Exam (elaborations)
FAC3761 UNISA Exams & Memo's 2022
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FAC3761 Exam papers and Suggested Solutions according to UNISA for 2022 Papers.
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1 FAC376104/2022
COLLEGE OF ACCOUNTING SCIENCES
DEPARTMENT OF FINANCIAL ACCOUNTING
TEST 1: 25 APRIL 2022
FAC3761
INTERNATIONAL FINANCIAL ACCOUNTING
(40 marks)
2 hours (including 15 minutes download and 30 minutes upload time)
THIS PAPER CONSISTS OF SEVEN (7) PAGES
IMPORTANT INSTRUCTIONS:
The answering of this paper:
1. This is a closed-book test.
2. This paper consists of one (1) question.
3. All questions and sub-sections must be answered.
4. Each sub-section must be commenced on a new (separate) page.
5. All workings, where applicable, must be shown.
6. All amounts must be rounded to the nearest Rand.
Honesty Declaration:
By submitting my solution to the test, I declare that:
I know what plagiarism is, that plagiarism is wrong and that disciplinary steps can be taken
against me if I am found guilty of plagiarism;
This solution, submitted by myself, is my own work;
I have not assisted any other student in any manner and I have not had the assistance of
any other person, in completing this test;
I will not assist any other student in any manner and I will not obtain the assistance of any
other person, in completing this test;
I know that if I am found to be in violation of this declaration I will receive 0% for this test.
Please note: You do not have to sign the declaration. By submitting your solution, you
automatically declare that you adhere to all the above with regards to this specific assessment.
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04/2022
The Invigilator
Please note The Invigilator App is not used during Test 1 for FAC3761.
Submission instructions:
Please remember to complete the Honesty Declaration (Part of file submission process below).
Follow these steps to submit your answer file.
Go to https://my.unisa.ac.za/portal and login with your myUnisa credentials i.e. student number and
password.
Click on myAdmin – Assessments and Assignments View.
Alternatively you can access the assignment submission tab from this link directly –
https://stratus.unisa.ac.za/sacdl20/asps/unisa_assignments.asp
Students who cannot access myUnisa for the test question paper or to upload their answer scripts
should use the following link – https://mooc.unisa.ac.za/portal - CAS Test 1 2022.
Please note that this option must only be used if you struggle to upload or download your script
from myUnisa, as you need to register on the MOOC portal first, before you can continue.
ATTACH/UPLOAD ANSWER FILE
o A new page will open. Scroll down to the blue Submit button.
o Make sure all your ALL your pages are converted into a single PDF document for uploading
(Make sure the file is not read-only or password protected).
o Click the Choose File button to browse for a file.
o Once you have attached your answer file, the name of the file, as well as the file size and upload
time stamp will be displayed.
o TIP: You may click Remove to remove the attachment if you selected the wrong file on your
device.
Remember to complete the Honesty Declaration by typing in two separate words “I AGREE”
at the end of the submission process.
SUBMIT ANSWER FILE
o When you are ready and satisfied that you have the correct answer file, click the Continue button
to complete your assessment submission.
o Be sure to submit on time, before test session ends. Click Cancel to exit the assessment without
saving or submitting.
Once you have submitted your assessment, you will receive a confirmation message on the
screen.
Make a screen copy for your records.
In addition, if you have opted to receive an email notification, you will also receive an email
confirmation of your submission.
Additional instructions:
The final submission of your answer script will be on myUnisa or the MOOC platform, and these
two platforms are the only valid submissions that will be accepted by the university.
No emailed scripts will be accepted.
Students are advised to preview submissions (answer scripts) to ensure legibility and that the
correct answer script file has been uploaded.
Student are permitted to resubmit their answer scripts should their initial submission be unsatis-
factory.
Incorrect file format and uncollated answer scripts will not be considered.
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04/2022
Incorrect answer scripts and/or submissions made on unofficial examinations platforms will not be
marked and no opportunity will be granted for resubmission.
