FAC 1502 MOCK ACTUAL EXAM TEST PAPER FULL QUESTIONS CORRECT RESPONSES.pdf

FAC 1502 MOCK ACTUAL EXAM TEST PAPER FULL QUESTIONS CORRECT RESPONSES




Question:
Non-current Asset.

Answer:
Assets of a more permanent nature which are essential in the process of earning income



Question:
Current Asset.

Answer:
Assets which have a short lifespan and continually change in the normal course of business



Question:
Current Assets.

Answer:
inventories Debtors Bills received Cash at the bank



Question:
Asset.

Answer:
A resource controlled by the entity as a result of past events and from which future economic
benefits are expected to flow to the entity



Question:

, Liabilities.

Answer:
Present obligations of the entity arising from past events, the settlement of which is expected to
result in an outflow from the entity



Question:
Non-current liability.

Answer:
Long-term debts, which have to be settled after one year of the date of the statement of financial
position



Question:
Current Liability.

Answer:
Debts that have to be settled in the short-term, usually within a year from the date of the statement of
financial position



Question:
Non-current Liabilities.

Answer:
Long-term based loans Mortgages Debentures



Question:
Current Liabilities.

Answer:
Creditors Bank overdrafts