Financial Accounting and Reporting

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Assignment 1 - Assign 1
Financial Accounting and Reporting (University of
South Africa)

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ASSIGNMENT 1



The fundamental qualitative characteristics of useful financial


information are: a.
Comparability and relevance

b.
Relevance and reliability

c.
Comparability, relevance and faithful representation

d.
Relevance and faithful
representation
Question 2
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Which one of the following measurement bases is not categorized as part of
the current value measurement base in the Conceptual Framework?


a.
Fair value

b.
Value in use

c.
Transaction cost

d.
Current cost


Question 3

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Which one of the following alternatives is correct?


a.
The statement of profit or loss is the only source of information about an
entity’s
financial performance for the period.

b.
In principle, all income and expenses are included in the statement of profit or

loss.
c.
All income and expenses included in profit or loss arise from ordinary
activities of the entity.

d.
Income and expenses included in other comprehensive income are always
recycled into the statement of profit or loss at the beginning of the holding
period of the related asset or liability.


Question 4
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Which type of adjustment occurs when cash is either received or paid, but
the related income or expense is not reportable in the current period?


a.
Accru

al
b.
Cas

h