Exam (elaborations)
FAC1601 EXAM PACK 2023
- Institution
- University Of South Africa (Unisa)
latest questions and elaborate answers
[Show more]
Seller
Follow
Content preview
FAC1601 EXAMPACK 2023
UPDATED QUESTIONS
AND ANSWERS
, lOMoAR cPSD|13093512
ASSIGNMENT 1
The fundamental qualitative characteristics of useful financial information are:
a.
Comparability and relevance
b.
Relevance and reliability
c.
Comparability, relevance and faithful representation
d.
Relevance and faithful representation
Clear my choice
Question 2
Answer saved
Marked out of 2.00
Flag question
Question text
Which one of the following measurement bases is not categorised as part of the current
value measurement base in the Conceptual Framework?
a.
Fair value
b.
Value in use
c.
Transaction cost
d.
Current cost
Clear my choice
Question 3
Downloaded by yeah buuudddy (successfulbelief@gmail.com)
, lOMoAR cPSD|13093512
Answer saved
Marked out of 2.00
Flag question
Question text
Which one of the following alternatives is correct?
a.
The statement of profit or loss is the only source of information about an entity’s
financial performance for the period.
b.
In principle, all income and expenses are included in the statement of profit or loss.
c.
All income and expenses included in profit or loss arise from ordinary activities of the
entity.
d.
Income and expenses included in other comprehensive income are always recycled into
the statement of profit or loss at the beginning of the holding period of the related asset
or liability.
Clear my choice
Question 4
Answer saved
Marked out of 2.00
Flag question
Question text
Which type of adjustment occurs when cash is either received or paid, but the related
income or expense is not reportable in the current period?
a.
Accrual
b.
Cash
Downloaded by yeah buuudddy (successfulbelief@gmail.com)
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 johnsonncaseyy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R60,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82977 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now