QUESTION 1 Multi Cakes SdnBhd is involved in selling cakes. You are required to classify the following costs according to their behavior. No. Cost items Fixed cost Variable costs Semi-variable costs Flour Electricity expenses Sugar Salary of baker Salary of cashier Depreciation of […]
Posted: July 22, 2023
The information below applies to Questions 1 to 3, and relates to Sun-Eaze, a sunglass retailer. Bank reconciliation statement of Sun-Eaze as at 31 March Bank reconciliation statement of Sun-Eaze as at 31 March Details Amount Balance per bank statement 144 313 78 Add outstanding deposits No. 571 5 527 50 Less outstanding cheques No. 390 –3 158 58 No. 457 –6 317 16 […]
Posted: May 8, 2023
Question 1 (Marks: 10) Q.1.1 For each of the following statements indicate the word/s that best describes the statement. In your answer booklet you need only write the number of the question with the correct word/s: (5) STATEMENT WORD/S Q.1.1.1 The method of depreciation where the annual depreciation is calculated as a percentage of the carrying value of the asset. […]
Posted: May 3, 2023
QUESTION ONE [85] Maria Jacobs owns a stationery shop, Polka Dots, trading in stationery. The following information needs to be taken into account for the financial year ended 31 December 2022. Polka-Dots uses the Perpetual Inventory Method to record trading stock and is not registered as a VAT vendor. No Transactions that need to be taken into account for the 2022 financial year 1 Posters […]
Posted: April 30, 2023
Study the Statement of Cash Flows provided below and answer the following questions: Calculate the following: Company tax paid (3 marks) Carrying value (Book value) of the machinery sold. (2 marks) Identify TWO (2) items from this statement of cash flows that increase the cash balance but do not increase the profit. (2 marks) Did the company issue any ordinary shares during the financial year […]
Posted: April 24, 2023
Q.1.1 Other than investors and management, who else would be interested in the financial information of a business? List 4 other users and explain why they would be interested in the financial information. Q.1.2 List 2 questions you think investors would be asking themselves prior to deciding whether or not to invest in a business. Q.1.3 Management accounting is one branch of accounting. In your […]
Posted: April 24, 2023
Background You came across a business for sale advertisement on one of the media sites that you were browsing. Since you have not been working since you completed your Advanced Diploma, you decided to discuss this business opportunity with four of your graduate friends, who are also looking for job opportunities. You considered closely looking at this opportunity. The advertisement Clean It Up (CIU) is […]
Posted: April 22, 2023
QUESTION ONE [12] Define an “asset” in terms of the International Financial Reporting Standards. (2) Assess, with examples, whether legal ownership is a prerequisite to the initial measurement and recording of an asset. (3) Assess whether “depreciation” meets the definition of an expense. (3) Identify the users of the annual financial statements. (4) QUESTION TWO [28] Assess the following transactions and complete the table provided. […]
Posted: April 11, 2023
QUESTION ONE [30] The following figures are available for Insure (Pty) Ltd: Actual (2020) Budget (2020) January February March April May Sales 96 000 120 000 60 000 160 000 200 000 Purchases 100 000 50 000 160 000 84 000 60 000 Sales commission 400 600 1 200 800 400 Wages 800 800 800 ? ? 40% of all sales are for […]
Posted: March 22, 2023
Question 1: Refer to the following transactions entered into by TH Traders during the year ended 30 June 2012 and answer the question that follow: Transaction 1. The owner deposited R 60 000 into business account as his contribution to the business 2. Sold goods on credit to F Meko, R 7 000 3. The business obtained a loan of R30 000 from FNB. […]
Posted: March 6, 2023
