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Summary FAC2601 ANSWERS For Assignment 1 SEMESTER 1 (2022) Code 842216 (Detailed answers with explanations) R50,00   Add to cart
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  5. FAC2601 - Financial Accounting For Companies (FAC2601)

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Summary FAC2601 ANSWERS For Assignment 1 SEMESTER 1 (2022) Code 842216 (Detailed answers with explanations)

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FAC2601 ANSWERS For Assignment 1 SEMESTER 1 (2022) Code (Detailed answers with explanations).

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  • August 10, 2022
  • February 2, 2023
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  • 2022/2023
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FAC2601
ASSIGNMENT 1
SOLUTIONS
SEMESTER 2
UNIQUE NUMBER:
174957
ANSWERS

2022

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Fac2601

Assignment 1

Due date: 10 August 2022



Question 1

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.
THE ANSWER IS 4
Question 2
When payment to purchase property, plant and equipment item is deferred for six
months, the cash price equivalent of the asset will be 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
4. Fair value
THE ANSWER IS 3


Question 3


The purpose of an Integrated Report Framework is to establish guiding principles and
content elements that govern the overall content of an integrated report and to explain
the fundamental concepts that underpin them.
Which one of the following is NOT a purpose of the framework for integrated reporting?


1. Specify the information required to help stakeholders assess the value creation of
an organisation.
2. Specify benchmark of information
3. Recognise the key uniqueness of different organisations



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