{"id":7235,"date":"2021-05-25T23:33:36","date_gmt":"2021-05-25T13:33:36","guid":{"rendered":"https:\/\/casestudyhelp.com\/sample-questions\/?p=7235"},"modified":"2021-06-10T22:11:52","modified_gmt":"2021-06-10T12:11:52","slug":"diploma-in-information-technology-accounting-assignment-2-question-and-answer","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/diploma-in-information-technology-accounting-assignment-2-question-and-answer\/","title":{"rendered":"Diploma in Information Technology – Accounting Assignment 2 Question and Answer"},"content":{"rendered":"

Diploma in Information Technology (Accounting) Assignment 2<\/strong><\/h2>\n

Words: 2000<\/strong><\/p>\n

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Question One\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 [5 Marks]<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

1).\u00a0 Which of the following is not a current liability?<\/p>\n

a).\u00a0 A bank overdraft<\/p>\n

b).\u00a0 Trade and Other Payables<\/p>\n

c).\u00a0 Prepaid expense<\/p>\n

d).\u00a0 Accrued expense<\/p>\n

2).\u00a0 Which of the following statements regarding the Statement of Financial Position is true?<\/p>\n

a).\u00a0 The Statement of Financial Position reflects the financial position of an enterprise for the entire financial period being reported.<\/p>\n

b).\u00a0 The Statement of Financial Position reflects the financial position of an enterprise only on a specific date.<\/p>\n

c).\u00a0 The Statement of Financial Position is a measure of the profit or loss that the enterprise has made over a certain period, usually one year.<\/p>\n

d).\u00a0 The Statement of Financial Position does not take into account transactions in respect of the owners of the enterprise.<\/p>\n

3).\u00a0 Which of the following errors will NOT be revealed by the trial balance?<\/p>\n

a).\u00a0 Inventory to the value of 5 000 was incorrectly posted to the Equipment account.<\/p>\n

b).\u00a0 The Prepaid Expense account of R4 500 was incorrectly entered on the credit side of the trial balance.<\/p>\n

c).\u00a0 The balance on Trade Creditors was incorrectly calculated to be 56 000 instead of 54 000 and entered on the credit side of the trial balance.<\/p>\n

d).\u00a0 The balance of accrued expense account of 12 000 was omitted in full.<\/p>\n

4).\u00a0 Which of the following statements is true?<\/p>\n

a).\u00a0 All accounts are debited when they increase and credited when they decrease<\/p>\n

b).\u00a0 Asset accounts increase on the debit side<\/p>\n

c).\u00a0 Asset accounts increase on the credit side<\/p>\n

d).\u00a0 Liability accounts increase on the debit side<\/p>\n

5).\u00a0 Orange Traders had Cost of Sales of 19 000, Opening Stock of 5 000 and Closing Stock of 10 How much were their Purchases?<\/p>\n

a) 24 000<\/p>\n

b) 29 000<\/p>\n

c).\u00a0 None of the above<\/p>\n

d).\u00a0 Cannot be determined by the information given<\/p>\n

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Question Two\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 [60 Marks]<\/strong><\/p>\n

Use the given information for Xitshe Traders (owner Ibani Xitshe) to prepare the:<\/p>\n