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FAC1601 Assignment 1 2023 solutions semester 1

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  • Course
  • FAC1601 - Financial Accounting And Reporting (FAC1601)
  • Institution
  • University Of South Africa (Unisa)

100% SOLUTIONS FOR FAC1601 QUESTIONS ANSWERED Which of the following statements is correct: 1. A liability is a future obligation of a reporting entity to transfer an economic resource as a result of a past event. 2. The accounting equation is: Liabilities + Assets = equity 3. The value of a ...

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  • March 18, 2023
  • 23
  • 2022/2023
  • Other
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  • which of the following statements is correct 1 a liability is a future obligation of a reporting entity to transfer an economic resource as a result of a past event 2 the accounting equation is

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  • University of South Africa (Unisa)
  • FAC1601 - Financial Accounting And Reporting (FAC1601)
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FAC1601
ASSIGNMENT 1
SEMESTER 1
2023
What’s app: 0737117960 for more

,Which of the following statements is correct:




1.
A liability is a future obligation of a reporting entity to transfer an economic resource as
a result of a past event.


2.
The accounting equation is: Liabilities + Assets = equity



3.
The value of a reporting entity lies in the net assets (assets minus liabilities) under its
control.


4.
Equity is the residual interest in the assets of the entity after deducting all the expenses.

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The definition of an asset is:


1.
A present economic resource controlled by a reporting entity as a result of a future
event.


2.
A future economic resource controlled by a reporting entity as a result of a past event.


3.
A future economic resource controlled by a reporting entity as a result of a future event.

, 4.
A present economic resource controlled by a reporting entity as a result of a past event.

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Which of the following measurement bases will often be encountered in a set of financial
statements:


1.
Present value


2.
Historical cost


3.
Fair value


4.
All of the above

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The statement of financial position consists of three elements namely:


1.
assets, income and expenses

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