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FAC1601 Semester 1 Assignment 1 (Retake) Memo 2022
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FAC1601 Assignment 1 (Retake) Memo 2022 (Semester 1) Questions and answers 100% correct
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Financial Accounting ReportingFAC1601
Semester 1
Assignment 1 (Retake)
Unique Number: 715875
Department of Financial Accounting
, Question 1
An entity which complies with IFRS 9 holds a financial asset which gives rise on
specified dates to cash flows that are solely payments of principal and interest. The
entity’s only objective in holding this asset is to collect these cash flows. This financial
asset should be measured at:
a. Fair value
b. Fair value or amortised cost
c. Amortised cost
d. Original cost
Question 2
How does the Conceptual Framework explain the role of stewardship?
a. Decisions relating to providing resources to the entity depend on users’
assessment of the amount, timing and uncertainty of the prospects for future net
cash inflows to the entity and on their assessment of management's stewardship.
b. Providing information needed to assess management’s stewardship is identified as
an additional objective of financial reporting, equal in prominence to providing
financial information useful to users in making decisions relating to providing
resources to the entity.
c. Providing information needed to assess stewardship is more important than
providing information needed to assess the prospects for future cash inflows to the
entity.
d. Financial reports are not intended to provide information needed to assess
stewardship.
Question 3
On 1 March 2021, Malandela Ltd purchased 20 000 ordinary shares for a
consideration of R1,20 per share, from JMPD Blue Ltd. On 28 February 2022, the fair
value of shares held at JMPD Blue Ltd amounted to R26 000. On which financial
statement of Malandela Ltd would the change in the value of shares be disclosed?
a. Statement of financial position
b. Statement of profit or loss and other comprehensive income
c. Statement of changes in equity
d. Statement of cash flows
Question 4
On which financial statement would the balance of shares be disclosed?
a. Statement of changes in equity
b. Statement of cash flows
c. Statement of profit or loss and other comprehensive income
d. Statement of financial position
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