Pre-Assessment Quiz 2 PDF

10/29/24, 10:45 PM Pre-Assessment Quiz 2: Attempt review | Eduvos Started on Tuesday, 29 October 2024, 10:12 PM State Finished Completed on Tuesday, 29 October 2024, 10:45 PM Ti...

10/29/24, 10:45 PM Pre-Assessment Quiz 2: Attempt review | Eduvos Started on Tuesday, 29 October 2024, 10:12 PM State Finished Completed on Tuesday, 29 October 2024, 10:45 PM Time taken 33 mins 40 secs Marks 20.00/40.00 Grade 50.00 out of 100.00 Question 1 Complete Mark 1.00 out of 1.00 Public school fees are: ' a. a zero-rated supply ; b. VAT exempted ' c. a standard rated supply Question 2 Complete Mark 0.00 out of 1.00 Rent paid for domestic use is: ' a. a zero-rated supply ' b. VAT exempted ; c. a standard rated supply Question 3 Complete Mark 0.00 out of 1.00 Water and electricity are: ' a. VAT exempted ' b. a standard rated supply ; c. a zero-rated supply https://mylms.vossie.net/mod/quiz/review.php?attempt=1555698&cmid=782425 1/6 10/29/24, 10:45 PM Pre-Assessment Quiz 2: Attempt review | Eduvos Question 4 Complete Mark 2.00 out of 2.00 If an item is purchased for R7400 (exclusive of VAT), the VAT-inclusive amount would be R 8510. Note: ONLY enter the amount (do not show your calculation, and do not make use of spaces, full-stops, commas or R-signs). Example: 2400 Question 5 Complete Mark 2.00 out of 2.00 If an item is purchased for R6200 (exclusive of VAT), the VAT-inclusive amount would be R 7130. Note: ONLY enter the amount (do not show your calculation, and do not make use of spaces, full-stops, commas or R-signs). Example: 2400 Question 6 Complete Mark 2.00 out of 4.00 A business has sales of R310500 (inclusive of VAT), purchases of R144000 (exclusive of VAT) and salaries and wages of R63000 for a particular month. An amount of R 18835 should be paid over to SARS. Note: ONLY enter the amount (do not show your calculation, and do not make use of spaces, full-stops, commas or R-signs). Example: 2400 Question 7 Complete Mark 2.00 out of 4.00 A business has sales of R621000 (inclusive of VAT), purchases of R550000 (exclusive of VAT) and salaries and wages of R63000 for a particular month. An amount of R 1630 should be refunded by SARS. Note: ONLY enter the amount (do not show your calculation, and do not make use of spaces, full-stops, commas or R-signs). Example: 2400 Question 8 Complete Mark 0.00 out of 1.00 Which of the following is NOT a type of cash book mentioned in the document? ' a. Credit Cash Book ' b. Petty Cash Book ' c. Business Cash Book ; d. Trust Cash Book https://mylms.vossie.net/mod/quiz/review.php?attempt=1555698&cmid=782425 2/6 10/29/24, 10:45 PM Pre-Assessment Quiz 2: Attempt review | Eduvos Question 9 Complete Mark 1.00 out of 1.00 What is the format of the Business Cash Book similar to? ' a. Trust Journal ' b. Transfer Journal ; c. General Ledger (T-account) ' d. Petty Cash Book Question 10 Complete Mark 1.00 out of 1.00 In the Business Cash Book, where are all the receipts recorded? ' a. Both sides ' b. None of the above ; c. Debit side ' d. Credit side Question 11 Complete Mark 0.00 out of 1.00 What must the total of the money in the petty cash box plus all petty cash vouchers equal at any given time? ; a. R2,000 ' b. R1,000 ' c. R500 ' d. R1,500 Question 12 Complete Mark 1.00 out of 1.00 ``` ::Question 1:: Which journal is used to record all fees levied for services rendered? ' a. Trust Journal ' b. Cash Book ; c. Fees Journal ' d. General Journal https://mylms.vossie.net/mod/quiz/review.php?attempt=1555698&cmid=782425 3/6 10/29/24, 10:45 PM Pre-Assessment Quiz 2: Attempt review | Eduvos Question 13 Complete Mark 1.00 out of 1.00 What should be done if an error is detected on the bank statement? L a. Ignore it L b. Correct it in the cash book L c. Record it in the cash book K d. Notify