UNIVERSITY EXAMINATIONS UNIVERSITEITSEKSAMENS
FAC1501 May/June 2020
INTRODUCTORY FINANCIAL ACCOUNTING
Duration 2 Hours 100 Marks
EXAMNATION PANEL AS APPOINTED BY THE DEPARTMENT.
Use of a non-programmable pocket calculator is permissible.
Closed book examination.
This examination question paper remains the property of the University of South Africa and may not be
removed from the examination venue.
This question paper consists of TWENTY-TWO (22) pages including FIVE (5) pages for rough
work (pp 18 - 27).
PLEASE NOTE:
1. Th1S paper consists of FOUR (4) questions
2 Ensure that you are writing the correct paper
3 Al questions must be answered
4 Basic calculations, where applicable, must be shown
5 Please use blue or black Ink only
6 PROPOSED TIMETABLE (try not to deviate from this)
TIME
QUESTION TOPIC MARKS
minutes
Multiple choice questions 25 30
2 Posting from subsidiary journals to the general ledger 26 31
3 Bank reconciliation 21 25
Statement of profit or loss and other comprehensive
4 28 34
Income and statement of changes in equity
TOTAL 100 120
[TURN OVER]
, 2
FAC1501
May/June 2020
QUESTION 1 (25 marks) (30 minutes)
Select for each question only ONE alterative mat you consider to be correct and then Circle the
alternative 2% marks per question.
11 The general ledger account, land and buildings, Will be classified as a
(1) non-current asset
(2) non-current liability
(3) current liability
(4) current asset
12 AB Traders purchased inventory for RI 5 000 on credit from CD Wholesalers
AB Traders uses the perpetual Inventory system
Which account Will be debited and which account Will be credited in the general ledger of
AB Traders?
(1) The creditors control account Will be debited and the Inventory account Will be
credited
(2) The creditors control account Will be credited and the purchases account Will be
debited
(3) The creditors control account be credited and the Inventory account will be debited
(4) The creditors control account Will be debited and the purchases account Will be
credited
13 In the financial statements, accrued expenses Will be classified as
(1) current assets
(2) non-current liabilities
(3) non-current assets
(4) current liabilities
14 A tenant of PT Traders paid R7 000 for renting a part of the premises
Which one of the following alternatives correct?
(1) The bank account of PT Traders Will decrease With R7 000
(2) The rent expense account of PT Traders Will increase With R7 000
(3) The bank account of PT Traders Will increase With R7 000
(4) The rent Income account of PT Traders Will decrease withR7 000
15 IT Traders pad R6 000 to CD Wholesalers, a creditor, in part settlement of their account
The correct analysts of the above transaction in the accounting records of IT Traders Will be
[TURN OVER]
FAC1501 May/June 2020
INTRODUCTORY FINANCIAL ACCOUNTING
Duration 2 Hours 100 Marks
EXAMNATION PANEL AS APPOINTED BY THE DEPARTMENT.
Use of a non-programmable pocket calculator is permissible.
Closed book examination.
This examination question paper remains the property of the University of South Africa and may not be
removed from the examination venue.
This question paper consists of TWENTY-TWO (22) pages including FIVE (5) pages for rough
work (pp 18 - 27).
PLEASE NOTE:
1. Th1S paper consists of FOUR (4) questions
2 Ensure that you are writing the correct paper
3 Al questions must be answered
4 Basic calculations, where applicable, must be shown
5 Please use blue or black Ink only
6 PROPOSED TIMETABLE (try not to deviate from this)
TIME
QUESTION TOPIC MARKS
minutes
Multiple choice questions 25 30
2 Posting from subsidiary journals to the general ledger 26 31
3 Bank reconciliation 21 25
Statement of profit or loss and other comprehensive
4 28 34
Income and statement of changes in equity
TOTAL 100 120
[TURN OVER]
, 2
FAC1501
May/June 2020
QUESTION 1 (25 marks) (30 minutes)
Select for each question only ONE alterative mat you consider to be correct and then Circle the
alternative 2% marks per question.
11 The general ledger account, land and buildings, Will be classified as a
(1) non-current asset
(2) non-current liability
(3) current liability
(4) current asset
12 AB Traders purchased inventory for RI 5 000 on credit from CD Wholesalers
AB Traders uses the perpetual Inventory system
Which account Will be debited and which account Will be credited in the general ledger of
AB Traders?
(1) The creditors control account Will be debited and the Inventory account Will be
credited
(2) The creditors control account Will be credited and the purchases account Will be
debited
(3) The creditors control account be credited and the Inventory account will be debited
(4) The creditors control account Will be debited and the purchases account Will be
credited
13 In the financial statements, accrued expenses Will be classified as
(1) current assets
(2) non-current liabilities
(3) non-current assets
(4) current liabilities
14 A tenant of PT Traders paid R7 000 for renting a part of the premises
Which one of the following alternatives correct?
(1) The bank account of PT Traders Will decrease With R7 000
(2) The rent expense account of PT Traders Will increase With R7 000
(3) The bank account of PT Traders Will increase With R7 000
(4) The rent Income account of PT Traders Will decrease withR7 000
15 IT Traders pad R6 000 to CD Wholesalers, a creditor, in part settlement of their account
The correct analysts of the above transaction in the accounting records of IT Traders Will be
[TURN OVER]
