FIN2603 Assignment 1 (COMPLETE ANSWERS) Semester 1 2026 - DUE 16 March 2026; 100% Correct solutions and explanations.

FIN2603 Assignment 1 (COMPLETE ANSWERS) Semester 1 2026 - DUE 16 March 2026; 100% Correct solutions and explanations. Workshop Assessment 1 Completion requirements Submissions opened: Thursday, 5 March 2026, 8:00 AM Submissions close: Monday, 16 March 2026, 11:00 PM Assessments open: Tuesday, 17 March 2026, 7:00 AM Assessments close: Friday, 3 April 2026, 11:00 PM Submission phase Workshop timeline with 5 phasesSkip to current tasks Setup phase Submission phase Current phase Task doneSubmit your work Task infoOpen for submissions from Thursday, 5 March 2026, 8:00 AM (today) Task infoSubmissions deadline: Monday, 16 March 2026, 11:00 PM (11 days left) Assessment phase Task infoOpen for assessment from Tuesday, 17 March 2026, 7:00 AM (12 days left) Task infoAssessment deadline: Friday, 3 April 2026, 11:00 PM (29 days left) Grading evaluation phase Closed Instructions for submission This is your peer review assessment. You will answer two questions and submit your assessment in pdf format. Question 1 counts 11 marks and Question 2 counts 12 marks. There is no time limit for this assessment. After you have submitted your assessment you will review 3 peers' work, plus your own assessment based on a marking rubric which will be available to you on the system as you progress to phase 2. Please note there are TWO deadlines- a deadline for submitting your own assessment (5 March - 16 March) and a deadline for when you should have reviewed the assessments by your peers (17 March- 3 April). ASSESMENT QUESTIONS (submit your answers in pdf format). Question 1 [11] Define and briefly explain the following fundamental accounting concepts and principles. In your answer, clearly demonstrate your understanding of each concept. 1. Accounting entity (1) 2. Conservatism (1) 3. Consistency concept (2) 4. Historical cost (1) 5. Going-concern concept (2) 6. Realisation principle (2) 7. Accrual principle (2) Question 2 [12] Use the following information to answer questions 2.1 to 2.6: SilverPeak Manufacturing (Pty) Ltd. a steel manufacturer has the