the bank immediately and record it on the bank reconciliation statement Question 14 Complete Mark 1.00 out of 1.00 Which of the following is reconciled in a Bank Reconciliation Statement? L a. Direct deposits L b. Sales revenue K c. Outstanding deposits L d. Bank charges Question 15 Complete Mark 1.00 out of 1.00 What should be done if an error is found in the cash book? L a. Notify the bank L b. Record it in the bank reconciliation statement K c. Correct it by making an entry in the cash book L d. Ignore it Question 16 Complete Mark 0.00 out of 1.00 What should be done with items that have not yet been marked off in the cash book? K a. Record them in the bank reconciliation statement L b. Ignore them L c. Notify the bank L d. Correct them in the cash book https://mylms.vossie.net/mod/quiz/review.php?attempt=1555698&cmid=782425 4/6 10/29/24, 10:45 PM Pre-Assessment Quiz 2: Attempt review | Eduvos Question 17 Complete Mark 5.00 out of 10.00 Study the scenario and complete the questions that follow. Oliven Hiring Services The following information are available for Oliven Hiring Services: 1. Bank reconciliation statement at 31 July 2024 Debit Credit Debit balance as per bank statement 16 685 Outstanding deposit 16 875 Outstanding EFT No. 342 8 500 Balance as per bank account in the General Ledger 8 310 25 185 25 185 2. Extract of the Bank statement for August 2024 Date Description Debit Credit Balance 1 August 16 685 (dr.) 1 August Deposit 16 875 2 August EFT 342 8 500 15 August Deposit 14 448 22 August Debit order: XTRA Insurance 2 500 25 August T. Bok 5 200 27 August EFT 348 4 000 31 August Bank charges 420 31 August Interest 140 1 740 (cr.) 2.1 The deposit made on 15 August was entered incorrectly by the bank teller; the correct amount is R14 844. 2.2 The debit order on 22 August 2024 is in respect of Insurance. 2.3 T. Bok, a client, made a direct deposit on 25 August 2024 for services that will be rendered in September. 2.4 EFT 348 relates to rent and was recorded erroneously by the bookkeeper as R400. 3. Additional Information: 3.1 A deposit of R15 200 made on 31 August 2024 does not yet appear on the bank statement. 3.2 EFT 352 of R4 400 in the Cash Book payments is still outstanding on the bank statement. 3.3 The preliminary totals for the cash book on 31 August 2024 are as follows: Cash Receipts: R29 126 Cash Payments: R6 420 Source: Jemedze, S. 2024 Required: Bank Reconciliation Statement as at 31 August 2024 (10 Marks) Favourable balance as per bank statement 1740 Add: Outstanding Deposit 4400 Less: Outstanding Payment 15200 Less bank error 400 Favourable balance as per cash book 12540 https://mylms.vossie.net/mod/quiz/review.php?attempt=1555698&cmid=782425 5/6 10/29/24, 10:45 PM Pre-Assessment Quiz 2: Attempt review | Eduvos Question 18 Complete Mark 0.00 out of 6.00 The following information relates to Best Attorneys: 1 May 2024 T Simpson`s trust creditor’s account has a balance of R 500 000 in the books of Best Attorneys. On this day T Simpson requests Best Attorneys to invest the full amount in an interest-bearing account at City Bank, until further instruction. The balance of the trust bank account is also R 500 000, as T Simpson is the only trust creditor. 31 August 2024 Best Attorneys withdraws the capital and interest and deposits it in the trust bank account. The City Bank investment carries interest of 12% per year. Required Prepare the following in the books of Best Attorneys from 1 May 2024 to 31 August 2024 in terms of the Legal Practice Act 28 of 2014: b)The Trust Journal Details Debit Credit T Simpson Sec 86(4) Investment 500000 T Simpson Sec (T) 500000 Fidelity Fund (T) 6000 Jump to... t Test 1 - Remotely Pro... Next Section # https://mylms.vossie.net/mod/quiz/review.php?attempt=1555698&cmid=782425 6/6