Exam (elaborations)
FAC1601_ASSIGNMENT QUESTIONS AND 100% ANSWERS_VERIFIED
- Course
- FAC1601 (FAC1601)
- Institution
- Nelson Mandela Metropolitan University (NMMU)
Exam of 2 pages for the course FAC1601 at NMMU (FAC1601)
[Show more]
Seller
Follow
Content preview
FAC1601- Correct answers 2024IFRS - Correct Answer-International Financial Reporting Standards
International Financial Reporting Standards - Correct Answer-A set of rules developed
to make sure that financial statements are prepared consistently for companies so that
users can compare the financial results and performance from the current year to prior
years to the same company. Additionally, making it possible for users to compare the
financial position and performance of one company with another.
Profit Company - Correct Answer-A company that is incorporated for the purpose of
financial gain for its shareholders. Include: state-owned companies (SOC Ltd), private
companies [(Pty) Ltd], personal liability companies [Inc], and public companies [Ltd].
Purpose of Conceptual Framework - Correct Answer-a) assist the IASB in developing
IFRS that is consistent concepts
b) aid the prepares of financial statements to develop consistent accounting policies in
the absence of a standard.
c) assist all parties to understand and interpret IFRS.
Objective of General Purpose Financial Reporting - Correct Answer-To provide financial
information about a reporting entity to its existing and potential investors , lenders and
other creditors.
Financial Statements - Correct Answer-A specific form of financial reporting. They
portray information about assets, liabilities, equity, income, and expenses. Based on
Accrual Method of accounting.
Accrual Basis Accounting - Correct Answer-reporting income when it is earned and
expenses when they are incurred
Qualitative Characteristics of Useful Financial Information - Correct Answer-
Fundamental Qualitative Characteristics - Correct Answer-a) Relevance : Materiality
b) Faithful representation
Enhancing Qualitative Characteristics - Correct Answer-a) Comparability
b) Verifiability
c) Timeliness
d) Understand-ability
The Statement of Financial Position - Correct Answer-Contains information about the
assets, liabilities and equity.
The Statement of Profit or Loss and Other Comprehensive Income - Correct Answer-
Contains information about income and expenses
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 stellambiyu. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R150,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73918 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now