ANNEXURE A: MAY AND OCTOBER 2012 EXAMINATION
Format and marking methodology
The May and October 2012 examination papers will consist of four or five questions. All of these questions
must be answered. No multiple choice or theoretical questions will be asked, but you must be able to apply
the a...
Find herewith information pertaining to May and October 2012 examinations; and assignments 03 and 04.
As f ar as administrativ e enquiries are concerned, we would again like to emphasise paragraph 3 of the
Tutorial Letter 101/3/2012.
Assignments 03 and 04
Due to the time constraint experienced with the semester system, assignments 03 and 04 must NOT be
submitted. The solutions thereto are included in this tutorial letter to ensure that you hav e suffic ient
opportunity to work through all your study material bef ore the examination date.
May 2011 examination paper
For the purpose of preparation for the examination, the May 2011 examination paper and the memorandum
thereof is also included in this tutorial letter. The questions asked in this paper do NOT indicate the scope of
work to be studied for the examination. All of the study material is important and everything must be studied.
No other examination papers or solutions will be supplied by UNISA lecturers to students.
With kind regards
FAC1601: Lecturers
2
, FAC1601/103/3/2012
CONTENTS
ANNEXURE A: MAY AND OCTOBER 2012 EXAMINATION ........................................................ 4
Format and marking methodology .......................................................................................... 4
Topics not to be examined ..................................................................................................... 4
Suggested examination technique ......................................................................................... 5
ANNEXURE B: ASSIGNMENT 03 - (Not to be submitted) ............................................................ 7
ANNEXURE C: SOLUTION TO ASSIGNMENT 03...................................................................... 14
ANNEXURE D: ASSIGNMENT 04 (Not to be submitted) ........................................................... 33
ANNEXURE E: SOLUTION TO ASSIGNMENT 04...................................................................... 39
ANNEXURE F: MAY 2011 EXAMINATION PAPER .................................................................... 50
ANNEXURE G: MAY 2011 EXAMINATION MEMORANDUM...................................................... 59
ANNEXURE H: TIME VALUE OF MONEY TABLES ................................................................... 60
3
, FAC1601/103/3/2012
ANNEXURE A: MAY AND OCTOBER 2012 EXAMINATION
Format and marking methodology
The May and October 2012 examination papers will consist of four or five questions. All of these questions
must be answered. No multiple choice or theoretical questions will be asked, but you must be able to apply
the acquired theoretical knowledge in practical questions. Also take note that although Assignments 01
and 02 consist of multiple choice questions, the solutions provided show how to answer them if asked as
long questions. For this reason, the scope of Assignments 01 and 02 must also be studied when you pr epare
for the examination.
To pass the module you require a final mark of 50%, which is calculated as follows:
(10% x mark obtained f or compulsory assignments) + (90% 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. In other words, 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 ex amination. For more inf ormation regarding
the abov e, please refer to Tutorial Letter 101/3/2012, paragraph 6.1.
Marks are usually allotted for entries, and not f or 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 (also ref er to paragraph 3.5). Another example would be if you have calculated
the total comprehensive income/loss for a year incorrectly. You will still obtain calculation marks f or the
section(s) of the calculation that were correct. If you f urther had to transfer this (incorrect) total
comprehensiv e income/loss figure to a statement of changes in equity, you will also obtain the disclosure
marks in the statement of changes in equity if you hav e disclosed the figure correctly according to your
calculation.
Remember that marks may be allotted for financial statement lay-out and terminology. Keep your formats
strictly according to those given in the prescribed study material.
Your
the Central Sales Division of the University). Please remember to answer the examination paper in either
blue or black pen.
Topics not to be examined
For the purpose of the May/October 2012 examination paper, you will NOT be examined on the following
topic in the syllabus: All debenture transactions. This topic is discussed in tutorial letter TL102/3/2012,
Annexure C: Study Unit 6, paragraph 6.9.
Apart from the above topic, it is important to note that you can be examined on any topic of the FAC1601
syllabus, and not only on the contents and topics of the assignments or previous examination papers.
As far as the notes to the financial statements are concerned you only need to study the following:
Property, plant and equipment (partnerships and close corporations);
Loans to members, loans from members and transactions with members (close corporations);
Financial assets and financial liabilities.
Ensure that you are able to differentiate between a note to financial statements and a calculation.
4
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