ACC1006S tutorial pack and solutions

ACC1006S tutorial pack and solutions - UNIVERSITY OF CAPE...

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Unformatted text preview: UNIVERSITY OF CAPE TOWN DEPARTMENT OF ACCOUNTING FINANCIAL ACCOUNTING 1A (ACC 1006S) 2009 TUTORIAL QUESTION PACK Module taught in week: Homework to be handed in by 12h00 on the following Mondays : Tutorial numbers: 1 3 August 2009 1, 2 & 3 2 10 August 2009 4, 5 & 6 3 17 August 2009 7, 8 & 9 4 24 August 2009 10, 11 & 12 5 31 August 2009 13, 15 & 16 6 7 September 2009 17, 19 & 21 7 21 September 2009 20 & 22 8 28 September 2009 23, 26 & 27 9 5 October 2009 18, 24 & 29 10 12 October 2009 28, 30 & 33 11 19 October 2009 25, 34 & 38 12 Solutions will be posted on Vula 40, 41, 42 & 43 Page 1 of 98 2009 ACC 1006S Tutorial pack Week 1: The objective of a business TUTORIAL 1: OBJ001 1. What is the main objective of a business? (1 mark) 2. Explain when a delivery note received from a supplier is used and state the main objective of this document. (2 marks) 3. Briefly explain the term Trade Receivables (a debtor). (1 mark) 4. John decided to start a business. He intends selling washing powder in rural areas of South Africa. He intends to make the washing powder and package it in small quantities so that it is affordable On 1 January 2007, John had accumulated R200 000 which represented all of the funding needed to run the business The funds were used to purchase machinery and inventory At the end of the year (31 December 2007) the total assets of the business amounted to R450 000 4.1. Provide two possible sources of funds for Johns business. (2 marks) 4.2. Name the business decision John made when he bought machinery and inventory. (1 mark) 4.3. Calculate the total growth in assets achieved by Johns business over the year 1 January 2007 to 31 December 2007. (1 mark) 4.4. Briefly explain what is meant by the distribution business decision. (2 marks) Page 2 of 98 2009 ACC 1006S Tutorial pack TUTORIAL 2: OBJ002 It is a common mistake amongst accounting students to think of accounting as an abstract mental exercise that has nothing to do with their lives. It may be true that you have no current need for accounting in your own life, but it is almost certain that one day your knowledge of accounting will significantly benefit you: whether you become a Chartered Accountant, a small business owner, an employee at a big firm, or just want to invest some money on the stock exchange. Bear in mind that Accounting is a practical discipline which ultimately exists only to report the position and performance of real companies in the real world. In order to learn the subject, it is best to look at made-up examples that teach a particular concept, without other distractions. Despite this, even if your tutorial questions and lecture examples deal with imaginary companies, you will probably find that it will help you in your studies to remember that there are indeed companies out there which are in reality dealing with the sorts of issues that you are looking at....
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ACC1006S tutorial pack and solutions - UNIVERSITY OF CAPE...

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