FAC1503 ASSIGNMENT 5 QUIZ MEMO - SEMESTER 1 - 2024 - UNISA - DUE : 9 MAY 2024 (INCLUDES EXTRA 530 PAGES EXTRA MCQ BOOKLET WITH ANSWERS - DISTINCTION GUARANTEED)

FAC1503 ASSIGNMENT 5 QUIZ MEMO -
SEMESTER 1 - 2024 - UNISA - DUE : 9 MAY
2024 (INCLUDES EXTRA 530 PAGES EXTRA
MCQ BOOKLET WITH ANSWERS - DISTINCTION
GUARANTEED)
The contra ledger account - ANS-The other ledger account in the
transaction
Steps to take when recording a transaction - ANS-Identify the
amounts involved
Determine which accounts to involve and how
Ensure amounts are equal
Indicate the transaction's date
Identify the contra ledger account
Indicate folio number of subsidiary journal
Two transactions that decrease equity - ANS-Drawings
Expenditure
Two transactions that increase equity - ANS-Income
Additional capital contributions
Statement of profit and loss and other income - ANS-Income and
expenditure in the equity section
Statement of changes in equity - ANS-Profit/loss, drawings and
additional capital
Statement of financial position - ANS-Balance of Capital account
and asset and liabilities
A trial balance - ANS-List of balances b/d of accounts in general
ledger on specific date
The statement of comprehensive income - ANS-Shows entity's
financial position
Statement of financial position - ANS-Shows financial position at
specific date
Four things to consider when making a double-entry transaction -
ANS-Think about effect of entry on BAE
Identity components involved
Determine which increase and which decrease
Be sure amounts are equal
First step in accounting cycle - ANS-Completion of a source
document
Two thing transactions may do - ANS-Create income or create
expense
Affect assets/equity/liabilities
Transactions that affect only assets, equity and liabilities - ANSCapital contributions
Getting a loan
Purchase an asset for cash
Buying asset on credit
Payments to creditors
Withdrawals by owner
Transactions that affect income and expenditure - ANS-Income
Expenditure
Income in form of credit
Expenditure in form of credit
Transaction that only affects assets - ANS-Receiving payment
from debtor

The contra ledger account - ANS-The other ledger account in the
transaction
Steps to take when recording a transaction - ANS-Identify the
amounts involved
Determine which accounts to involve and how
Ensure amounts are equal
Indicate the transaction's date
Identify the contra ledger account
Indicate folio number of subsidiary journal
Two transactions that decrease equity - ANS-Drawings
Expenditure
Two transactions that increase equity - ANS-Income
Additional capital contributions
Statement of profit and loss and other income - ANS-Income and
expenditure in the equity section
Statement of changes in equity - ANS-Profit/loss, drawings and
additional capital
Statement of financial position - ANS-Balance of Capital account
and asset and liabilities
A trial balance - ANS-List of balances b/d of accounts in general
ledger on specific date
The statement of comprehensive income - ANS-Shows entity's
financial position
Statement of financial position - ANS-Shows financial position at
specific date
Four things to consider when making a double-entry transaction -
ANS-Think about effect of entry on BAE
Identity components involved
Determine which increase and which decrease
Be sure amounts are equal
First step in accounting cycle - ANS-Completion of a source
document
Two thing transactions may do - ANS-Create income or create
expense
Affect assets/equity/liabilities
Transactions that affect only assets, equity and liabilities - ANSCapital contributions
Getting a loan
Purchase an asset for cash
Buying asset on credit
Payments to creditors
Withdrawals by owner
Transactions that affect income and expenditure - ANS-Income
Expenditure
Income in form of credit
Expenditure in form of credit
Transaction that only affects assets - ANS-Receiving payment
from debtor