this document contains Financial Accounting And Reporting (FAC2601) semester 2 assessment 1 expected questions and answers, correct use will hel[p you score above 80%
Dashboard / My courses / FAC2601-22-S2 / FAC 2601 Welcome Message / Assessment 1
Started on Monday, 25 July 2022, 9:29 AM
State Finished
Completed on Monday, 25 July 2022, 9:52 AM
Time taken 22 mins 13 secs
Grade 16.00 out of 20.00 (80%)
Feedback Congratulations in finishing the assessment 1 in time. Please review Learning Units 1 - 4 again, after successfully
completion of the assessment.
Question 1
Correct
Mark 2.00 out of 2.00
Which one of the following statements is incorrect?
1. Inconsistencies in the measurement of financial statements can have an effect on whether financial statements can provide faithful
representation.
2. In order to select a measurement basis the nature of the information in both the statement of financial position and the statement of
financial performance must be considered.
3. Relevance of information provided by a measurement basis is affected by the characteristics of the asset or the liability and
contribution to future cash flows.
4. A legal entity is an example of a Reporting Entity. (Refer Tutorial letter 103 –
Chapter 3 (3.3))
Your answer is correct.
The correct answer is:
A legal entity is an example of a Reporting Entity.
, Question 2
Correct
Mark 2.00 out of 2.00
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When payment to purchase property, plant and equipment item is deferred for six months, the cash price equivalent of the asset will be
Dashboard / My courses / FAC2601-22-S2 / FAC 2601 Welcome Message / Assessment 1
calculated as the total amount payable reduced by interest for the whole six months. In this manner the asset is recorded at its?
1. Historical cost
2. Value in use
3. Current cost Correct - (Refer Tutorial letter 103 –
Chapter 3 (3.6.2))
1. (Refer Tutorial letter 103 –
Chapter 3 (3.6.2))
4. Fair value
Your answer is correct.
The correct answer is:
Current cost
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