Unisa | FAC1502 Financial Accounting Principles, Concepts and Procedures
FAC1502 Exam Pack 2026 – Exam-Style Questions &
Full Worked Answers (MCQ + Long Questions)
40 original multiple-choice questions with explanations; 8 long questions (160 marks) with model
answers and marking guidance; exam tips and short topic notes
Prepared by Stephan Swart
All questions are original practice questions written in the style of the module's assessments. None of them is copied
or reworded from Unisa examination papers, tutorial letters, study guides or textbooks.
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: long questions with model answers
5. Exam tips
Appendix: short topic notes
1. How to use this pack
What this pack is: a bank of ORIGINAL exam-style questions and calculations written to mirror the
style, mark allocations and topic spread of FAC1502 assessments, with full worked answers. Every
question was written from scratch; none is taken from Unisa exam papers.
Typical FAC1502 format (check your current tutorial letter / myUnisa): FAC1502 is presented
online. Assessments typically combine multiple-choice questions (many of them calculation-based)
with longer questions requiring journal entries, calculations and the preparation of financial
statements or extracts. Confirm the current year's format on myUnisa.
How to use it: (1) Do Section A with a calculator under timed conditions. (2) Mark yourself and re-
work every wrong calculation. (3) Attempt each Section B question fully on paper (with workings)
before checking the model answer. (4) Use the appendix for formats and rules.
Prescribed textbook referred to for topic coverage: About Financial Accounting (Ceki, Doussy,
Ngcobo, Rehwinkel & Scheepers, LexisNexis), check the volume and edition prescribed in your
tutorial letter. VAT is at the standard rate of 15% throughout unless stated otherwise. Amounts are
rounded to the nearest rand where necessary.
Independent study aid – not affiliated with Unisa | Page 2
, 2. Section A: multiple-choice questions
40 questions, 1 mark each. Pick the best answer. Try them against the clock before you look at the
answers.
1. According to the Conceptual Framework, an asset is …
a) anything the owner has paid for.
b) a present economic resource controlled by the entity as a result of past events.
c) a future economic resource the entity hopes to buy.
d) cash only.
2. A liability is …
a) a future intention to buy goods.
b) the owner’s investment in the business.
c) an expense that has been paid.
d) a present obligation of the entity to transfer an economic resource as a result of past events.
3. The two FUNDAMENTAL qualitative characteristics of useful financial information are …
a) verifiability and understandability.
b) comparability and timeliness.
c) consistency and prudence.
d) relevance and faithful representation.
4. Information is faithfully represented when it is …
a) audited by SARS.
b) always in rand.
c) complete, neutral and free from error.
d) presented in a single statement.
5. The underlying assumption that the entity will continue to operate for the foreseeable future is
the …
a) historical cost basis.
b) materiality concept.
c) going-concern assumption.
d) accrual basis.
6. Assets amount to R500 000 and liabilities to R180 000. Equity is …
a) R180 000
b) R320 000
c) R500 000
d) R680 000
7. The owner withdraws cash for personal use. The effect on the accounting equation is …
a) assets decrease and equity decreases.
b) assets increase and equity increases.
c) assets decrease and liabilities decrease.
d) no effect.
Independent study aid – not affiliated with Unisa | Page 3
FAC1502 Exam Pack 2026 – Exam-Style Questions &
Full Worked Answers (MCQ + Long Questions)
40 original multiple-choice questions with explanations; 8 long questions (160 marks) with model
answers and marking guidance; exam tips and short topic notes
Prepared by Stephan Swart
All questions are original practice questions written in the style of the module's assessments. None of them is copied
or reworded from Unisa examination papers, tutorial letters, study guides or textbooks.
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: long questions with model answers
5. Exam tips
Appendix: short topic notes
1. How to use this pack
What this pack is: a bank of ORIGINAL exam-style questions and calculations written to mirror the
style, mark allocations and topic spread of FAC1502 assessments, with full worked answers. Every
question was written from scratch; none is taken from Unisa exam papers.
Typical FAC1502 format (check your current tutorial letter / myUnisa): FAC1502 is presented
online. Assessments typically combine multiple-choice questions (many of them calculation-based)
with longer questions requiring journal entries, calculations and the preparation of financial
statements or extracts. Confirm the current year's format on myUnisa.
How to use it: (1) Do Section A with a calculator under timed conditions. (2) Mark yourself and re-
work every wrong calculation. (3) Attempt each Section B question fully on paper (with workings)
before checking the model answer. (4) Use the appendix for formats and rules.
Prescribed textbook referred to for topic coverage: About Financial Accounting (Ceki, Doussy,
Ngcobo, Rehwinkel & Scheepers, LexisNexis), check the volume and edition prescribed in your
tutorial letter. VAT is at the standard rate of 15% throughout unless stated otherwise. Amounts are
rounded to the nearest rand where necessary.
Independent study aid – not affiliated with Unisa | Page 2
, 2. Section A: multiple-choice questions
40 questions, 1 mark each. Pick the best answer. Try them against the clock before you look at the
answers.
1. According to the Conceptual Framework, an asset is …
a) anything the owner has paid for.
b) a present economic resource controlled by the entity as a result of past events.
c) a future economic resource the entity hopes to buy.
d) cash only.
2. A liability is …
a) a future intention to buy goods.
b) the owner’s investment in the business.
c) an expense that has been paid.
d) a present obligation of the entity to transfer an economic resource as a result of past events.
3. The two FUNDAMENTAL qualitative characteristics of useful financial information are …
a) verifiability and understandability.
b) comparability and timeliness.
c) consistency and prudence.
d) relevance and faithful representation.
4. Information is faithfully represented when it is …
a) audited by SARS.
b) always in rand.
c) complete, neutral and free from error.
d) presented in a single statement.
5. The underlying assumption that the entity will continue to operate for the foreseeable future is
the …
a) historical cost basis.
b) materiality concept.
c) going-concern assumption.
d) accrual basis.
6. Assets amount to R500 000 and liabilities to R180 000. Equity is …
a) R180 000
b) R320 000
c) R500 000
d) R680 000
7. The owner withdraws cash for personal use. The effect on the accounting equation is …
a) assets decrease and equity decreases.
b) assets increase and equity increases.
c) assets decrease and liabilities decrease.
d) no effect.
Independent study aid – not affiliated with Unisa | Page 3
