FAC1503 ASSIGNMENT 1 2021 QUESTION AND ANSWER PACK
This answer pack has 100 questions from various ONLINE ASSIGNMENT 1 sessions.
1. Please match the accounting term with the most suitable definition, example or
description provided.
A. Information in the financial statements of a business must be disclosed in accordance
with the accounting standards issued by the International Financial Standards Council
(IFSC) in South Africa. This is done to ensure ……………………….
B. The information and disclosure in the financial statements must be such that different
knowledgeable and independent observers can reach consensus that it is a faithful
representation.
C. Because the information reported in the financial statements can influence the
decisions of the users of the financial information, the qualitative characteristic
of ……………………. is important.
A 1. Comparability
m
er as
B 2. Verifiability
C 3. Timeliness
co
eH w
2. An accounting system generates the financial records of the business and produces a summary of the
o.
income and expenses (statement of profit or loss) and assets and liabilities (statement of financial
rs e
position).
True
ou urc
False
3. Interest received can be classified as income in the financial statements.
o
True
aC s
False
vi y re
4. Solvency may be used to predict the availability of cash over longer periods to meet debts as they
fall due.
True
False
ed d
ar stu
5. Accounting is the bookkeeping method, which generates a financial record of the most important
business transactions entered into by a business (entity).
True
False
is
6. The statement of profit or loss and other comprehensive income provides information
Th
about the financial structure of the entity with emphasis on own and borrowed capital,
which may also be used to predict future borrowing needs.
FALSE
sh
7. The accurate analysis of all income and expenses is an example of a built-in control measure.
8.
For more Contact:
TUTOR KING @ 0680137428
This study source was downloaded by 100000815306272 from CourseHero.com on 05-17-2021 14:01:23 GMT -05:00
https://www.coursehero.com/file/91580420/FAC1503-ASSIGNMENT-1-2021-QUESTION-AND-ANSWER-PApdf/
This answer pack has 100 questions from various ONLINE ASSIGNMENT 1 sessions.
1. Please match the accounting term with the most suitable definition, example or
description provided.
A. Information in the financial statements of a business must be disclosed in accordance
with the accounting standards issued by the International Financial Standards Council
(IFSC) in South Africa. This is done to ensure ……………………….
B. The information and disclosure in the financial statements must be such that different
knowledgeable and independent observers can reach consensus that it is a faithful
representation.
C. Because the information reported in the financial statements can influence the
decisions of the users of the financial information, the qualitative characteristic
of ……………………. is important.
A 1. Comparability
m
er as
B 2. Verifiability
C 3. Timeliness
co
eH w
2. An accounting system generates the financial records of the business and produces a summary of the
o.
income and expenses (statement of profit or loss) and assets and liabilities (statement of financial
rs e
position).
True
ou urc
False
3. Interest received can be classified as income in the financial statements.
o
True
aC s
False
vi y re
4. Solvency may be used to predict the availability of cash over longer periods to meet debts as they
fall due.
True
False
ed d
ar stu
5. Accounting is the bookkeeping method, which generates a financial record of the most important
business transactions entered into by a business (entity).
True
False
is
6. The statement of profit or loss and other comprehensive income provides information
Th
about the financial structure of the entity with emphasis on own and borrowed capital,
which may also be used to predict future borrowing needs.
FALSE
sh
7. The accurate analysis of all income and expenses is an example of a built-in control measure.
8.
For more Contact:
TUTOR KING @ 0680137428
This study source was downloaded by 100000815306272 from CourseHero.com on 05-17-2021 14:01:23 GMT -05:00
https://www.coursehero.com/file/91580420/FAC1503-ASSIGNMENT-1-2021-QUESTION-AND-ANSWER-PApdf/
