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FAC1601 Assignment 1 second semester 2023 due on 28(monday) august 2023 R50,00   Add to cart
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  3. University Of South Africa (Unisa)
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  5. Financial Accounting and Reporting (FAC1601)

Exam (elaborations)

FAC1601 Assignment 1 second semester 2023 due on 28(monday) august 2023
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This document contains the solution to FAC1601 Assignment 1 due on 28 August 2023, using this document will ensure that you get 80% pass mark, trusted solution.

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  • August 26, 2023
  • 11
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • fac1601 assignment 1 second semester 2023

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8/26/23, 10:35 AM Assessment 1


QUIZ




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Question 1
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The definition of a liability is:



A. A future economic resource controlled by a reporting entity as a result of a past event.
B. A future economic resource controlled by a reporting entity as a result of a future event.
C. A present economic resource controlled by a reporting entity as a result of a past event.
D. A present obligation of a reporting entity, to transfer an economic resource as a result of a past event.

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Question 2
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Which of the following measurement bases will often be encountered in a set of financial statements:

A. Present value
B. Historical cost
C. Fair value
D. All of the above

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Question 3
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Which of the following statements is correct:

A. A liability is a future obligation of a reporting entity to transfer an economic resource as a result of a past event.
B. The accounting equation is: Assets = equity + liability .
C. The value of a reporting entity lies in the total assets (current + non-current) under its control.
D. Equity is the residual interest in the assets of the entity after deducting all the expenses.

Clear my choice




https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 1/11

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