Unisa | FAC1501 Introductory Financial Accounting
FAC1501 Exam Pack 2026 – Exam-Style Questions &
Full Worked Answers (MCQ + Long Questions)
30 original multiple-choice questions with simple step-by-step answers; a 100-mark 2026 exam-style
mock paper (6 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 2026 FAC1501 assessments. Nothing here is copied or reworded from
Unisa examination papers, assignments, tutorial letters or study guides.
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: 2026 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 2026 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. All questions, names and amounts are new.
How FAC1501 is assessed (public information): FAC1501 is a fully online module on myUnisa
(Tutorial Letter 101 for 2025 states this). Public previews of 2025–2026 FAC1501 assessments show
online quizzes that mix multiple-choice and true/false questions with numeric fill-in questions, such
as completing a ledger account, a journal or a bank reconciliation line by line. They use instructions
like "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. Always check the current year's tutorial
letter and exam information on myUnisa, because the format, length and weighting can change.
Topics covered (from the official FAC1501 module purpose): the nature and users of accounting,
the sole trader, the accounting equation, source documents, VAT at 15%, the cash and credit
journals, the general ledger and control accounts, inventory (perpetual and periodic, FIFO and
weighted average), bank reconciliations, the trial balance and its errors, year-end adjustments, and
the financial statements of a sole proprietor.
How to use it: (1) Do Section A under time (about 1 minute per mark). (2) Mark it with the
memorandum 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. In the
online format, a single wrong number can cost the whole line, so practise accuracy.
Basis used: VAT at the standard rate of 15% throughout. Amounts are rounded to the nearest rand
unless stated otherwise. A "favourable" bank balance means the business has money in the bank.
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 user of financial statements is MOST interested in whether a business will be able to repay
a loan and the interest on time?
a) The bank that lent the money
b) The business's customers
c) The owner's family
d) The competitors of the business
2. Which statement about a sole trader (sole proprietorship) is CORRECT?
a) It is a separate legal person, so the owner is not liable for its debts.
b) It must have at least two owners.
c) In law the owner and the business are the same person, but in the accounting records the
business is treated as a separate entity.
d) It must be registered with CIPC as a company.
3. At the start of March a business had assets of R250 000 and liabilities of R90 000. During March
the owner contributed R40 000 cash and the business repaid R15 000 of a loan. What is equity at the
end of March?
a) R160 000
b) R185 000
c) R200 000
d) R215 000
4. A business pays R6 000 to a supplier (creditor) on account. What is the effect on the accounting
equation?
a) Assets decrease by R6 000 and equity decreases by R6 000.
b) Assets increase by R6 000 and liabilities increase by R6 000.
c) Liabilities decrease by R6 000 and equity increases by R6 000.
d) Assets decrease by R6 000 and liabilities decrease by R6 000.
5. A business that uses the perpetual inventory system buys inventory on credit for R12 000 (ignore
VAT). Which entry is correct?
a) Dr Purchases R12 000; Cr Bank R12 000
b) Dr Cost of sales R12 000; Cr Trade payables control R12 000
c) Dr Trade payables control R12 000; Cr Inventory R12 000
d) Dr Inventory R12 000; Cr Trade payables control R12 000
6. A VAT vendor sells goods for R2 400 excluding VAT. VAT is 15%. How much must the customer
pay?
a) R2 040
b) R2 400
c) R2 760
d) R2 784
Independent study aid – not affiliated with Unisa | Page 3
FAC1501 Exam Pack 2026 – Exam-Style Questions &
Full Worked Answers (MCQ + Long Questions)
30 original multiple-choice questions with simple step-by-step answers; a 100-mark 2026 exam-style
mock paper (6 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 2026 FAC1501 assessments. Nothing here is copied or reworded from
Unisa examination papers, assignments, tutorial letters or study guides.
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: 2026 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 2026 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. All questions, names and amounts are new.
How FAC1501 is assessed (public information): FAC1501 is a fully online module on myUnisa
(Tutorial Letter 101 for 2025 states this). Public previews of 2025–2026 FAC1501 assessments show
online quizzes that mix multiple-choice and true/false questions with numeric fill-in questions, such
as completing a ledger account, a journal or a bank reconciliation line by line. They use instructions
like "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. Always check the current year's tutorial
letter and exam information on myUnisa, because the format, length and weighting can change.
Topics covered (from the official FAC1501 module purpose): the nature and users of accounting,
the sole trader, the accounting equation, source documents, VAT at 15%, the cash and credit
journals, the general ledger and control accounts, inventory (perpetual and periodic, FIFO and
weighted average), bank reconciliations, the trial balance and its errors, year-end adjustments, and
the financial statements of a sole proprietor.
How to use it: (1) Do Section A under time (about 1 minute per mark). (2) Mark it with the
memorandum 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. In the
online format, a single wrong number can cost the whole line, so practise accuracy.
Basis used: VAT at the standard rate of 15% throughout. Amounts are rounded to the nearest rand
unless stated otherwise. A "favourable" bank balance means the business has money in the bank.
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 user of financial statements is MOST interested in whether a business will be able to repay
a loan and the interest on time?
a) The bank that lent the money
b) The business's customers
c) The owner's family
d) The competitors of the business
2. Which statement about a sole trader (sole proprietorship) is CORRECT?
a) It is a separate legal person, so the owner is not liable for its debts.
b) It must have at least two owners.
c) In law the owner and the business are the same person, but in the accounting records the
business is treated as a separate entity.
d) It must be registered with CIPC as a company.
3. At the start of March a business had assets of R250 000 and liabilities of R90 000. During March
the owner contributed R40 000 cash and the business repaid R15 000 of a loan. What is equity at the
end of March?
a) R160 000
b) R185 000
c) R200 000
d) R215 000
4. A business pays R6 000 to a supplier (creditor) on account. What is the effect on the accounting
equation?
a) Assets decrease by R6 000 and equity decreases by R6 000.
b) Assets increase by R6 000 and liabilities increase by R6 000.
c) Liabilities decrease by R6 000 and equity increases by R6 000.
d) Assets decrease by R6 000 and liabilities decrease by R6 000.
5. A business that uses the perpetual inventory system buys inventory on credit for R12 000 (ignore
VAT). Which entry is correct?
a) Dr Purchases R12 000; Cr Bank R12 000
b) Dr Cost of sales R12 000; Cr Trade payables control R12 000
c) Dr Trade payables control R12 000; Cr Inventory R12 000
d) Dr Inventory R12 000; Cr Trade payables control R12 000
6. A VAT vendor sells goods for R2 400 excluding VAT. VAT is 15%. How much must the customer
pay?
a) R2 040
b) R2 400
c) R2 760
d) R2 784
Independent study aid – not affiliated with Unisa | Page 3
