Examen
Accounting 1A Semester Test 1 2023 MEMO
- Grado
- Institución
Solutions for Semester Test 1 2023
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FACULTY/COLLEGE College of Business and EconomicsSCHOOL School of Accounting
CAMPUSES APK and SWC
MODULE NAME Accounting 1A
MODULE CODE ACC01A1
SEMESTER First Semester
ASSESSMENT Assessment Opportunity 1
OPPORTUNITY, YEAR 2023
SUGGESTED SOLUTION
1
, QUESTION 1 SUGGESTED SOLUTION
PART A
a) Ice-cream machine is an asset (1)
Definition Application
An asset is a presenta economic resource (1) The ice-cream machine is a present economic
resource as Maqnum has a present legal right
of ownership (1) that has the potential to
produce economic benefits as Maqnum can
use the machine to produce ice-cream for sale
to the customers. (1)
controlled by the entity (1) Maqnum controls the economic resource
(machine) since it has the present ability to
direct the use of the machine (1) and obtain
the economic benefits that may flow from it (1).
Maqnum has the present ability to direct the
use of the machine as it has the legal right to
deploy the machine (1) in its activities of
making ice-cream for sale to customers (1).
as a result of past events. (1) The past events are the payment for the ice-
cream machine by Maqnum, and deliveryb of
the machine by Ola Ltd (1).
Note to markers:
aIt must state present economic resource for the student to earn the mark.
bDelivery of the machine is important and if this is not stated the student is not awarded a
mark.
b)
(i) Going concern
Financial statements are prepared under the assumption that the entity is a going concern
and will continue to operate in the foreseeable future (1).
It has no intention or need to liquidate or scale down operations (1).
(ii) Accrual basis of accounting
Transactions or events are to be recorded and reported in the financial period to which
they relate (1).
Transactions or events are not necessarily recorded in the period in which the asset is
received or paid (1).
Total 15 marks
2
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