Unisa | FAC1501 Introductory Financial Accounting
FAC1501 Exam Pack 2025 Edition – 2025 Exam-
Style Questions & Full Worked Answers (MCQ +
Long Questions)
30 original multiple-choice questions with simple step-by-step answers; a 100-mark 2025 exam-
style mock paper (7 questions) laid out like the online FAC1501 quizzes, with every line of
working explained; Tips, common mistakes and quick revision notes
Prepared by Stephan Swart
Every question in this pack is ORIGINAL. The scenarios, names and numbers were written for practice, to test
the same skills, in the same kind of format, as the 2025 FAC1501 assessments. Nothing here is copied or
reworded from Unisa examination papers, assignments, tutorial letters or study guides. This 2025 Edition
contains a completely different set of questions from the FAC1501 Exam Pack 2026.
Independent study aid – not affiliated with Unisa | Page 1
,Contents
1. How to use this pack
2. Section A: multiple-choice questions
3. Section A: answers explained
4. Section B: 2025 exam-style mock paper (100 marks) with full worked answers
5. Exam tips
Appendix: short topic notes
1. How to use this pack
What this pack is: an ORIGINAL 2025 exam-style practice pack for FAC1501 Introductory
Financial Accounting. It has a 30-question MCQ section and a 100-mark mock paper, with simple
step-by-step answers. None of the questions repeat those in the FAC1501 Exam Pack 2026, so
you can use both for extra practice.
How FAC1501 was assessed in 2025 (public information): Tutorial Letter 101 for 2025
describes FAC1501 as a fully online module on myUnisa. Public previews of 2025 assessments
show online quizzes that are open for a set period, allow a limited number of attempts and use
webcam proctoring. They mix multiple-choice questions with numeric fill-in questions, for
example completing the VAT output account line by line, calculating cost of sales, or preparing a
bank reconciliation. Instructions include "use a full stop for decimals", "round to two decimals"
and "enter 0 if no amount applies". Earlier tutorial letters set a 2-hour, 100-mark examination.
Check the tutorial letter and exam information for your own semester on myUnisa,
because format, length and weighting can change.
Topics covered (from the official FAC1501 module purpose): accounting concepts and the
elements, the accounting equation, source documents, VAT at 15%, the credit journals and the
debtors and creditors ledgers, VAT input and output accounts, inventory (perpetual weighted
average and periodic), bank reconciliations with items carried over from the previous month, trial
balance errors and the suspense account, closing transfers and the final accounts of a sole
proprietor.
How to use it: (1) Do Section A under time (about 1 minute per mark). (2) Mark it and read the
"common mistake" line for every question you got wrong. (3) Write the mock paper in 2 hours
with a calculator. (4) Compare line by line with the model answers.
Basis used: VAT at the standard rate of 15% (the proposed increase to 15.5% for 2025 was
withdrawn, so 15% applied throughout 2025). Amounts are rounded to the nearest rand unless
stated otherwise.
Independent study aid – not affiliated with Unisa | Page 2
, 2. Section A: multiple-choice questions
30 questions, 1 mark each. Pick the best answer. Try them against the clock before you look at
the answers.
1. Which of the following is NOT one of the five elements of financial statements?
a) Assets
b) Income
c) Equity
d) Profit
2. The going concern assumption means that …
a) the business is expected to keep operating for the foreseeable future.
b) the business will be sold at the end of the year.
c) the owner must contribute capital every year.
d) all assets must be shown at their selling price.
3. A business has liabilities of R70 000 and equity of R135 000. The owner then withdraws R5
000 cash for personal use. What are total assets after the withdrawal?
a) R130 000
b) R195 000
c) R200 000
d) R205 000
4. Which transaction increases an asset AND increases equity?
a) The business pays the electricity account.
b) Equipment is bought on credit.
c) A debtor pays his account.
d) The owner gives the business her own vehicle to use as a business asset.
5. A VAT vendor sells goods on credit for R4 000 excluding VAT. What amount is entered in the
Trade receivables (debtors) control column of the sales journal?
a) R3 478
b) R4 000
c) R4 600
d) R4 800
6. Stationery is bought for cash for R1 725 including VAT. How much input VAT can the business
claim?
a) R225
b) R258,75
c) R1 466,25
d) R1 500
7. Which statement about ZERO-RATED supplies (for example, certain basic foodstuffs) is
correct?
a) No VAT is ever recorded and input VAT may not be claimed.
b) VAT is charged at 15% but paid by the customer directly to SARS.
c) VAT is charged at 0%, and the vendor may still claim input VAT on its related purchases.
d) Zero-rated supplies are the same as exempt supplies.