Mark awarded for incomplete submission will be the student’s final mark. No opportunity for resub-
mission will be granted.
Mark awarded for illegible scanned submission will be the student’s final mark. No opportunity for
resubmission will be granted.
Submissions will only be accepted from registered student accounts.
Students suspected of dishonest conduct during the examinations will be subjected to disciplinary
processes. UNISA has a zero tolerance for plagiarism and/or any other forms of academic disho-
nesty.
Students are provided 30 minutes to submit their answer scripts after the official test time.
Submissions made after the official test time will be rejected by the examination regulations and will
not be marked.
The test paper will remain available throughout the session.
Commence the submission (uploading) of your answer file as soon as you have completed the
assessment, do not wait for the session to conclude.
Suggestion: Start uploading your answer file at 12:15 (90 minutes after the start of the test
session) at the latest, to allow enough time for any delays in the process.
You must submit your answers in one pdf file. The file name of your pdf document must be in the
following format: Student number, space, FAC3761. For example: 33445566 FAC3761.
Your submission will be date stamped and only submissions received up to 12:45 will be marked.
PLEASE NOTE:
1. The paper consists of ONE (1) question.
2. All questions/subsections must be answered.
3. All calculations must be shown.
4. Each question attempted, must commence on a new (separate) page.
5. PROPOSED TIME-TABLE: (Avoid deviating from this as far as possible.)
Marks Time (minutes)
Test 1: Question 40 72
TOTAL 40 72
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TEST 1: QUESTION (40 marks)(72 minutes)
SecureWater Ltd, a listed company, provides water testing services in South Africa and in neighbouring
countries. The following information was presented to you as you are requested to assist in finalising the
accounting records and preparing the annual financial statements.
1. Taxation
The SA normal tax rate changed from 29% in 2020 to 28% in 2021. The capital gains tax inclusion rate is
80%. The tax assessment for the 2020 financial year showed an assessed loss of R375 000, which is in
agreement with the accounting records of SecureWater Ltd.
SecureWater Ltd made the following provisional tax payments for the year ended 31 December 2021, which
has not yet been recorded in the financial records of SecureWater Ltd:
R
31 July 2021 (including interest amounting to R19 500)..................................................... 559 500
31 December 2021 ............................................................................................................. 270 000
829 500
Deferred tax is provided for on all temporary differences, using the statement of financial position approach.
There are no other exempt or temporary differences except those mentioned in the question. There is
certainty beyond reasonable doubt that the company will have sufficient taxable profit in future against which
any deductible temporary differences can be utilised. The deferred tax asset balance on 31 December 2020,
which you may assume to be correct, amounted to R159 935.
2. Dividends
On 18 December 2021, the board of directors of SecureWater Ltd declared dividends, payable to the
following registered shareholders, for the financial year ended 31 December 2021:
R
4Future Ltd ......................................................................................................................... 405 000
Mr Gregory Flint .................................................................................................................. 240 000
Mr Samuel Sithole .............................................................................................................. 390 000
LOL Ltd ............................................................................................................................... 165 000
1 200 000
The above dividends are subject to dividends tax of 20%, where applicable. The dividends, as well as the
dividends tax, were paid on 10 January 2022. The dividend transactions have not been recorded yet in the
draft financial statements of SecureWater Ltd for the year ended 31 December 2021.
3. Accounting policies and assumptions
Land, buildings and mobile laboratory units are accounted for in accordance with the cost model.
Assume all amounts are material.
Ignore the implications of Value Added Tax (VAT).
4. Profit before tax
The profit before tax of SecureWater Ltd for the year ended 31 December 2021, amounted to R 3 730 125,
including the following items:
Additional
information R
Income
Foreign income received from Lesotho ........................................................... 4.1 300 000
Foreign taxes amounting to R75 000 was paid on the foreign income
Dividends received from unlisted investments ................................................. 150 000
Credit losses .................................................................................................... 4.2 45 000
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