Unisa | FAC1502 Financial Accounting Principles, Concepts and Procedures
FAC1502 Exam Pack 2025 Edition – 2025 Exam-Style
Questions & Full Worked Answers (MCQ + Long
Questions)
20 original multiple-choice questions with simple step-by-step answers (including the 5-mark theory
MCQ set of each mock paper); TWO 2025 exam-style mock papers (a May/June-style and an
Oct/Nov-style paper, 100 marks each; 7 long questions worth 190 marks plus the MCQs); 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, with the same question topics and mark weighting, as the 2025 FAC1502 examinations. 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 FAC1502 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: two 2025 exam-style mock papers 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 FAC1502. It contains two full mock
papers built on the 2025 exam structure, plus a multiple-choice section. All names and amounts are
new, and none of the questions repeat those in the FAC1502 Exam Pack 2026.
How the 2025 papers were structured (from public tables of contents and previews): the 2025
FAC1502 papers were 100 marks. The May/June 2025 paper had four questions: a statement of
profit or loss and other comprehensive income (25 marks), debtors and creditors control accounts
(23), a statement of financial position with the property, plant and equipment note (47), and theory
multiple-choice questions (5). The October/November 2025 paper had five questions: the PPE note
and statement of financial position (33), the income and expenditure statement and a special fund
account of a club (24), a bank reconciliation statement (18), debtors control and a reconciliation
(20), and multiple-choice questions (5). FAC1502 papers have traditionally been 2 hours long. Mock
Paper A and Mock Paper B in this pack follow those two structures, mark for mark.
Important: FAC1502 is presented online, and the 2026 assessments use online formats with numeric
fill-in answers. Always check the current tutorial letter and exam information on myUnisa, because
the format can change from year to year.
How to use it: (1) Do Section A first; questions 1–5 are the theory MCQs for Paper A and questions
6–10 for Paper B. (2) Write each mock paper in 2 hours with a calculator. (3) Mark yourself with the
model answers and read every "common mistake" line.
Basis used: IFRS-style formats as used at first-year level for a sole proprietor and a club. VAT is
ignored unless a question says otherwise. Amounts are rounded to the nearest rand.
Independent study aid – not affiliated with Unisa | Page 2
, 2. Section A: multiple-choice questions
20 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 an ENHANCING qualitative characteristic of useful financial information?
a) Relevance
b) Faithful representation
c) Timeliness
d) Materiality
2. Information is MATERIAL if …
a) it is large in rand terms.
b) omitting, misstating or obscuring it could reasonably be expected to influence the decisions of
the primary users.
c) it has been audited.
d) it relates to non-current assets.
3. Which of the following is a CURRENT VALUE measurement basis in the Conceptual Framework?
a) Historical cost
b) Fair value
c) The amount the owner paid personally
d) The tax value
4. The Conceptual Framework explains PRUDENCE as …
a) deliberately understating assets and overstating liabilities.
b) showing every item at its selling price.
c) recording only cash transactions.
d) the exercise of caution when making judgements under conditions of uncertainty, which
supports neutrality.
5. According to the Conceptual Framework, an item is RECOGNISED in the financial statements when
…
a) it meets the definition of an element and recognising it gives users relevant information and a
faithful representation.
b) the owner approves it.
c) cash has been received or paid.
d) it is more than R10 000.
6. Under the Conceptual Framework, INCOME is defined as …
a) cash received from customers.
b) increases in assets, or decreases in liabilities, that result in increases in equity, other than
those relating to contributions from holders of equity claims.
c) any increase in the bank balance.
d) capital contributed by the owner.
7. Which of the following is NOT an expense of a sole proprietor?
a) Depreciation
b) Interest on a bank loan
c) Cash withdrawn by the owner for personal use
d) Credit losses
Independent study aid – not affiliated with Unisa | Page 3
FAC1502 Exam Pack 2025 Edition – 2025 Exam-Style
Questions & Full Worked Answers (MCQ + Long
Questions)
20 original multiple-choice questions with simple step-by-step answers (including the 5-mark theory
MCQ set of each mock paper); TWO 2025 exam-style mock papers (a May/June-style and an
Oct/Nov-style paper, 100 marks each; 7 long questions worth 190 marks plus the MCQs); 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, with the same question topics and mark weighting, as the 2025 FAC1502 examinations. 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 FAC1502 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: two 2025 exam-style mock papers 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 FAC1502. It contains two full mock
papers built on the 2025 exam structure, plus a multiple-choice section. All names and amounts are
new, and none of the questions repeat those in the FAC1502 Exam Pack 2026.
How the 2025 papers were structured (from public tables of contents and previews): the 2025
FAC1502 papers were 100 marks. The May/June 2025 paper had four questions: a statement of
profit or loss and other comprehensive income (25 marks), debtors and creditors control accounts
(23), a statement of financial position with the property, plant and equipment note (47), and theory
multiple-choice questions (5). The October/November 2025 paper had five questions: the PPE note
and statement of financial position (33), the income and expenditure statement and a special fund
account of a club (24), a bank reconciliation statement (18), debtors control and a reconciliation
(20), and multiple-choice questions (5). FAC1502 papers have traditionally been 2 hours long. Mock
Paper A and Mock Paper B in this pack follow those two structures, mark for mark.
Important: FAC1502 is presented online, and the 2026 assessments use online formats with numeric
fill-in answers. Always check the current tutorial letter and exam information on myUnisa, because
the format can change from year to year.
How to use it: (1) Do Section A first; questions 1–5 are the theory MCQs for Paper A and questions
6–10 for Paper B. (2) Write each mock paper in 2 hours with a calculator. (3) Mark yourself with the
model answers and read every "common mistake" line.
Basis used: IFRS-style formats as used at first-year level for a sole proprietor and a club. VAT is
ignored unless a question says otherwise. Amounts are rounded to the nearest rand.
Independent study aid – not affiliated with Unisa | Page 2
, 2. Section A: multiple-choice questions
20 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 an ENHANCING qualitative characteristic of useful financial information?
a) Relevance
b) Faithful representation
c) Timeliness
d) Materiality
2. Information is MATERIAL if …
a) it is large in rand terms.
b) omitting, misstating or obscuring it could reasonably be expected to influence the decisions of
the primary users.
c) it has been audited.
d) it relates to non-current assets.
3. Which of the following is a CURRENT VALUE measurement basis in the Conceptual Framework?
a) Historical cost
b) Fair value
c) The amount the owner paid personally
d) The tax value
4. The Conceptual Framework explains PRUDENCE as …
a) deliberately understating assets and overstating liabilities.
b) showing every item at its selling price.
c) recording only cash transactions.
d) the exercise of caution when making judgements under conditions of uncertainty, which
supports neutrality.
5. According to the Conceptual Framework, an item is RECOGNISED in the financial statements when
…
a) it meets the definition of an element and recognising it gives users relevant information and a
faithful representation.
b) the owner approves it.
c) cash has been received or paid.
d) it is more than R10 000.
6. Under the Conceptual Framework, INCOME is defined as …
a) cash received from customers.
b) increases in assets, or decreases in liabilities, that result in increases in equity, other than
those relating to contributions from holders of equity claims.
c) any increase in the bank balance.
d) capital contributed by the owner.
7. Which of the following is NOT an expense of a sole proprietor?
a) Depreciation
b) Interest on a bank loan
c) Cash withdrawn by the owner for personal use
d) Credit losses
Independent study aid – not affiliated with Unisa | Page 3
