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Exam (elaborations) FAC1602
Exam (elaborations) FAC1602
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lOMoARcPSD|47080728BPT1501 EXAM PACK
2024
QUESTION AND
ANSWER
FOR ASSISTANCE: mitanoisylvia@
gmail.com
Downloaded by sylvia mitanoi (mitanoisylvia@gmail.com)
, lOMoARcPSD|47080728
FAC1601/103/3/2020
CONTENTS
Page
ANNEXURE A : MAY AND OCTOBER 2020 EXAMINATIONS .......................................... 4
Format and marking methodology ......................................................................... 4
Suggested examination technique ......................................................................... 4
ANNEXURE B : ASSIGNMENT 03 - (Not to be submitted) ................................................. 6
ANNEXURE C : SOLUTION TO ASSIGNMENT 03 .......................................................... 13
ANNEXURE D : ASSIGNMENT 04 - (Not to be submitted) ............................................... 31
ANNEXURE E : SOLUTION TO ASSIGNMENT 04 .......................................................... 37
ANNEXURE F : ADDITIONAL QUESTIONS .................................................................... 42
ANNEXURE G : ADDITIONAL QUESTIONS SUGGESTED SOLUTIONS ...................... 51
2
Downloaded by sylvia mitanoi (mitanoisylvia@gmail.com)
, lOMoARcPSD|47080728
FAC1601/103/3/2020
INTRODUCTION
Dear Student
Find herewith information pertaining to the May and October 2020 examinations and assignments
03 and 04 of which are non-compulsory assignments as well as additional questions.
Please note that the prescribed textbook is About Financial Accounting, Volume 2, 8 th edition.
This latest version of the textbook contains a revised edition of the Conceptual Framework. As far
as administrative enquiries are concerned, we would again like to emphasise tutorial letter
TL101/3/2020.
Assignments 03 and 04
Assignments 03 and 04 must NOT be submitted. The solutions thereto are included in this tutorial
letter to ensure that you have sufficient opportunity to work through all your study material before the
examination date.
Additional questions
For the purpose of preparation for the examination in May and October 2020 additional questions
and the suggested solutions to these questions are also included in this tutorial letter. The questions
asked do NOT indicate the scope of work to be studied for the examination. All topics covered in the
study material are important and must be studied for examination purporses. Please note that the
FAC1601 lecturers will not supply students with previous years’ examination papers or solutions
thereto.
With kind regards,
Mr S Mnguni (Module leader)
Ms MT Ramuedzisi
Mr B Khanyeza
LECTURERS: FAC1601 – FINANCIAL ACCOUNTING AND REPORTING
Module telephone number: (012) 429-4176
Module e-mail address: fac1601@unisa.ac.za
3
, lOMoARcPSD|47080728
FAC1601/103/3/2020
ANNEXURE A: MAY AND OCTOBER 2020 EXAMINATIONS
Format and marking methodology
The May and October 2020 examinations will comprise of a combination of questions requiring the
preparation of financial statements and all other topics covered in this module. In all questions you
must be able to apply the acquired theoretical knowledge in given practical questions. Although
assignments 01 and 02 consist of multiple choice questions, the solutions provided indicate how to
answer them if asked as long questions in the examination. For this reason, the scope of
assignments 01 and 02 must also be studied when you prepare for the examination.
To pass the module you require a final mark of 50%, which is calculated as follows:
(20% x mark obtained for compulsory assignments) + (80% x mark obtained in the
examination)
Please note that the above calculation is only applicable if you have obtained at least 40% in the
examination. If you do not obtain at least 40% in the examination, you will automatically fail and your
final mark will be the mark you have obtained in the examination. For more information regarding
the above, please refer to tutorial letter TL101/3/2020.
Marks are usually allotted for entries, and not for totals. Consequential marks are also allotted. You
will thus not be penalised if you have used a figure which you have calculated incorrectly to complete
a question. For example, if you had to prepare a ledger account, and your balance differs from the
balance in the memorandum because you have made errors with the entries in the account, you will
still obtain marks for your balancing entries, provided that you have calculated the balance and
disclosed it correctly according to the entries you have made. Another example would be if you have
calculated the total comprehensive income/loss for a year incorrectly. You will still obtain calculation
marks for the section(s) of the calculation that were correct. If you further had to transfer this incorrect
total comprehensive income/loss figure to the statement of changes in equity, you will also obtain
the disclosure marks in the statement of changes in equity if you have disclosed the figure correctly
according to your calculation.
Keep in mind that marks may be allotted for financial statement layout and terminology. Keep your
formats strictly according to those given in the prescribed study material. Please answer the
examination paper in either blue or black pen.
Suggested examination technique
• Ensure that you know and adequately understand the prescribed topics as set out in all forms
of study material. Work through as many examples as possible. This will enable you to utilise
the examination time effectively.
• Due to limited time in the examination time or in order to cover the syllabus as far as possible,
you might be required to prepare only a section or sections of a financial statement. Ensure
that you know the formats of the financial statements well enough to do so. A financial
statement in the incorrect format (heading, lay-out and terminology) might not be marked.
Where a statement with an incorrect format is not marked, marks will be allocated for
calculations only.
• When required to prepare a financial statement, you are usually also required to make year-
end adjustments e.g. to take depreciation or prepaid/accrued amounts into account. Ensure
therefore that you know how to record year-end adjustments. If necessary, you can also refer
to the relevant sections in the FAC1502 study material.
• You may answer the questions in any order. Just ensure that the questions are clearly
numbered and that each question is commenced on a new (separate) page.
4
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