial transactions.

A ledger is used to compile a trial balance to ensure that accounting records balance.
It makes filing tax returns easy because you have expenses and income is in one place.
A ledger accumulates the revenue earned and expenses paid in order to control spending.
A ledger will help spot an unusual transaction immediately.
A ledger will help in identifying (and stopping) fraud.
A ledger will be necessary to compile the financial statements.
Question 25
Dashboard Calendar
Complete
What is a trial balance?
Not graded
The trial balance (TB) is an accounting report showing a list of balances. It reflects the balances of the various accounts in
the general ledger and must be updated on a monthly or a shorter basis.
A trial balance lists the balances found in each of the accounts in the general ledger. The debit balances are listed in one
column and the credit balances are listed in a column next to it. The total of each column should be the same (i.e. the debit
column should add up to the same as the credit column).
Question 26
Complete
Name three books of first entry which deal with credit transactions?
Not graded
Dashboard Calendar
• Business cash journals
• Trust cash journals / Learning unit 5 / Self-assessment: Learning unit 5
• Fees journal
1. Purchase journal
2. Sales journal
3. General journal
Question 27
Complete
Which book of first entry is used to record the sale of goods on credit?
Not graded
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Sales Journal
General journal
Question 28
Complete
Give three examples of expenditure.
Not graded
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Fixed expenditure
Irregular expenditure / Learning unit 5 / Self-assessment: Learning unit 5
Discretionary expenditure
cost of sales
rental expenses
interest expense
wages and salaries
advertising
insurance
repairs and maintenance
telephone expenses
water and electricity
postage
rates and taxes
stationery
consumables
packing materials
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bank charges
depreciation
administrative expenses
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4/23/23, 10:09 PM Self-assessment: Learning unit 5: Attempt review

Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5

Started on Sunday, 23 April 2023, 8:40 PM

Profit for the year = income – expenditure

Dashboard / My courses / FAC1503-23-S1

Income = Fees earned R180 000

Profit for the year = Income – Expenses

Equity = Capital + Profit for the year

E = R30 000 (2020) + R50 000 (2020)

Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5

The date of the transaction,

Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5

Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5

The correct answer is 'True'.

Nominal accounts record expenses, profits, gains and losses.

Debited and credited

Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5

Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5

The statement of financial position for the year ended…..

Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5

Dashboard / My courses / FAC1503-23-S1 / Learning unit 5 / Self-assessment: Learning unit 5

1. The purchase of non-current assets on credit.

Debit and Credit

Profit for the year = income – expenditure

The correct answer is 'False'.

Income = Fees earned R180 000

A ledger provides an accurate record of all financial transactions.

◄ Revision learning unit 2 and introduction

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