FAC1601 : FINANCIAL ACCOUNTING REPORTING 1 (MODULE 2)

ANNEXURE A: MAY AND OCTOBER 2012 EXAMINATION Format and marking methodology The May and October 2012 examination papers will consist of four or five questions. All of these questions must be answered. No multiple choice or theoretical questions will be asked, but you must be able to apply the acquired theoretical knowledge in practical questions. Also take note that although Assignments 01 and 02 consist of multiple choice questions, the solutions provided show how to answer them if asked as long questions. For this reason, the scope of Assignments 01 and 02 must also be studied when you prepare for the examination. To pass the module you require a final mark of 50%, which is calculated as follows: (10% x mark obtained for compulsory assignments) + (90% x mark obtained in the examination) Please note that the above calculation is only applicable if you have obtained at least 40% in the examination. In other words, if you do not obtain at least 40% in the examination, you will automatically fail and your final mark will be the mark you have obtained in the examination. For more information regarding the above, please refer to Tutorial Letter 101/3/2012, paragraph 6.1. Marks are usually allotted for entries, and not for totals. Consequential marks are also allotted. You will thus not be penalised if you have used a figure which you have calculated incorrectly to complete a question. For example, if you had to prepare a ledger account, and your balance differs from the balance in the memorandum because you have made errors with the entries in the account, you will still obtain marks for your balancing entries; provided that you have calculated the balance and disclosed it correctly according to the entries you have made (also refer to paragraph 3.5). Another example would be if you have calculated the total comprehensive income/loss for a year incorrectly. You will still obtain calculation marks for the section(s) of the calculation that were correct. If you further had to transfer this (incorrect) total comprehensive income/loss figure to a statement of changes in equity, you will also obtain the disclosure marks in the statement of changes in equity if you have disclosed the figure correctly according to your calculation. Remember that marks may be allotted for financial statement lay-out and terminology. Keep your formats strictly according to those given in the prescribed study material. Your the Central Sales Division of the University). Please remember to answer the examination paper in either blue or black pen. Topics not to be examined For the purpose of the May/October 2012 examination paper, you will NOT be examined on the following topic in the syllabus: All debenture transactions. This topic is discussed in tutorial letter TL102/3/2012, Annexure C: Study Unit 6, paragraph 6.9. Apart from the above topic, it is important to note that you can be examined on any topic of the FAC1601 syllabus, and not only on the contents and topics of the assignments or previous examination papers. As far as the notes to the financial statements are concerned you only need to study the following: Property, plant and equipment (partnerships and close corporations); Loans to members, loans from members and transactions with members (close corporations); Financial assets and financial liabilities. Ensure that you are able to differentiate between a note to financial statements and a calculation. FAC1601/103/3/2012 5 Suggested examination technique Ensure that you know and understand the prescribed study material well, and try to practice as much as possible. This will enable you to utilise the examination time effectively. Due to the limited examination time, and in order to cover the syllabus as far as possible, you might be required to prepare only a section or sections of a financial statement. Ensure that you know the formats of the financial statements well enough to do so. A financial statement in the incorrect format (heading, lay-out and terminology) might not be marked. Where a statement with an incorrect format is not marked, marks will be given for disclosed calculations only. When required to prepare a financial statement, you are usually also required to make year-end adjustments (for example, to take depreciation or prepaid/accrued amounts into account). Make sure that you know how to record year-end adjustments. If necessary, you can also refer to the relevant sections in the FAC1502 (ACN101M) study material. You may answer the questions in any order. Just ensure that you number them clearly and commence each question on a new (separate) page. Read through the "REQUIRED" section of a question first. Hereby you can determine how you should utilise the given information whilst preparing your answer. Do NOT waste time by: - Underlining headings. - Using a correction pen (e.g. Tipp-Ex). You will save time by rather crossing out a mistake and by writing the correct information/amount either above or alongside. - Using a ruler. Work free hand. - Highlighting figures. - Writing your student number, name, etc. in the examination answer book. - Providing a table of contents. - Writing "turn over" at the bottom of the pages of the examination answer book. The markers will page through your examination answer book several times to ensure that all your answers have been marked. - Numbering the pages of the examination answer book. - Writing out the word: "Question". The letter "Q" in front of the number of a question will be sufficient. - Writing out the cents (RXX,00), when there are no cents in the given information. - Writing out your answers in rough. No examination time is provided for the rewriting of answers. What you MUST do: - Make sure that you are writing the correct examination paper. - Commence each question on a new (clean) page. A question that was started in the middle of a page and which was not clearly indicated can by mistake be seen as part of another question and consequently not be marked. - Show all your calculations. If the answer of your calculation is incorrect, you can still obtain marks for the correct section(s) of the calculation. For example, if a calculation carries 3 marks and comprises of 6 amounts (of half a mark each) which must be added (a^ + b^ + c^ + d^ + e^ + f^), you will obtain 2½ marks if you have added 5 of the 6 amounts correctly, provided that you have shown the calculation. If you had to make a calculation, and you have shown only the answer, the calculation marks will not necessarily be given if the answer was correct. Show your calculations as close as possible to your answers. - Try to adhere to the proposed timetable. Do not spend time on unnecessary activities such as checking why your statement of financial position is not balancing or whether you have added up FAC1601/103/3/2012 6 your totals correctly. Marks are seldom allotted for totals. Do not prepare answers that were not required; such answers will not be marked.