Exam (elaborations)
FAC2601 Assignment 5 Semester 1 2024
- Institution
- University Of South Africa (Unisa)
FAC2601 Assignment 5 Semester 1 for 2024 ... 100 % TRUSTED workings, explanations and solutions.
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Dashboard / My courses / FAC2601-24-51 / Welcome Message / Assessment5 - 30 May 2024 (18:00- 21:00)
Started on Thursday, 30 May 2024, 6:23 PM
State Finished
Completed on Thursday, 30 May 2024, 6:50 PM
Time taken 27 mins 19 secs
Marks 32.00/40.00
Grade 80.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
MULTIPLE CHOICE QUESTION ASSIGNMENT
Answer the following multiple-choice questions. Indicate your choice by selecting only one option from the four options given for
each question answered.
Use the following information to answer questions 1 and 2:
Pale Ltd sells a trailer to a customer for R121 000 which is payable 24 months after delivery. The customer obtains control of the
product at contract inception on 1 January 2023.
The cash-selling price of the trailer is R100 000, which represents the amount that the customer would pay upon delivery for the same
product sold under otherwise identical terms and conditions as at contract inception. Pale Ltd's cost of the trailer is R80 000. An
interest rate of 10% per annum is applicable to the contract and is a significant financing component.
REQUIRED:
Question 1:
Which one of the following statements is correct based on the information provided above?
1. Revenue is recognized at an amount of R100 000 on 31 December 2024
2 Revenue is recognized at an amount of R121 000 at the inception of the contract.
3. Revenue is recognized at an amount of R121 000 on 31 December 2024
4. Revenue is recognized at an amount of R100 000 at the inception of the contract
, Question 2
Complete
Mark 2.00 out of 2.00
Dashboard / My courses / FAC2601-24-S1 / Welcome Message / Assessment
5 - 30 May 2024 (18:00 - 21:00)
1.R100 000
2.R110 000
3.R111 000
4.R121 000
Question 3
Complete
Mark 0.00 out of 2.00
Question 3:
Which one of the following statements is correct with regards to IFRS15, Revenue with contracts from customers?
1 One of the conditions whereby a contract can be modified is when the scope of the contract increases because of the additional
promised goods or services that are similar.
2. For goods to be separately identifiable, it includes not integrating the goods or services with other goods into a bundle
providing a combined output.
3 A series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customers
is not considered a performance obligation.
4. When the amount of consideration paid under one contract is independent on the price or performance under another
contract, then the contract can be combined
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