Exam (elaborations)
FAC2601 - Semester 02 2024 (Assignment -02)
- Institution
- University Of South Africa (Unisa)
FAC2601 Semester 02 2024 - Assignment 02
[Show more]
Seller
Follow
Content preview
FAC2601ASSIGNMENT 02 SEMESTER 01
2024
,10/04/2024, 19:49 Assessment 2: Attempt review
Dashboard Calendar
Dashboard / My courses / FAC2601-24-S1 / Welcome Message / Assessment 2
Started on Wednesday, 10 April 2024, 6:56 PM
State Finished
Completed on Wednesday, 10 April 2024, 7:48 PM
Time taken 52 mins 19 secs
Marks 38.00/40.00
Grade 95.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
Bold Ltd purchased machinery on 1 January 2021 at a cost of R1 200 000. A major inspection has to be carried out on the machinery
every three years. The last inspection performed on the machine was on 31 December 2020 by the seller and the inspection costs were
included in the purchase price. On the acquisition date, the present value of future expected inspection costs to be incurred was
estimated at an amount of R240 000. On the acquisition date the estimated useful life of 10 years was allocated to the machine. The
inspection component is part of the machine and not a separate asset.
The total depreciation on the machinery (including depreciation on the inspection component) for the year ended 31
December 2023 is:
1. R200 000
2. R176 000
3. R144 000
4. R104 000
https://cas.myexams.unisa.ac.za/mod/quiz/review.php?attempt=190840&cmid=70934 1/16
, 10/04/2024, 19:49 Assessment 2: Attempt review
Question 2
Complete
Mark 2.00 out of 2.00
Dashboard Calendar
Bold Ltd purchased machinery on 1 January 2021 at a cost of R1 200 000. A major inspection has to be carried out on the machinery
Dashboard / My courses / FAC2601-24-S1 / Welcome Message / Assessment 2
every three years. The last inspection performed on the machine was on 31 December 2020 by the seller and the inspection costs were
included in the purchase price. On the acquisition date, the present value of future expected inspection costs to be incurred was
estimated at an amount of R240 000. On the acquisition date the estimated useful life of 10 years was allocated to the machine. The
inspection component is part of the machine and not a separate asset.
The carrying amount of the machinery (including the inspection component) for the year ended 31 December 2021 is:
1. R1 056 000
2. R1 000 000
3. R1 024 000
4. R1 124 000
Question 3
Complete
Mark 2.00 out of 2.00
Assume that all the information of Bold Ltd given in questions 1 and 2 remains applicable with the exception of a change in the period
of the new inspection costs. Due to several factors that occurred during the current financial year, instead of the inspection being
completed every three years as planned, the new inspection costs need to be done after 30 months. The cost of the first inspection
amounted to R300 000.
The inspection costs derecognised in the property, plant and equipment note for the period 31 December 2023 is:
1. R240 000
2. R120 000
3. R40 000
4. R80 000
https://cas.myexams.unisa.ac.za/mod/quiz/review.php?attempt=190840&cmid=70934 2/16
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 pamelapearl96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R93,33. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now