100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
FAC1601 Assignment 1 Solutions First Semester 2023 R203,00
Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. FAC1601 - Financial Accounting And Reporting (FAC1601)

Case

FAC1601 Assignment 1 Solutions First Semester 2023

1 review
 1 purchase

This document contain workings and explanations of the first assignment for the first semester 2023. A distinction of 100% is guaranteed

Preview 3 out of 19  pages

Document information

  • March 19, 2023
  • 19
  • 2022/2023
  • Case
  • Mthombeni
  • A+

Subjects

Written for

All documents for this subject (257)

1  review

review-writer-avatar

By: vuyiswachovu • 1 year ago

Seller

avatar-seller
TheTeachingMachine

Reviews received

Content preview

FAC1601
ASSIGNMENT 1
FIRST SEMESTER 2023
BY: MTHOMBENI: 0767297208




1

,Question 1



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.


Question 2


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.




2

, Question 3
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


Question 4


The statement of financial position consists of three elements namely

1.
assets, income and expenses


2.
assets, liabilities and equity


3.
liabilities, equity and expenses


4.
liabilities, income and expenses




3

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 TheTeachingMachine. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R203,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling
R203,00  1x  sold
  • (1)
Add to cart
Added