FAC1503 EXAM PACK 2026

FAC1503 EXAM PACK
2026



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FAC1503 EXAM PREPARATIONS 2025
Assignment 1 Q&A

Question 1
Complete
Not graded

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Question text
NB: If the below question is not answered, you will receive zero for your assignment!
I declare that the work submitted in this assignment is my own. I did not request assistance to
complete the assignment questions from any third parties.
I declare that I did not provide assistance to other students completing the assignment.




a.
Yes


b.
No
Feedback
Your answer is correct.
The correct answer is:
Yes
Question 2
Correct
Mark 1.00 out of 1.00

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Question text
Which of the following statements is not correct regarding a set of financial statements compiled
in terms of IFRS?

Select one:

a.
Reflects the actual cash movements in and out of the entity.

b.
Reflects all assets, liabilities and equity of an entity at a particular date

c.
Reflects the financial performance of the entity, indicating a net profit or loss for a specific period

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d.
Reflects directorships and their respective salaries
Feedback
Refer to learning unit 1.7
The correct answer is: Reflects directorships and their respective salaries

Question 3
Partially correct
Mark 2.00 out of 6.00

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Manqele Attorneys purchased a new air conditioner for R40 680 from Achmat Cooling Solutions
and paid with an electronic funds transfer. Manqele Attorneys maintained an unfavourable bank
balance during the month.
Prepare the BAE incorporating the information form the above transaction in the table below by
indicating the net effect (amount) and the account debited and credited:


Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in
a zero ("0")
ASSETS EQUITY LIABILITIES

40680 0 40680

Equipment Debit N/A Bank Acc Credit



Question 4
Incorrect
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A debit entry could lead to:

Select one:

a.
an increase in sales or an increase in liabilities

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b.
an increase in assets or a decrease in expenses

c.
a decrease in sales or a decrease in assets

d.
a decrease in liabilities or an increase in expenses
Feedback
Refer to learning unit 2.2
The correct answer is: a decrease in liabilities or an increase in expenses

Question 5
Correct
Mark 1.00 out of 1.00

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Question text
What is the purpose of internal controls in accounting


a.
To ensure financial integrity and prevent fraud

b.
To monitor marketing effectiveness

c.
To increase company revenue

d.
To speed up financial reporting
Feedback
Refer to section 1.5
The correct answer is: To ensure financial integrity and prevent fraud

Question 6
Partially correct
Mark 4.00 out of 6.00

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The accountant of Fikile Attorneys paid the monthly pest control services of R1 800 via an
electronic funds transfer. Fikile Attorneys maintained an unfavourable bank balance.
Prepare the BAE incorporating the information form the above transaction in the table below by
indicating the net effect (amount) and the account debited and credited: