FAC1501
Introductory Financial Accounting
Assignment 01 for Semester 02 (compulsory)
Unique Number 855952
Due: 11 August 2020
Before you answer the questions for this assignment, you must have studied learning units 1 to 5 of
your study guide.
Submit this assignment electronically via myUnisa or do it on a mark-reading sheet.
1. The recording and reporting of financial information in South Africa is governed by …
(1) General Accounting Practices.
(2) Financial Reporting Standards.
(3) International Financial Receiving Standards.
(4) International Financial Reporting Standards.
(5) General Accounting Accrued Practices.
Answer:
Refer to page 5 of the study guide:
In South Africa the recording and reporting of financial information are governed by
international financial reporting standards as set by the Financial Reporting Standards
Council (FRSC) in South Africa.
2. Investors use the accounting information contained in the financial statements to …
(1) plan and determine future actions to be taken.
(2) assess the risk and return of an investment in the entity.
(3) regulate the activities of the entity.
(4) assess the ability of the entity to pay amounts owing.
(5) assess the ability of the entity to continue as a going concern.
Answer:
Refer to page 6 of the study guide:
1.7 USERS OF FINANCIAL STATEMENTS
Introductory Financial Accounting
Assignment 01 for Semester 02 (compulsory)
Unique Number 855952
Due: 11 August 2020
Before you answer the questions for this assignment, you must have studied learning units 1 to 5 of
your study guide.
Submit this assignment electronically via myUnisa or do it on a mark-reading sheet.
1. The recording and reporting of financial information in South Africa is governed by …
(1) General Accounting Practices.
(2) Financial Reporting Standards.
(3) International Financial Receiving Standards.
(4) International Financial Reporting Standards.
(5) General Accounting Accrued Practices.
Answer:
Refer to page 5 of the study guide:
In South Africa the recording and reporting of financial information are governed by
international financial reporting standards as set by the Financial Reporting Standards
Council (FRSC) in South Africa.
2. Investors use the accounting information contained in the financial statements to …
(1) plan and determine future actions to be taken.
(2) assess the risk and return of an investment in the entity.
(3) regulate the activities of the entity.
(4) assess the ability of the entity to pay amounts owing.
(5) assess the ability of the entity to continue as a going concern.
Answer:
Refer to page 6 of the study guide:
1.7 USERS OF FINANCIAL STATEMENTS
