Fac1602 Assignment 1 Semester 1
2023
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Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1602-23-S1 / Welcome Message / Assessment 1
Started on Saturday, 18 March 2023, 12:42 PM
State Finished
Completed on Saturday, 18 March 2023, 1:21 PM
Time taken 38 mins 2 secs
Marks 30.00/30.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which of the following statements is correct:
1. A liability is a future obligation of a reporting entity to transfer an economic resource as a result of a past event
2.
The accounting equation is: Liabilities + Assets = equity
3. The value of a reporting entity lies in the net assets (assets minus liabilities) under its control
4. Equity is the residual interest in the assets of the entity after deducting all the expenses
Your answer is correct.
The correct answer is:
The value of a reporting entity lies in the net assets (assets minus liabilities) under its control
Question 2
Correct
Mark 1.00 out of 1.00
The definition of an asset is:
1. A present economic resource controlled by a reporting entity as a result of a future event
2. A future economic resource controlled by a reporting entity as a result of a past event
3. A future economic resource controlled by a reporting entity as a result of a future event
4. A present economic resource controlled by a reporting entity as a result of a past event
Your answer is correct.
The correct answer is:
A present economic resource controlled by a reporting entity as a result of a past event
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Question 3
Correct
Mark 1.00 out of 1.00
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Which of the following measurement bases will often be encountered in a set of financial statements:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1602-23-S1 / Welcome Message / Assessment 1
1. Present value
2. Historical cost
3. Fair value
4. All of the above
Your answer is correct.
The correct answer is:
All of the above
Question 4
Correct
Mark 1.00 out of 1.00
The statement of financial position consists of three elements namely:
1. assets, income and expenses
2. assets, liabilities and equity
3. liabilities, equity and expenses
4. liabilities, income and expenses
Your answer is correct.
The correct answer is:
assets, liabilities and equity
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https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7769966&cmid=671959 2/17
Distribution of this document is illegal R13,625 per year?
2023
written by
SmartTutors
www.stuvia.com
Downloaded by: TutorNkonyane | Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
3/18/23, 1:21 PM Assessment 1: Attempt review
MENU
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1602-23-S1 / Welcome Message / Assessment 1
Started on Saturday, 18 March 2023, 12:42 PM
State Finished
Completed on Saturday, 18 March 2023, 1:21 PM
Time taken 38 mins 2 secs
Marks 30.00/30.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which of the following statements is correct:
1. A liability is a future obligation of a reporting entity to transfer an economic resource as a result of a past event
2.
The accounting equation is: Liabilities + Assets = equity
3. The value of a reporting entity lies in the net assets (assets minus liabilities) under its control
4. Equity is the residual interest in the assets of the entity after deducting all the expenses
Your answer is correct.
The correct answer is:
The value of a reporting entity lies in the net assets (assets minus liabilities) under its control
Question 2
Correct
Mark 1.00 out of 1.00
The definition of an asset is:
1. A present economic resource controlled by a reporting entity as a result of a future event
2. A future economic resource controlled by a reporting entity as a result of a past event
3. A future economic resource controlled by a reporting entity as a result of a future event
4. A present economic resource controlled by a reporting entity as a result of a past event
Your answer is correct.
The correct answer is:
A present economic resource controlled by a reporting entity as a result of a past event
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https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7769966&cmid=671959 1/17
Distribution of this document is illegal R13,625 per year?
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3/18/23, 1:21 PM Assessment 1: Attempt review
Question 3
Correct
Mark 1.00 out of 1.00
MENU
Which of the following measurement bases will often be encountered in a set of financial statements:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1602-23-S1 / Welcome Message / Assessment 1
1. Present value
2. Historical cost
3. Fair value
4. All of the above
Your answer is correct.
The correct answer is:
All of the above
Question 4
Correct
Mark 1.00 out of 1.00
The statement of financial position consists of three elements namely:
1. assets, income and expenses
2. assets, liabilities and equity
3. liabilities, equity and expenses
4. liabilities, income and expenses
Your answer is correct.
The correct answer is:
assets, liabilities and equity
Downloaded by: TutorNkonyane | Want to earn
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7769966&cmid=671959 2/17
Distribution of this document is illegal R13,625 per year?
