3/18/23, 2:45 PM Assessment 1: Attempt review
MENU
Dashboard / My courses / FAC1601-23-S1 / Welcome Message / Assessment 1
Started on Saturday, 18 March 2023, 1:27 PM
State Finished
Completed on Saturday, 18 March 2023, 2:34 PM
Time taken 1 hour 7 mins
Marks 30.00/30.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
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.
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
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.
Your answer is correct.
The correct answer is:
A present economic resource controlled by a reporting entity as a result of a past event.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7771558&cmid=648135 1/17
, 3/18/23, 2:45 PM Assessment 1: Attempt review
Question 3
Correct
Mark 1.00 out of 1.00
MENU
Which of the following measurement bases will often be encountered in a set of financial statements:
Dashboard / My courses / FAC1601-23-S1 / Welcome Message / Assessment 1
1. Present value
2. Historical cost
3. Fair value
4. All of the above
Your answer is correct.
The correct answer is:
All of the above
Question 4
Correct
Mark 1.00 out of 1.00
The statement of financial position consists of three elements namely:
1. assets, income and expenses
2. assets, liabilities and equity
3. liabilities, equity and expenses
4. liabilities, income and expenses
Your answer is correct.
The correct answer is:
assets, liabilities and equity
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7771558&cmid=648135 2/17
MENU
Dashboard / My courses / FAC1601-23-S1 / Welcome Message / Assessment 1
Started on Saturday, 18 March 2023, 1:27 PM
State Finished
Completed on Saturday, 18 March 2023, 2:34 PM
Time taken 1 hour 7 mins
Marks 30.00/30.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
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.
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
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.
Your answer is correct.
The correct answer is:
A present economic resource controlled by a reporting entity as a result of a past event.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7771558&cmid=648135 1/17
, 3/18/23, 2:45 PM Assessment 1: Attempt review
Question 3
Correct
Mark 1.00 out of 1.00
MENU
Which of the following measurement bases will often be encountered in a set of financial statements:
Dashboard / My courses / FAC1601-23-S1 / Welcome Message / Assessment 1
1. Present value
2. Historical cost
3. Fair value
4. All of the above
Your answer is correct.
The correct answer is:
All of the above
Question 4
Correct
Mark 1.00 out of 1.00
The statement of financial position consists of three elements namely:
1. assets, income and expenses
2. assets, liabilities and equity
3. liabilities, equity and expenses
4. liabilities, income and expenses
Your answer is correct.
The correct answer is:
assets, liabilities and equity
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7771558&cmid=648135 2/17
