FAC1601 is a financial accounting module that deals mainly with the recording of transactions such as the dissolution of partnerships and allotment of shares; and the presentation of financial statements such as the Statement of Cash Flows. In order to register for this module, you must first have passed ACN101M.
The Unisa syllabus
- Introduction to the Preparation of Financial Statements
- Establishment and Financial Statements of a Partnership
- Changes in the Ownership Structure of Partnerships
- The Liquidation of a Partnership
- Close Corporations
- Introduction to Companies
- Statement of Cash Flows
- Analysis and Interpretation of Financial Statements
The FAC1601 textbook
The FAC1601 exam
Past exam papers
The exam in Oct/Nov 2011
The exam layout was as follows:
- Question1 : Statement of comprehensive income: partnership
- Question2 : Liquidation of partnership: columnar - loss-absorption method
- Question3 : Statement of financial position: close corporation and working out retained income
- Question4 : Cash flow: cash generated from operations: close corporation
- Question5 : Time value of money (annuities)
The exam in Oct/Nov 2010
The first two questions pertained to partnerships. In question one, we had to prepare the statement of changes in equity, and for the second question we had to prepare the liquidation and capital accounts for a partnership that was being liquidated.
In question three we had to prepare the statement of financial position for a close corporation. Question four required us to prepare the cash generated from/(used in) operations section in the cash flows from operating activities using the indirect method, as well as calculating the income tax paid during the year.
For question five we were given extracts from the statement of comprehensive income and the statement of financial position, and were then required to calculate the profit margin, acid-test ratio and the trade payables settlement period.
The exam in Oct/Nov 2009
The exam was a two-hour paper of 5 questions and counted 100 marks in total. We were required to do the equities and liabilities section of the Statement of Financial Position as well as the PPE note for a close corporation. We also had to do the Statement of Comprehensive Income for a partnership. For the question on the Statement of Cash Flows for a close corporation, we only had to do the investing and financing sections. Another question required us to do the liquidation and capital accounts of a partnership. The final question was on the recording of different issues of shares in the General Journal.
The exam was quite fair and less difficult than the ACN101M, in my opinion. Topics such as the analysis of financial statements, interim repayments to partners, and branches were not asked in this question paper. Popular exam topics include the financial statements of partnerships and close corporations, interim repayments to partners, liquidation accounts, the Statement of Cash Flows (this semester the indirect method was asked), share transactions in the General Journal, and branches.
How to pass FAC1601
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