201_2011_2_e - FAC1502/201/2/2011 SCHOOL OF ACCOUNTING...

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FAC1502/201/2/2011 SCHOOL OF ACCOUNTING SCIENCES DEPARTMENT OF FINANCIAL ACCOUNTING ACCOUNTING COURSE FAC1502 TUTORIAL LETTER 201 FOR FAC1502 SOLUTION ASSIGNMENT 01/2/2011 (SECOND SEMESTER) Dear Student Enclosed you will find the solutions to assignment 01/2/2011. It is in your own interest to work through the assignment in conjunction with the solution and your answer. Refer to paragraph 7 of tutorial letter 101/3/2011 for more information regarding the examination. The examination paper is a two-hour paper and consists of “long type” questions.
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2 TELEPHONE NUMBERS Please replace the telephone numbers listed in paragraph 3.1 of Tutorial Letter 101/3/2011 with the following number: ± The telephone number assigned to FAC1502 is 012 429 4245. Prof D Scott Ms A du Plessis Mr P Maraisane Ms KA Nkome Mr D von Well Ms JHJ Coetzee (Secretary) PLEASE NOTE We are available for telephone enquiries from 08:00 to 16:00 on weekdays. ANNEXURE A: TERMINOLOGY ANNEXURE B: SOLUTION ASSIGNMENT 01/2/2011 (SECOND SEMESTER)
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FAC1502/201/2/2011 3 ANNEXURE A: TERMINOLOGY Please note the following changes in accounting terminology over the past two years: Old terminology New terminology Bad debts Credit losses Provision for bad debts Allowance for credit losses Discount allowed Settlement discount granted Discount received Settlement discount received Discount allowed cancelled Settlement discount granted forfeited Discount received cancelled Settlement discount received forfeited Statement of financial position Non-current liabilities Interest-bearing borrowings Current liabilities Short-term borrowings Current portion of long-term loan Non-current liabilities Long-term borrowings Current liabilities Short-term borrowings Current portion of long-term borrowings The four categories of financial instruments are: (see Textbook: p. 290-292).
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201_2011_2_e - FAC1502/201/2/2011 SCHOOL OF ACCOUNTING...

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