FAC3703
Assignment 3 QUIZ Semester 2 2025
Detailed Solutions, References & Explanations
Unique number: 869702
Due Date: 25 September 2025
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,or and
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
, FAC3703-25-S2 WELCOME TO FAC3703 – Specific Financial Reporting Assessment 3
QUIZ
Question 1
Not yet answered
Marked out of 1.00
What is the primary objective of IAS 24?
A. To disclose relationships and transactions with related parties
B. To eliminate related party transactions
C. To ensure tax compliance
D. To consolidate financial statements
Clear my choice
, FAC3703-25-S2 WELCOME TO FAC3703 – Specific Financial Reporting Assessment 3
QUIZ
Question 2
Not yet answered
Marked out of 1.00
Which of the following is not considered key management personnel?
A. CEO - Chief Executive Officer
B. Non-executive director
C. External auditor
D. CFO - Chief Financial Officer
E. Executive director
Clear my choice
, FAC3703-25-S2 WELCOME TO FAC3703 – Specific Financial Reporting Assessment 3
QUIZ
Question 3
Not yet answered
Marked out of 1.00
Under IAS 23, which of the following items is not considered a qualifying asset for the purpose of capitalising borrowing
costs?
A. Development of a self-constructed asset intended for sale in the ordinary course of business
B. Construction of a new office building
C. Purchase of inventory for resale
D. Construction of a manufacturing plant for use in the company’s operations
E. Acquisition of land for future development
Clear my choice
Assignment 3 QUIZ Semester 2 2025
Detailed Solutions, References & Explanations
Unique number: 869702
Due Date: 25 September 2025
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,or and
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
, FAC3703-25-S2 WELCOME TO FAC3703 – Specific Financial Reporting Assessment 3
QUIZ
Question 1
Not yet answered
Marked out of 1.00
What is the primary objective of IAS 24?
A. To disclose relationships and transactions with related parties
B. To eliminate related party transactions
C. To ensure tax compliance
D. To consolidate financial statements
Clear my choice
, FAC3703-25-S2 WELCOME TO FAC3703 – Specific Financial Reporting Assessment 3
QUIZ
Question 2
Not yet answered
Marked out of 1.00
Which of the following is not considered key management personnel?
A. CEO - Chief Executive Officer
B. Non-executive director
C. External auditor
D. CFO - Chief Financial Officer
E. Executive director
Clear my choice
, FAC3703-25-S2 WELCOME TO FAC3703 – Specific Financial Reporting Assessment 3
QUIZ
Question 3
Not yet answered
Marked out of 1.00
Under IAS 23, which of the following items is not considered a qualifying asset for the purpose of capitalising borrowing
costs?
A. Development of a self-constructed asset intended for sale in the ordinary course of business
B. Construction of a new office building
C. Purchase of inventory for resale
D. Construction of a manufacturing plant for use in the company’s operations
E. Acquisition of land for future development
Clear my choice
