2022 21; 22; 23 THE INDEPENDENT INSTITUTE OF EDUCATION IIE MODULE NAME: MODULE CODE: FIAC7312 FINANCIAL ACCOUNTING 3B ASSESSMENT TYPE: TEST (PAPER ONLY) TOTAL MARK ALLOCATION: 40 MARKS TOTAL HOURS: 1 HOUR (+10 minutes reading time) INSTRUCTIONS: 1. Please adhere to all instructions in the assessment booklet. 2. Independent work is required. 3. Ten minutes per hour of the assessment to a maximum of 30 minutes is dedicated to reading time before the start of the assessment. You may make notes on your question paper, but not in your answer sheet. Calculators may not be used during reading time. 4. You may not leave the assessment venue during reading time, or during the first hour or during the last 15 minutes of the assessment. 5. Ensure that your name is on all pieces of paper or books that you will be submitting. Submit all the pages of this assessment's question paper as well as your answer script. 6. Answer all the questions on the answer sheets or in answer booklets provided. The phrase 'END OF PAPER' will appear after the final set question of this assessment. 7. Remember to work at a steady pace so that you are able to complete the assessment within the allocated time. Use the mark allocation as a guideline as to how much time to spend on each section. Additional instructions: 1. This is a LIMITED OPEN BOOK assessment. 1. Students are permitted to bring only ONE printed version of each of the following texts into the assessment venue: 2. SAICA handbooks and SAICA legislation handbooks comprising the following: 0 Volume 1: International Financial Reporting Standards, part A and B (5 books); Volume 2: International Audit Standards (volume 2A(1) and volume 2A(2)), SAICA and IRBA pronouncements (volume 2B), applicable local legislation (volume 2C) as well as the King Code (volume 2D) (5 books); Volume 3: SAICA Tax Legislation Handbook (1 book). 3. Only properly bound standard publishers' editions are permissible. Photocopies, printed copies of electronic versions, loose sections or isolated pages of texts are prohibited. 4. Students are permitted to highlight, underline, sideline and flag in the permitted texts. Writing in the permitted texts is prohibited. Writing on flags is permitted for reference and cross-referencing purposes only (name or number of the standard, statement or section). Any contravention of these regulations will be dealt with as misconduct and shall be dealt with in terms of the appropriate misconduct policy. 5. 6. Non-programmable financial calculators are allowed. 7. Show all calculations, as marks are awarded for this. C The Independent Institute of Education (Pty) Ltd 2022 Page 1 of 6
21; 22; 23 2022 Test Outcomes At the end of this assessment, students should be able to: 0 Apply IFRS 10 Consolidated Financial Statements to account for a change in ownership within a group of companies. 0 Apply IAS 28 to account for an investment in an associate. Question 1 (Marks: 40) African Breweries Ltd (AB Ltd) was founded in 2001 when local beer brewers, Jack