Flashcards on Financial Accounting IFRS Problem Set
Financial Accounting IFRS Problem Set: Tjomma-ma-Lomma Traders
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answers
14 cards
Card 1
Question: What type of assessment is indicated for this assignment at Tjomma-ma-Lomma Traders?
Answer: FORMAL ASSIGNMENT
Card 2
Question: By when must the answer scripts be submitted?
Answer: Closing date and time: 15 May at 17:00
Card 3
Question: What writing instruments are NOT permitted for answers?
Answer: Pencil or erasable pen are not permitted.
Card 4
Question: Are calculators allowed, and if so what type?
Answer: Yes — non-programmable calculators are allowed.
Card 5
Question: To what decimal should price per unit be rounded in calculations?
Answer: Round price per unit to three decimals.
Card 6
Question: To what unit should total monetary amounts be rounded?
Answer: Round total amounts to the nearest rand.
Card 7
Question: Which accounting standards must answers adhere to?
Answer: International Financial Reporting Standards (IFRS).
Card 8
Question: How should calculations be presented in the assignment?
Answer: All calculations should be clearly shown.
Card 9
Question: Are journal narrations required when recording transactions for this paper?
Answer: No — journal narrations are not required.
Card 10
Question: When recording journals, how should the journals be numbered?
Answer: Number journals in accordance with the transaction numbers in the question paper.