100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
FAC3764 ASSIGNMENT 1 SEMESTER 1 2023: This doc contains answered solutions and elaborations of question tackling: Clearly answered: contact R101,00   Add to cart

Exam (elaborations)

FAC3764 ASSIGNMENT 1 SEMESTER 1 2023: This doc contains answered solutions and elaborations of question tackling: Clearly answered: contact

5 reviews
 801 views  61 purchases

fac3704 assignment 1 semester 1 2023: this document contains, workings/ calculations and explanations for this assignment.

Preview 2 out of 7  pages

  • April 5, 2023
  • 7
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
  • fac3764 solutions 2023
All documents for this subject (1)

5  reviews

review-writer-avatar

By: anelisanzimande • 1 year ago

review-writer-avatar

By: Simon1981 • 1 year ago

review-writer-avatar

By: unarinema • 1 year ago

review-writer-avatar

By: devashiniep • 1 year ago

review-writer-avatar

By: thendomd • 1 year ago

avatar-seller
RONSAMTUTORS
CONTACT 0813812880: EXAM HELP: ASSIGNMENT HELP:
REVISION CLASSES:




RONSAM
TUTORS

FAC3764 ASS 1 SEMESTER 1 2023

, CONTACT 0813812880: EXAM HELP: ASSIGNMENT HELP:
REVISION CLASSES:


FAC3764 ASSIGNMENT 1 SEMESTER 2023



Question 1 a)

Discuss the correct recognition and measurement of transactions 1.1 and 1.2
in the accounting records of DD Armour Ltd for the period ended 30 June
20x22, in terms of IFRS 15, Contracts with customers. The discussion must be
supported with calculations



1.1. S4G Ltd Step 1:
We must be able to identify a contract with a customer: Contracts may be
written, verbal or even simply be implied! What is important, however, is
that the contract is enforceable by law. (GRIPPING GAAP, Page 127)


A contract is said to exist if it meets all the following five criteria:
a) If it is approved by all parties, who are also committed to fulfilling their
obligations;
b) if each parties rights to the goods and/or services are identifiable;
c) If the payment terms are identifiable;
d) If the contract has commercial substance (i.e. the risk, timing and amount
of future cash flows is expected to change); and
e) It is probable that the entity will collect the consideration to which it
expects to be entitled (GRIPPING GAAP, Page 135)

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 RONSAMTUTORS. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R101,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67474 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R101,00  61x  sold
  • (5)
  Buy now