FAC1503 - Financial Accounting for Law Practitioners - QUIZ
FAC1503 · Financial Accounting for Law Practitioners
University of South Africa
Questions
10 Questions
Practice 10 questions on FAC1503 - Financial Accounting for Law Practitioners at University of South Africa. Free AI-generated quiz on uNotes — track your score, retake anytime.
A debtor, T Bafu, owes QW Traders R1,800 for six months. The entity charges 12% interest per annum on accounts outstanding for six months or more. What is the correct amount of interest to be charged for this period?
2According to the course material, which of the following are considered 'managing practice systems' that a functional law practice should consist of?
3When an owner contributes private computer equipment to the business, which account is credited in the general ledger?
4Based on the Statement of Financial Position for JB Traders, calculate the Acid Test Ratio (Round to 2 decimal places).
5In the bank reconciliation process, how should a dishonoured cheque (originally received from a debtor) be recorded in the entity's books?
6M&M Traders purchased merchandise on credit for R2,508 (inclusive of 14% VAT). Calculate the amount of VAT Input that will be recorded.
7Which of the following factors must be taken into account by a law practice to ensure fees charged to clients are reasonable?
8A payment of R550 for a donation was made via the bank but not recorded in the accounting records. What is the effect of recording this transaction on the accounting equation?
9What must a proper receipt of trust money indicate to be legally valid?
10Using the provided data for JB Traders (Opening Inventory R164,500, Closing Inventory R234,000, Cost of Sales R810,500), what is the Inventory Turnover Rate?
