FAC1503 - Financial Accounting Principles For Law Practitioners (FAC1503)
Exam (elaborations)
FAC Assignment 1 Question & Answers
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Course
FAC1503 - Financial Accounting Principles For Law Practitioners (FAC1503)
Institution
University Of South Africa (Unisa)
FAC Assignment 1 Question & Answers with references of where to get the answers from your study material. This is good for practice, revision and even when working on your assignments since some questions are always repeated as they are or tweaked a little bit
Question 1 of 39
Please match the accounting term with the most suitable definition, example or description 3.0 Points
provided.
A. During the financial year, one of SA Attorneys clients purchased a new office building. The purchase
was financed through issuing new shares. The value of the new shares will be classified in the client's
financial records as …………………….
B. When financial information of a business entity was presented without any bias steering decision
makers towards predetermined results, we can say that the information adhered to the fundamental
characteristic of ………………….
C. During the financial year, SA Attorneys purchased a new office building. The purchase was financed
through a mortgage loan. The mortgage loan will be disclosed as ……………………….
1. Neutrality
B
Feedback: Refer to learning unit 1.5.4
2. Liabilities
C
Feedback: Refer to learning unit 1.6.1
3. Equity
A
Feedback: Refer to learning unit 1.6.1
Answer Key: 1:B, 2:C, 3:A
Part 2 of 16 - Part 1 6.0 Points
Question 2 of 39
The accrual basis refers to the fact that information in the financial statements of a business 1.0 Points
must be disclosed in accordance with the accounting standards issued by the International Financial
Standards Council (IFSC) in South Africa. This will ensure that the accounting treatment and disclosure of
events and transactions by different but similar businesses will be the same over time and in the same
period.
True
False
Answer Key: False
Feedback: Refer to section 1.5.4 of learning unit 1
Question 3 of 39
Going concern refers to the fact that the information and disclosure in the financial statements 1.0 Points
must be such that different knowledgeable and independent observers can reach consensus that it is a
faithful representation.
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