, Stuvia.com -Stuvia.com
The Marketplace
- The study-notes
to Buy and marketplace
Sell your Study Material
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
Downloaded
Downloaded
by: excelacademics22
by: Masters | mpktjale@gmail.com
| ricus8879@gmail.com
Distribution of this document is illegal
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BcomStudyPacks. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.