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Assessment 1
Started on Sunday, 19 March 2023, 7:15 PM
State Finished
Completed on Sunday, 19 March 2023, 8:47 PM
Time taken 1 hour 31 mins
Marks 28.00/30.00
Grade 93.33 out of 100.00
Question 1
Correct
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Question text
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.
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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
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Question text
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.
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Your answer is correct.
The correct answer is:
A present economic resource controlled by a reporting entity as a result of a past event.
Question 3
Correct
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Question text
Which of the following measurement bases will often be encountered in a set of financial statements:
1.
Present value
2.
Historical cost
3.
Fair value
4.
All of the above
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Your answer is correct.
The correct answer is:
All of the above
Question 4
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Question text
The statement of financial position consists of three elements namely:
Send message
RACHELLE ELIZABETH SNYMAN
Email address
Send message
Activities
Forums Quizzes Resources
My Progress
Course
progress:
0%
Complete
FAC1601-23-S1
Dashboard
My courses
FAC1601-23-S1
Welcome Message
Assessment 1
Started on Sunday, 19 March 2023, 7:15 PM
State Finished
Completed on Sunday, 19 March 2023, 8:47 PM
Time taken 1 hour 31 mins
Marks 28.00/30.00
Grade 93.33 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Flag question
Question text
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.
Feedback
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
Remove flag
Question text
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.
Feedback
Your answer is correct.
The correct answer is:
A present economic resource controlled by a reporting entity as a result of a past event.
Question 3
Correct
Mark 1.00 out of 1.00
Flag question
Question text
Which of the following measurement bases will often be encountered in a set of financial statements:
1.
Present value
2.
Historical cost
3.
Fair value
4.
All of the above
Feedback
Your answer is correct.
The correct answer is:
All of the above
Question 4
Correct
Mark 1.00 out of 1.00
Flag question
Question text
The statement of financial position consists of three elements namely:
