FAC1601 ASSIGNMENT 1 Semester 2 2023 (ANSWERS)
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QUIZ
The definition of a liability is:
A. A future economic resource controlled by a reporting entity as a re...
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Question 1
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The definition of a liability is:
A. A future economic resource controlled by a reporting entity 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 present economic resource controlled by a reporting entity as a result of a past event.
D. A present obligation of a reporting entity, to transfer an economic resource 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 Clear
my choice
Question 3
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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.
Clear my choice
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