ADDENDUM A: COMPULSORY ASSIGNMENT 01 (FIRST SEMESTER)
UNIQUE NO: 598791
DUE DATE: 12 MARCH 2018
1. This assignment must be answered on a mark-reading sheet if submitted by post. It can also be
submitted electronically through myUnisa.
2. Before answering this assignment, please read paragraph 7 of this tutorial letter.
3. This assignment covers study units 1 5 of the study guide.
4. We cannot grant any extension for the late submission of this assignment since the due
date is set in accordance with the marking date of this assignment. No correspondence
or telephone conversations will be conducted in this regard.
5. Important aspects regarding multiple-choice assignments answered on a mark-reading
sheet:
For detailed information and requirements as far as assignments are concerned, see
mySTUDIES@Unisa which you received with your study package.
Work carefully through the relevant tutorial matter before you do the assignment.
Calculate your answer on a separate piece of paper before completing the mark-reading
sheet.
REMEMBER:
There is only one correct answer for each question. Do not make more than one mark per
question.
All questions are equal in value.
Indicate your student number correctly.
Indicate the assignment number correctly.
Indicate the unique assignment number for Assignment 01 correctly. Every assignment which
is marked by the computer is given a unique number. The number contains information on the
course code and the assignment number. When the computer reads the unique number, it
identifies it as Assignment 01 for FAC1601 first semester.
FOR HARD COPY SUBMISSION:
Only the provided mark-reading sheets may be used.
Colour in the correct block clearly with a HB pencil.
Do not colour outside the block, or colour in the block with a pen.
Do not make corrections with correction fluid.
Do not tear or fold the mark-reading sheet. Do not try to repair a torn mark-reading sheet with
sticky tape use another one.
Do not staple the mark-reading sheet to another piece of paper.
Do not submit answers on a written sheet of paper.
Send only your mark-reading sheet to the Assignments Division in the appropriate envelope.
10
, FAC1601/101/3/2018
ASSIGNMENT 01 FIRST SEMESTER (continued)
QUESTION 1
Consider the following statements:
(a) According to the Conceptual Framework, an asset is recognised in the statement of financial
position when it is probable that the future economic benefits will flow to the entity and the asset has
a cost or value that can be measured reliably.
(b) All financial statements of an entity must be prepared according to the accrual basis of accounting.
(c) An entity with an intention to liquidate its operations may prepare its financial statements according
to the going concern basis.
(d) Equity is the residual interest in the assets of the entity after deducting all its liabilities.
(e) Some companies listed on the Johannesburg Stock Exchange (JSE) are required to comply with
International Financial Reporting Standards (IFRS).
Which one of the following alternatives represents the correct statement(s)?
1. (d)
2. (a), (b) and (d)
3. (a), (b), (c) and (d)
4. (a) and (d)
QUESTION 2
Consider the following statements:
(a) A partnership is a separate legal entity.
(b) A close corporation can continue to operate under its registered name when the membership thereof
changes.
(c) If there is no written agreement between the partners of a partnership regarding the appropriation of
a profit/loss, it is assumed that the profit/loss will be apportioned to the partners equally.
(d) towards accounting for partnerships, salaries to partners are an
appropriation of the profit of a partnership and not an operating expense.
(e) A close corporation has an independent juristic personality and the taxable income of a close
corporation is subject to normal income tax at the rate which is applicable to a company.
Which one of the following alternatives represents the correct statement(s)?
1. (b)
2. (b), (d) and (e)
3. (b), (c), (d) and (e)
4. (a) and (c)
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UNIQUE NO: 598791
DUE DATE: 12 MARCH 2018
1. This assignment must be answered on a mark-reading sheet if submitted by post. It can also be
submitted electronically through myUnisa.
2. Before answering this assignment, please read paragraph 7 of this tutorial letter.
3. This assignment covers study units 1 5 of the study guide.
4. We cannot grant any extension for the late submission of this assignment since the due
date is set in accordance with the marking date of this assignment. No correspondence
or telephone conversations will be conducted in this regard.
5. Important aspects regarding multiple-choice assignments answered on a mark-reading
sheet:
For detailed information and requirements as far as assignments are concerned, see
mySTUDIES@Unisa which you received with your study package.
Work carefully through the relevant tutorial matter before you do the assignment.
Calculate your answer on a separate piece of paper before completing the mark-reading
sheet.
REMEMBER:
There is only one correct answer for each question. Do not make more than one mark per
question.
All questions are equal in value.
Indicate your student number correctly.
Indicate the assignment number correctly.
Indicate the unique assignment number for Assignment 01 correctly. Every assignment which
is marked by the computer is given a unique number. The number contains information on the
course code and the assignment number. When the computer reads the unique number, it
identifies it as Assignment 01 for FAC1601 first semester.
FOR HARD COPY SUBMISSION:
Only the provided mark-reading sheets may be used.
Colour in the correct block clearly with a HB pencil.
Do not colour outside the block, or colour in the block with a pen.
Do not make corrections with correction fluid.
Do not tear or fold the mark-reading sheet. Do not try to repair a torn mark-reading sheet with
sticky tape use another one.
Do not staple the mark-reading sheet to another piece of paper.
Do not submit answers on a written sheet of paper.
Send only your mark-reading sheet to the Assignments Division in the appropriate envelope.
10
, FAC1601/101/3/2018
ASSIGNMENT 01 FIRST SEMESTER (continued)
QUESTION 1
Consider the following statements:
(a) According to the Conceptual Framework, an asset is recognised in the statement of financial
position when it is probable that the future economic benefits will flow to the entity and the asset has
a cost or value that can be measured reliably.
(b) All financial statements of an entity must be prepared according to the accrual basis of accounting.
(c) An entity with an intention to liquidate its operations may prepare its financial statements according
to the going concern basis.
(d) Equity is the residual interest in the assets of the entity after deducting all its liabilities.
(e) Some companies listed on the Johannesburg Stock Exchange (JSE) are required to comply with
International Financial Reporting Standards (IFRS).
Which one of the following alternatives represents the correct statement(s)?
1. (d)
2. (a), (b) and (d)
3. (a), (b), (c) and (d)
4. (a) and (d)
QUESTION 2
Consider the following statements:
(a) A partnership is a separate legal entity.
(b) A close corporation can continue to operate under its registered name when the membership thereof
changes.
(c) If there is no written agreement between the partners of a partnership regarding the appropriation of
a profit/loss, it is assumed that the profit/loss will be apportioned to the partners equally.
(d) towards accounting for partnerships, salaries to partners are an
appropriation of the profit of a partnership and not an operating expense.
(e) A close corporation has an independent juristic personality and the taxable income of a close
corporation is subject to normal income tax at the rate which is applicable to a company.
Which one of the following alternatives represents the correct statement(s)?
1. (b)
2. (b), (d) and (e)
3. (b), (c), (d) and (e)
4. (a) and (c)
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