Other
FAC1601 Assessment 2_ Attempt review 2023
- Institution
- University Of South Africa (Unisa)
FAC1601 Assessment 2_ Attempt review 2023
[Show more]
Seller
Follow
Content preview
Email addressSend message
LERATO MATOME NKOANA
Send message
ANELISA PHOHOLE
Email address
Send message
Phatuwani RASIVHETSHELE
Email address
Send message
Activities
Forums Quizzes Resources
My Progress
Course
progress:
0%
Complete
FAC1601-23-S1
Dashboard
My courses
FAC1601-23-S1
Welcome Message
Assessment 2
Started on Sunday, 16 April 2023, 6:39 PM
State Finished
Completed on Sunday, 16 April 2023, 8:31 PM
Time taken 1 hour 52 mins
Marks 74.00/85.00
Grade 87.06 out of 100.00
,Question 1
Complete
Mark 1.00 out of 1.00
Flag question
Question text
Which of the following statements is correct:
1.
The selling price of a partnership is determined by the cost price of the partnership.
2.
Goodwill is excluded in the calculation when determining the fair value of a partnership.
3.
When revaluing an asset or liability in terms of a change in ownership structure, the current account is used.
The current account is then closed off to the accounts of the existing partners according to their existing
profit-sharing ratio.
4.
A personal transaction is a transaction that is made between an existing partner and the partnership of the
business entity.
5.
Past financial performance indicators such as total comprehensive income in respect of previous financial
periods, are ordinarily used to determine goodwill.
Question 2
Complete
Mark 3.00 out of 3.00
Flag question
Question text
Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively. A new
partnership was formed by admitting Malikane. A 1/6 share in the profits/loss of the new partnership was
, obtained by Malikane. Vogel and Mazibuko agreed to relinquish the 1/6 share according to their previous
profit-sharing ratio of 1:3. The new profit-sharing ratio is:
1.
8:16:5
2.
5:15:4
3.
7:18:6
4.
3:13:2
5.
1:3:6
Question 3
Complete
Mark 0.00 out of 1.00
Flag question
Question text
Which of the following statements is incorrect:
1.
Goodwill is subsequently measured at cost less impairment.
2.
Goodwill is a non-current tangible asset in the statement of financial position.
3.
The change in the ownership structure of a partnership can be accomplished using two accounting
procedures based on two distinct perspectives namely the legal and the going-concern perspective.
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 th3mbrothers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R200,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73216 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now