Independent study aid – not affiliated with Unisa | Page 3
FAC1501 Exam Pack 2025 Edition – 2025 Exam-
Style Questions & Full Worked Answers (MCQ +
Long Questions)
30 original multiple-choice questions with simple step-by-step answers; a 100-mark 2025 exam-
style mock paper (7 questions) laid out like the online FAC1501 quizzes, with every line of
working explained; Tips, common mistakes and quick revision notes
Prepared by Stephan Swart
Every question in this pack is ORIGINAL. The scenarios, names and numbers were written for practice, to test
the same skills, in the same kind of format, as the 2025 FAC1501 assessments. Nothing here is copied or
reworded from Unisa examination papers, assignments, tutorial letters or study guides. This 2025 Edition
contains a completely different set of questions from the FAC1501 Exam Pack 2026.
Independent study aid – not affiliated with Unisa | Page 1
,Contents
1. How to use this pack
2. Section A: multiple-choice questions
3. Section A: answers explained
4. Section B: 2025 exam-style mock paper (100 marks) with full worked answers
5. Exam tips
Appendix: short topic notes
1. How to use this pack
What this pack is: an ORIGINAL 2025 exam-style practice pack for FAC1501 Introductory
Financial Accounting. It has a 30-question MCQ section and a 100-mark mock paper, with simple
step-by-step answers. None of the questions repeat those in the FAC1501 Exam Pack 2026, so
you can use both for extra practice.
How FAC1501 was assessed in 2025 (public information): Tutorial Letter 101 for 2025
describes FAC1501 as a fully online module on myUnisa. Public previews of 2025 assessments
show online quizzes that are open for a set period, allow a limited number of attempts and use
webcam proctoring. They mix multiple-choice questions with numeric fill-in questions, for
example completing the VAT output account line by line, calculating cost of sales, or preparing a
bank reconciliation. Instructions include "use a full stop for decimals", "round to two decimals"
and "enter 0 if no amount applies". Earlier tutorial letters set a 2-hour, 100-mark examination.
Check the tutorial letter and exam information for your own semester on myUnisa,
because format, length and weighting can change.
Topics covered (from the official FAC1501 module purpose): accounting concepts and the
elements, the accounting equation, source documents, VAT at 15%, the credit journals and the
debtors and creditors ledgers, VAT input and output accounts, inventory (perpetual weighted
average and periodic), bank reconciliations with items carried over from the previous month, trial
balance errors and the suspense account, closing transfers and the final accounts of a sole
proprietor.
How to use it: (1) Do Section A under time (about 1 minute per mark). (2) Mark it and read the
"common mistake" line for every question you got wrong. (3) Write the mock paper in 2 hours
with a calculator. (4) Compare line by line with the model answers.
Basis used: VAT at the standard rate of 15% (the proposed increase to 15.5% for 2025 was
withdrawn, so 15% applied throughout 2025). Amounts are rounded to the nearest rand unless
stated otherwise.
Independent study aid – not affiliated with Unisa | Page 2
, 2. Section A: multiple-choice questions
30 questions, 1 mark each. Pick the best answer. Try them against the clock before you look at
the answers.
1. Which of the following is NOT one of the five elements of financial statements?
a) Assets
b) Income
c) Equity
d) Profit
2. The going concern assumption means that …
a) the business is expected to keep operating for the foreseeable future.
b) the business will be sold at the end of the year.
c) the owner must contribute capital every year.
d) all assets must be shown at their selling price.
3. A business has liabilities of R70 000 and equity of R135 000. The owner then withdraws R5
000 cash for personal use. What are total assets after the withdrawal?
a) R130 000
b) R195 000
c) R200 000
d) R205 000
4. Which transaction increases an asset AND increases equity?
a) The business pays the electricity account.
b) Equipment is bought on credit.
c) A debtor pays his account.
d) The owner gives the business her own vehicle to use as a business asset.
5. A VAT vendor sells goods on credit for R4 000 excluding VAT. What amount is entered in the
Trade receivables (debtors) control column of the sales journal?
a) R3 478
b) R4 000
c) R4 600
d) R4 800
6. Stationery is bought for cash for R1 725 including VAT. How much input VAT can the business
claim?
a) R225
b) R258,75
c) R1 466,25
d) R1 500
7. Which statement about ZERO-RATED supplies (for example, certain basic foodstuffs) is
correct?
a) No VAT is ever recorded and input VAT may not be claimed.
b) VAT is charged at 15% but paid by the customer directly to SARS.
c) VAT is charged at 0%, and the vendor may still claim input VAT on its related purchases.
d) Zero-rated supplies are the same as exempt supplies.
Independent study aid – not affiliated with Unisa | Page 3
