Question: Compensatory Assignment 1 Question 1 (20 Marks) 1. On 01 March, a business signs a contract to provide Dineo with permanent employment. In terms

Compensatory Assignment 1 Question 1 (20 Marks) 1. On 01 March, a

Compensatory Assignment 1 Question 1 (20 Marks) 1. On 01 March, a business signs a contract to provide Dineo with permanent employment. In terms of the contract, Dineo will start working for the business on 1 April, and will be paid on the last day of each month. REQUIRED: Should the business recognize a liability for Dineo's April salary, and if so, when? Your answer should refer to the liability definition and recognition criteria in the Conceptual Framework. (11 marks) 2. Briefly discuss the significance of prudence, substance over form and measurement uncertainty on the usefulness of financial information. (9 marks)

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