F2 – Assignment 1 XXXXXXXXXXForm No. Ass02B XXXXXXXXXXFinancial Accounting (FA13) 1 FACULTY OF BUSINESS Programme: BCom (Digital Marketing) (BCDM) Module: Financial Accounting (FA13) Formative Type:...

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F2 – Assignment 1 Form No. Ass02B Financial Accounting (FA13) 1 FACULTY OF BUSINESS Programme: BCom (Digital Marketing) (BCDM) Module: Financial Accounting (FA13) Formative Type: Assignment NQF Level: 6 Formative No.: 2 Assessor: Mr K. Olivier Total Marks: 100 Moderator: Miss S. Gajewski Date issued: 03 Feb 2020 Marker (Bellville): Miss S. Gajewski Due date (Bellville): 26 Feb 2020, 09:25 Marker (Centurion): Mr K. Olivier Due date (Centurion): 26 Feb 2020, 09:25 Assignment Title: Introduction to accounting, source documents, mark-up, accounting equation CCFO’s applicable for this assessment 1. Solve problems through responsible decisions and critical or creative thinking.  2. Work effectively with others, e.g. as a member of a team or group.  3. Organise and manage oneself, e.g. through effective time management.  4. Collect, analyse, organise and critically evaluate information.  5. Communicate effectively in visual, oral and/or written presentation.  6. Use scientific resources and technology such as computers effectively and responsibly.  7. Show understanding of systems and that problems cannot be solved in isolation.  GENERAL INSTRUCTIONS 1. Assignment Type: This is an INDIVIDUAL assignment. 2. Formatting: The format of your assignment must comply with the following specifications:  Font : Arial, Calibri or Helvetica  Pitch : 11pt, except for tables which may be smaller and headings which may be larger  Line Spacing : 1.5, except for tables which should be 1.0  Alignment : Justified, except for tables. Numbers in tables should be right aligned or centered, while text in tables should be either left aligned or centered. 3. Late hand-ins: Penalties for late hand-ins will be applied in accordance with Prestige Academy’s late hand-in policy. Assignments will be deemed late if:  It is not PERSONALLY handed-in e.g. it is given to a friend to hand-in.  Students fail to hand-in an assignment when the lecturer collects the assignment. Being late for class due to queues at the printer is not a valid reason to waiver the late penalty as assignments should be printed the day before the due date. 4. Presentation: Your assignment should be PROFESSIONALLY presented with an appropriate title page, table of contents, page numbers, question numbers and bibliography. All tables should have titles above the table, while all pictures or graphs should have titles below the figure. 5. Plagiarism: All students must use the HARVARD STYLE of referencing as used at Prestige Academy. Penalties for plagiarism will be applied in accordance with Prestige Academy’s plagiarism policy. The assignment must include the Prestige Academy’s plagiarism declaration which must be signed and dated. 6. Remedial: Not understanding a question is no excuse for plagiarism. It is your responsibility to seek help from the lecturer should you not understand a section of work. Remedial appointments are available on appointment. F2 – Assignment 1 Form No. Ass02B Financial Accounting (FA13) 2 NO TASKS TO BE COMPLETED EVIDENCE REQUIRED 1 Define the term accounting by recording three (3) researched definitions. Ensure that the definitions are referenced. (3x2=6) Neatly laid out A4 page(s) 2 Write a one (1) page essay in which you explain the importance of having an accounting cycle. Read through the information gathered from ScholarText to assist you complete the essay. Mellet and Edwards, 2002. 1st ed. Introduction to Accounting. London. SAGE Publications, Chapter 1, 1-2. Sherman, EH, 2011, Finance and accounting for non-financial managers. 3rd ed. USA. Amacom. Chapter 2, 33-37. (19) 3 Produce three (3) attachments of an actual source document. (The source documents must be an original, do not download source documents from the internet) (2x3=6) 4 Examine the invoice given in addendum 1 at the end of the assignment and answer the following questions. 4.1. Provide a reason why a business should make use of source documents. (1) 4.2. Calculate the selling price at A, if the mark-up is 60% on cost price. (6) 4.3. Calculate the cost price of one (1) designer door if the goods have a mark-up of 40% on selling price. (4) 5 Use the transactions provided to complete the accounting equation for Hypersave Traders: 1 The owner contributed R50 000 capital to the business. 3 The owner donated R2 000 to a charity. 5 The business purchased goods on credit amounting to R25 000. 8 The business sold goods with a selling price of R34 000. (Mark-up of 70% on cost price) 14 A customer settled his account of R10 000 and received 500 discount. 22 A tenant paid rent of R5 000 to Hypersave. 24 A customer with an outstanding balance of R20 000 was declared insolvent. The business could only retrieve 20 cents to the Rand of outstanding debt. The remaining balance should be written off. 30 The business bought stationery of R400 on credit. Example: Business pays the telephone account of R500 for the month. No Debit Credit Assets Owners’ equity Liabilities 7 Telephone Bank -500 -500 (48) Technical care (10) TOTAL MARKS [100]
Feb 24, 2021
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