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This document is having questions and answers for FAC 1601 module 2023 semester 2. 93%
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FAC 1601- ASSIGNMENT 1SEMESTER 2
2023
PREPARED BY NS MTHOMBENI
071 035 5194
, Question text
The definition of a liability is:
A.
A present obligation of a reporting entity, to transfer an economic resource as a result of a
past event.
B.
A future economic resource controlled by a reporting entity as a result of a future event.
C.
A future economic resource controlled by a reporting entity as a result of a past event.
D.
A present economic resource controlled by a reporting entity as a result of a past event.
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Question 2
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Which of the following measurement bases will often be encountered in a set of financial
statements:
A.
Present value
B.
Historical cost
C.
Fair value
D.
All of the above
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Question 3
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Question text
Which of the following statements is correct:
A.
A liability is a future obligation of a reporting entity to transfer an economic resource as a
result of a past event.
B.
The accounting equation is: Assets = equity + liability .
C.
The value of a reporting entity lies in the total assets (current + non-current) under its
control.
D.
Equity is the residual interest in the assets of the entity after deducting all the expenses.
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Question 4
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Question text
The statement of financial position consists of three elements namely:
A.
Liabilities, income and expenses
B.
Assets, liabilities and equity
C.
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