AFCE6211 - Accounting, Finance and Costing for Entrepreneurs - Accounting & Finance Assignment Help

Assignment Task

Question 1

 Q.1.1 Answer the following questions.

Q.1.1.1 How many times per year can small businesses or companies with an annual turnover of less than R1 million submit their tax returns?

a. Four-monthly returns

b. Two-monthly returns or every six months

c. Every Two months or six-monthly returns

d. None of the above

Q.1.1.2 Thabo Mopane is an owner of Super Shoes. He imports one style of his leather shoes from Italy. He supplies you with the following:

• Inventories on hand at the beginning of the period R12 500;

• Purchases of 300 pairs at $30 per pair;

• Freight in purchases on 500 pairs at $1.50 per pair; and

• Custom duties amount to R2 200. Assuming that the exchange rate of the US dollar is fixed at R14.50 = $1, what is the net purchase price of a pair of shoes? a. R138 725 b. R138 000 c. R462.42 d. R460.35 

Q.1.1.3 A motor vehicle which cost R162 000, and on which the accumulated depreciation is R72 900 on 28 February 2019, is sold on 30 June 2019 for R95 000 cash. Depreciation is written off at 15% per annum using the straight-line method. What is the value of the profit or loss on sale of the motor vehicle? a. R9 000 b. R10 500 c. R14 000 d. R5 900

Q.1.1.4 Choose the correct answer. A ledger account of Payables has:

a. An opening balance on a debit side and increases on the debit side.

b. An opening balance on a debit side and decreases on a debit side.

c. An opening balance on a credit side and decrease on a credit side.

d. An opening balance on a credit side and decrease on a debit side.

Q.1.1.5 Which assertion is not correct?

a. Prime cost is the sum of all direct manufacturing costs.

b. Overheads is also knowns as indirect costs.

c. Period costs are costs that are identified with good purchased or produce for resale and which are attached to products and included in the inventory valuation of goods.

d. None of the above

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