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FAC1601 ASSESSMENT 1 RETAKE OF 2022 SUGGESTED SOLUTIONS
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Dashboard / My courses / FAC1601-22-S1 / Welcome Message / Assessment 1 (Retake)
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Question 1
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An entity which complies with IFRS 9 holds a financial asset which gives rise on specified dates to cash flows that are solely payments of
principal and interest. The entity’s only objective in holding this asset is to collect these cash flows. This financial asset should be measured
at:
a. Original cost
b. Fair value or amortised cost
c. Fair value
d. Amortised cost
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Question 2
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How does the Conceptual Framework explain the role of stewardship?
a. Providing information needed to assess management’s stewardship is identified as an additional objective of financial reporting,
equal in prominence to providing financial information useful to users in making decisions relating to providing resources to the
entity.
b. Providing information needed to assess stewardship is more important than providing information needed to assess the prospects for
future cash inflows to the entity.
c. Decisions relating to providing resources to the entity depend on users’ assessment of the amount, timing and uncertainty of the
prospects for future net cash inflows to the entity and on their assessment of management's stewardship.
d. Financial reports are not intended to provide information needed to assess stewardship.
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,Question 3
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On 1 March 2021, Malandela Ltd purchased 20 000 ordinary shares for a consideration of R1,20 per share, from JMPD Blue Ltd. On
Dashboard
28 / My the
February 2022, courses / FAC1601-22-S1
fair value / JMPD
of shares held at Welcome
BlueMessage / Assessment
Ltd amounted 1 (Retake)
to R26 000. On which financial statement of Malandela Ltd would
the change in the value of shares be disclosed?
a. Statement of profit or loss and other comprehensive income
b. Statement of changes in equity
c. Statement of financial position
d. Statement of cash flows
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Question 4
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On which financial statement would the balance of shares be disclosed?
a. Statement of cash flows
b. Statement of profit or loss and other comprehensive income
c. Statement of changes in equity
d. Statement of financial position
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Question 5
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Recognition is the process of:
a. Sorting assets, liabilities, equity, income or expenses on the basis of shared characteristics
b. Adding together of assets, liabilities, equity, income or expenses that have shared characteristics
c. Determining where an item should be presented in the financial statements
d. Capturing, for inclusion in the statement of financial position or the statement(s) of financial profit or loss and other comprehensive
income, an item that meets the definition of one of the elements of the financial statements; an asset, a liability, equity, income or
expenses.
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◄ Assessment 5
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Dashboard / My courses / FAC1601-22-S1 / Welcome Message / Assessment 1 (Retake)
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