100% SOLUTIONS FOR FAC1601
QUESTIONS ANSWERED
Which of the following statements is correct: 1. A liability is a future obligation of a reporting entity to transfer an economic resource as a result of a past event. 2. The accounting equation is: Liabilities + Assets = equity 3. The value of a ...
which of the following statements is correct 1 a liability is a future obligation of a reporting entity to transfer an economic resource as a result of a past event 2 the accounting equation is
FAC1601
ASSIGNMENT 1
SEMESTER 1
2023
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,Which of the following statements is correct:
1.
A liability is a future obligation of a reporting entity to transfer an economic resource as
a result of a past event.
2.
The accounting equation is: Liabilities + Assets = equity
3.
The value of a reporting entity lies in the net assets (assets minus liabilities) under its
control.
4.
Equity is the residual interest in the assets of the entity after deducting all the expenses.
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Question 2
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The definition of an asset is:
1.
A present economic resource controlled by a reporting entity as a result of a future
event.
2.
A future economic resource controlled by a reporting entity as a result of a past event.
3.
A future economic resource controlled by a reporting entity as a result of a future event.
, 4.
A present economic resource controlled by a reporting entity as a result of a past event.
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Which of the following measurement bases will often be encountered in a set of financial
statements:
1.
Present value
2.
Historical cost
3.
Fair value
4.
All of the above
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The statement of financial position consists of three elements namely:
1.
assets, income and expenses
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