FAC1501 exam 2023(questions and
answers)
Source Document - CORRECT ANSWER-Proof that a transaction occurred
Cash Transactions effect? - CORRECT
... [Show More] ANSWER-Bank Account, Petty Cash and or
Cash Float
Business Transaction - CORRECT ANSWER-a record of a large number of transactions
an entity is engaged in .
Business Document Details - CORRECT ANSWER-Date, amount, type of transaction
and with whom
Internal source document - CORRECT ANSWER-documents prepared by an entity to
record transactions with external clients.
Source documents are drawn up in... - CORRECT ANSWER-Duplicates
(Internal Source Document) ... is given to the clients and ... is kept by the entity. -
CORRECT ANSWER-Original - Diplicate
Cash Register Roll (Internal/External Source Document) - CORRECT ANSWERInternal Source Document
Duplicate Cash Sales Invoice (Internal/External Source Document) - CORRECT
ANSWER-Internal Source Document
Duplicate Reciepts (Internal/External Source Document) - CORRECT ANSWERInternal Source Document
Cheque Counterfoils (Internal/External Source Document) - CORRECT ANSWERInternal Source Document
Petty Cash Vouchers (Internal/External Source Document) - CORRECT ANSWERInternal Source Document
Duplicate Bank Deposit Slips (Internal/External Source Document) - CORRECT
ANSWER-Internal Source Document
Internet Banking: Notice of Payment (Internal/External Source Document) - CORRECT
ANSWER-Internal Source Document
Signed Credit Card Slip (Internal/External Source Document) - CORRECT ANSWERInternal Source Document
External Source Documents also know as- - CORRECT ANSWER-Supporting
Documents
External Source Documents are prepared by... - CORRECT ANSWER-the other party
and received as proof of payment.
External Source Documents are usually - CORRECT ANSWER-originals
Original Cash Purchases Invoices (Internal/External Source Document) - CORRECT
ANSWER-External Source Documents
Original Slips (Internal/External Source Document) - CORRECT ANSWER-External
Source Documents
Cheques (Internal/External Source Document) - CORRECT ANSWER-External Source
Documents
Cash Slips (Internal/External Source Document) - CORRECT ANSWER-External
Source Documents
What must be determined when opening a bank account. - CORRECT ANSWERpersons who are authorized to sign cheques issued by an entity.
Who requires a sample of signatures before opening a bank account for an entity? -
CORRECT ANSWER-The Bank
VAT - CORRECT ANSWER-value added tax
When is it compulsory to register as a vendor? - CORRECT ANSWER-Total value of his
taxable supplies exceeds R 1 000 000 for a 12 month period.
Who needs to register as a Vat vendor? - CORRECT ANSWER-the owner
Tax Period - CORRECT ANSWER-How often a tax return must be completed and
submitted to SARS
Category A - Vendor Period - CORRECT ANSWER-Periods of 2 months beginning with
January
Category A - Vendor Taxable Supplies must not exceed - CORRECT ANSWER-R 30
Million
Category A - Vendor Taxable Supplies (Farmers) Exceed... - CORRECT ANSWER-R
1.5 Million
Category B - Vendor Tax Period - CORRECT ANSWER-2 Months beginning with
February
Category B - Vendor Taxable Supplies not exceeding - CORRECT ANSWER-R 30
Million
Category B - Vendor Taxable Supplies (Farmer) exceeding - CORRECT ANSWER-R
1.5 Million
Category C - Vendors Tax Period - CORRECT ANSWER-One month
Category C - Vendors Taxable Supplies exceed - CORRECT ANSWER-R 30 million
Category D - Vendors Tax Period - CORRECT ANSWER-6 Months beginning with
February
Category D - Vendors Taxable Supplies not exceeding - CORRECT ANSWER-R 1.5
million
VAT - CORRECT ANSWER-value added tax
VAT Definition - CORRECT ANSWER-tax levied on goods or services.
Current VAT amount of South Africa - CORRECT ANSWER-15%
Previous VAT amount of South Africa - CORRECT ANSWER-14%
Input Tax - CORRECT ANSWER-VAT on purchases of goods and services.
Claimed back from SARS
Output Tax - CORRECT ANSWER-VAT charged on the supply of goods and or
services. Amount paid to SARS
Input Tax is larger than Output Tax - - CORRECT ANSWER-Claims the amount of the
difference from SARS. (Refundable)
Output Tax is larger than Input Tax - - CORRECT ANSWER-the difference is payable to
SARS.
Ledger Accounts of VAT (3) - CORRECT ANSWER-VAT Input Account
VAT Output Account
VAT Control Account [Show Less]