FAC
ACCOUNTING , FAC1502, CHAPTER 1
EXAM QUESTIONS AND ANSWERS
UPDATED (2024/2025) (VERIFIED
ANSWERS)
Discounted value - ANS ✓The value now for an amount to be received in the
future; the amount to be paid now to settle a debt that becomes due in the future.
Transaction - ANS ✓is an an action where money is paid and in return an item
or service, that the buyer needs , is obtained.
Accounting entity - ANS ✓is any entity for which separate financial records are
kept
Assets - ANS ✓Are present economic resource controlled (used) by the entity, as
a result of past events.
Equity - ANS ✓is the interest which the owner has in the business and which the
entity therefore owes to him
Liabilities - ANS ✓Are present obligations(Debt) of the entity to transfer
economic resources(payment) as a result of past events (borrowing or
purchasing)
1
FAC1502
ACCOUNTING , FAC1502, CHAPTER 1
EXAM QUESTIONS AND ANSWERS
UPDATED (2024/2025) (VERIFIED
ANSWERS)
Discounted value - ANS ✓The value now for an amount to be received in the
future; the amount to be paid now to settle a debt that becomes due in the future.
Transaction - ANS ✓is an an action where money is paid and in return an item
or service, that the buyer needs , is obtained.
Accounting entity - ANS ✓is any entity for which separate financial records are
kept
Assets - ANS ✓Are present economic resource controlled (used) by the entity, as
a result of past events.
Equity - ANS ✓is the interest which the owner has in the business and which the
entity therefore owes to him
Liabilities - ANS ✓Are present obligations(Debt) of the entity to transfer
economic resources(payment) as a result of past events (borrowing or
purchasing)
1
FAC1502
