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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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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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
, 3/18/23, 12:52 PM Assessment 1
Question 3
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Which of the following measurement bases will often be encountered in a set of financial statements:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1602-23-S1 / Welcome Message / Assessment 1
1. Present value
2. Historical cost
3. Fair value
4. All of the above
Clear my choice
Question 4
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The statement of financial position consists of three elements namely:
1. assets, income and expenses
2. assets, liabilities and equity
3. liabilities, equity and expenses
4. liabilities, income and expenses
Clear my choice
Question 5
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BenMo purchased a MAN printing press for their printing business. Which one of the following expenses should not be included in the cost
the machine:
1. Maintenance and repair costs
2. Delivery costs
3. Installation costs
4. Printing press machine cost
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=7769966&cmid=671959 2/15
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
, 3/18/23, 12:52 PM Assessment 1
Question 3
Not yet answered
Marked out of 1.00
MENU
Which of the following measurement bases will often be encountered in a set of financial statements:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1602-23-S1 / Welcome Message / Assessment 1
1. Present value
2. Historical cost
3. Fair value
4. All of the above
Clear my choice
Question 4
Not yet answered
Marked out of 1.00
The statement of financial position consists of three elements namely:
1. assets, income and expenses
2. assets, liabilities and equity
3. liabilities, equity and expenses
4. liabilities, income and expenses
Clear my choice
Question 5
Not yet answered
Marked out of 1.00
BenMo purchased a MAN printing press for their printing business. Which one of the following expenses should not be included in the cost
the machine:
1. Maintenance and repair costs
2. Delivery costs
3. Installation costs
4. Printing press machine cost
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=7769966&cmid=671959 2/15
