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FAC2601 Assignment 5 Semester 1 2024 [ Quality Answers] DISTINCTION GUARANTEED 95% grading $3.42   Add to cart
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FAC2601 Assignment 5 Semester 1 2024 [ Quality Answers] DISTINCTION GUARANTEED 95% grading

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  • Course
  • Financial Accounting for Companies (FAC2601)
  • Institution
  • University Of South Africa (Unisa)

This document contains Fac2601 Assignment 5 Semester 1 2024 question and answers with a guarantee pass with a distinction with a 95% grading

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Document information

  • May 30, 2024
  • 11
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac2601 assignment 5 semester 1 2024

Written for

  • University of South Africa (Unisa)
  • Financial Accounting for Companies (FAC2601)
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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 R121 000 at the inception of the contract.


2.
Revenue is recognized at an amount of R100 000 at the inception of the contract
3.
Revenue is recognized at an amount of R100 000 on 31 December 2024
4.
Revenue is recognized at an amount of R121 000 on 31 December 2024
Clear my choice

Question 2
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Question text
Question 2:
Trades and other receivables will be reflected at an amount of ________________ as at
31 December 2023?


1.
R111 000
2.
R121 000
3.
R110 000
4.
R100 000
Clear my choice

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