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FAC 1601 2022 SECOND SEM ASSIGNMENT
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
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Question 2
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Which one of the following measurement bases is not categorised 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
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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.
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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.
Accrual
b.
Cash
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FAC 1601 2022 SECOND SEM ASSIGNMENT
Assignment 1 - Assign 1
Financial Accounting and Reporting (University of South Africa)
StuDocu is not sponsored or endorsed by any college or university
Downloaded by yeah buuudddy ()
, lOMoARcPSD|13093512
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
Clear my choice
Question 2
Answer saved
Marked out of 2.00
Flag question
Question text
Which one of the following measurement bases is not categorised 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
Clear my choice
Question 3
Downloaded by yeah buuudddy ()
, lOMoARcPSD|13093512
Answer saved
Marked out of 2.00
Flag question
Question text
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.
Clear my choice
Question 4
Answer saved
Marked out of 2.00
Flag question
Question text
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.
Accrual
b.
Cash
Downloaded by yeah buuudddy ()
