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Exam (elaborations)

FAC3701 EXAM ANSWERS DUE 20 JUNE 2025 COMPLETE SOLUTIONS PASS GUARANTEED

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FAC3701 EXAM ANSWERS DUE 20 JUNE 2025 COMPLETE SOLUTIONS PASS GUARANTEED

Institution
University Of South Africa (Unisa)
Course
General Financial Reporting (FAC3701)

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FAC3701 General Financial Reporting Answers
May/June 2025




QUESTION 1 PART A - Multiple Choice Questions (4 marks)

, Question Correct Answer
Question 1 1
Question 2 3
Question 3 2
Question 4 3



QUESTION 1 PART B
(a) Five Criteria for Contract Existence (IFRS 15) - 5 marks

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The parties to the contract have approved the contract and are committed to perform
1. Approval and Commitment
their respective obligations




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3. Payment Terms The entity can identify the payment terms for the goods or services to be transferred


4. Commercial Substance The contract has commercial substance


5. Collection Probability It is probable that the entity will collect the consideration to which it will be entitled
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Institution
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Course
General Financial Reporting (FAC3701)
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  • fac3701 exam answers due 20 june 2025
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