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Lion 1 [12] each statement listed in Column A with the concept listed in column B that you believe it relates down only the number of each statement and next to it the letter of the relevant concept. ple: 1.13 C Colu Column A A Matching 1 A loan that is not repayable within the next 12 months. B Historic 2. An expense of R2 500 was omitted in the accounting records of a company with a turnover of R80 million. IFRS 1.3 Non-cu D assets 1.4 An element of a statement of financial position that can be converted into cash within less than one year. A debt has been written off as irrecoverable even though the debtor is not insolvent yet. This is a non-current asset which has a physical appearance, i.e. it can be touched E Debtor 1.5 F Equity 1.6 A person or institution who owes the business money. G Tangib 1.7 Goods taken for the personal use of the owner. H Mater 1.8 Represents the value of the business. 1 Curre An entity acquires assets with the intention of employing them for the 1.9 continuation of the entity's operations and they will not be disposed of immediately. The property owned by a business and which it can sell for R1.8 million is 1.10 shown at its original cost price of R850 000 in the statement of financial position. - Nor K Pru 1.11 These principles make it possible to compare the financial results of different businesses, including international entities. L D A company has R50 000 of sales in April and will pay the relating sales 1.12 commission of R5 000 in May, but records the expense of R5 000 for sales commission in the April statement of comprehensive income. n1 [12] Each statement listed in Column A with the concept listed in column B that you believe it relates to. own only the number of each statement and next to it the letter of the relevant concept. e: 1.13 C Column A Column B Aloan that is not repayable within the next 12 months. A Matching An expense of R2 500 was omitted in the accounting records of a company with a turnover of R80 million B Historic cost C IFRS Non-current/fi- D An element of a statement of financial position that can be converted into cash within less than one year. A debt has been written off as irrecoverable even though the debtor is not insolvent yet. This is a non-current asset which has a physical appearance, i.e. it can be touched. A person or institution who owes the business money assets E Debtor F Equity Goods taken for the personal use of the owner. G Tangible asset Represents the value of the business, H Materiality I Current asset An entity acquires assets with the intention of employing them for the continuation of the entity's operations and they will not be disposed of immediately The property owned by a business and which it can sell for R1.8 million is shown at its original cost price of R850 000 in the statement of financial position J Non-current lia! These principles make it possible to compare the financial results of different businesses, including international entities. Prudence A company has R50 000 of sales in April and will pay the relating sales commission of R5 000 in May, but records the expense of R5 000 for sales commission in the April statement of comprehensive income. L Drawings on 2 [35] Page 5 of Formative Assessment DIO SBS

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