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Financial Accounting Reporting 1601 Assessment 1 Answers
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- University Of South Africa (Unisa)
Financial Accounting Reporting 1601 Assessment 1 Answers
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TANDO OSMOND SIWENDUSend message
RACHELLE ELIZABETH SNYMAN
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Assessment 1
Started on Sunday, 19 March 2023, 7:15 PM
State Finished
Completed on Sunday, 19 March 2023, 8:47 PM
Time taken 1 hour 31 mins
Marks 28.00/30.00
Grade 93.33 out of 100.00
Question 1
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Question text
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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The correct answer is:
The value of a reporting entity lies in the net assets (assets minus liabilities) under its control.
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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A present economic resource controlled by a reporting entity as a result of a past event.
Question 3
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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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All of the above
Question 4
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The statement of financial position consists of three elements namely:
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