Below is a consolidated list of the major FAC1601 examination question types that have repeatedly appeared in UNISA Financial
Accounting and Reporting assessments from 2015 onward, together with the associated topics and the rationale behind each type of
question.
The structure and recurring examination focus areas are consistently reflected in FAC1601 examination preparation guides and past
papers.
FAC1601 Question Types Since 2015
Question Type Topic Typical Requirement Rationale / Why Asked
Preparation of Statement of Partnerships Prepare full income Tests application of accrual
Profit or Loss and OCI statement with adjustments accounting, matching principle,
and partnership appropriations
Preparation of Statement of Partnerships Prepare balance sheet with Evaluates classification of assets,
Financial Position notes liabilities, and equity
Statement of Changes in Partnerships / Close Prepare movements in Tests understanding of
Equity Corporations capital/current accounts ownership interests and profit
allocations
Statement of Cash Flows Partnerships / CCs Prepare operating, investing, Assesses ability to distinguish
financing sections cash vs non-cash transactions
Cash Generated from Cash Flow Calculate operating cash Tests indirect method
Operations Statements flows adjustments
Partnership Appropriation Partnerships Allocate profit between Evaluates understanding of
Accounts partners interest on capital, salaries,
drawings
, Question Type Topic Typical Requirement Rationale / Why Asked
Changes in Ownership Partnerships Admission/retirement of Tests revaluation and goodwill
Structure partners adjustments
Revaluation Account Partnerships Record asset/liability Tests fairness in partner equity
revaluations adjustments
Capital Accounts Partnerships Prepare fixed/fluctuating Assesses partnership accounting
capital accounts mechanics
Current Accounts Partnerships Reconcile partner current Tests appropriations and
accounts drawings treatment
Liquidation of Partnerships Partnerships Prepare liquidation and final Tests dissolution procedures
settlement accounts
Close Corporation Financial Close Corporations Prepare complete annual Evaluates IFRS presentation
Statements financial statements requirements
Members’ Contributions Close Corporations Record member capital Tests equity classification
transactions
Loans to/from Members Close Corporations Journal entries and Tests liabilities vs equity
disclosure notes distinction
Company Share Capital Companies Issue and accounting for Evaluates equity financing
shares concepts
Accounting and Reporting assessments from 2015 onward, together with the associated topics and the rationale behind each type of
question.
The structure and recurring examination focus areas are consistently reflected in FAC1601 examination preparation guides and past
papers.
FAC1601 Question Types Since 2015
Question Type Topic Typical Requirement Rationale / Why Asked
Preparation of Statement of Partnerships Prepare full income Tests application of accrual
Profit or Loss and OCI statement with adjustments accounting, matching principle,
and partnership appropriations
Preparation of Statement of Partnerships Prepare balance sheet with Evaluates classification of assets,
Financial Position notes liabilities, and equity
Statement of Changes in Partnerships / Close Prepare movements in Tests understanding of
Equity Corporations capital/current accounts ownership interests and profit
allocations
Statement of Cash Flows Partnerships / CCs Prepare operating, investing, Assesses ability to distinguish
financing sections cash vs non-cash transactions
Cash Generated from Cash Flow Calculate operating cash Tests indirect method
Operations Statements flows adjustments
Partnership Appropriation Partnerships Allocate profit between Evaluates understanding of
Accounts partners interest on capital, salaries,
drawings
, Question Type Topic Typical Requirement Rationale / Why Asked
Changes in Ownership Partnerships Admission/retirement of Tests revaluation and goodwill
Structure partners adjustments
Revaluation Account Partnerships Record asset/liability Tests fairness in partner equity
revaluations adjustments
Capital Accounts Partnerships Prepare fixed/fluctuating Assesses partnership accounting
capital accounts mechanics
Current Accounts Partnerships Reconcile partner current Tests appropriations and
accounts drawings treatment
Liquidation of Partnerships Partnerships Prepare liquidation and final Tests dissolution procedures
settlement accounts
Close Corporation Financial Close Corporations Prepare complete annual Evaluates IFRS presentation
Statements financial statements requirements
Members’ Contributions Close Corporations Record member capital Tests equity classification
transactions
Loans to/from Members Close Corporations Journal entries and Tests liabilities vs equity
disclosure notes distinction
Company Share Capital Companies Issue and accounting for Evaluates equity financing
shares concepts
