Exam (elaborations)
FAC2601 ASSIGNMENT 5 SEMESTER 1 2024
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FAC2601 ASSIGNMENT 5 SEMESTER 1 2024 FOR FURTHER ASSISTANCE
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Dashboard / My courses / FAC2601-24-51 / Welcome Message / Assessment5 - 30 May 2024 (18:00- 21:00)
Started on Thursday, 30 May 2024, 6:23 PM
State Finished
Completed on Thursday, 30 May 2024, 6:50 PM
Time taken 27 mins 19 secs
Marks 32.00/40.00
Grade 80.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
MULTIPLE CHOICE QUESTION ASSIGNMENT
Answer the following multiple-choice questions. Indicate your choice by selecting only one option from the four options given for
each question answered.
Use the following information to answer questions 1 and 2:
Pale Ltd sells a trailer to a customer for R121 000 which is payable 24 months after delivery. The customer obtains control of the
product at contract inception on 1 January 2023.
The cash-selling price of the trailer is R100 000, which represents the amount that the customer would pay upon delivery for the same
product sold under otherwise identical terms and conditions as at contract inception. Pale Ltd's cost of the trailer is R80 000. An
interest rate of 10% per annum is applicable to the contract and is a significant financing component.
REQUIRED:
Question 1:
Which one of the following statements is correct based on the information provided above?
1. Revenue is recognized at an amount of R100 000 on 31 December 2024
2 Revenue is recognized at an amount of R121 000 at the inception of the contract.
3. Revenue is recognized at an amount of R121 000 on 31 December 2024
4. Revenue is recognized at an amount of R100 000 at the inception of the contract
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