3/18/23, 12:52 PM Assessment 1
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Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1602-23-S1 / Welcome Message / Assessment 1
Question 1
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Marked 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
Clear my choice
Question 2
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Marked 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
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=7769966&cmid=671959 1/15
MENU
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1602-23-S1 / Welcome Message / Assessment 1
Question 1
Not yet answered
Marked 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
Clear my choice
Question 2
Not yet answered
Marked 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
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=7769966&cmid=671959 1/15
