Business, Accounting and Financial Studies …...Paper 2A Question 8(b) Weak a) Ignored return...

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BUSINESS, ACCOUNTING

AND FINANCIAL STUDIES

EXAMINATION 2014

PAPER 2A

Questions 1, 2, 5 and 6

Paper 2A Question 1

Paper 2A Question 1- Marking Scheme

Paper 2A Question 1 – Sample 1E

Very good, all entries and amounts correct

Narration omitted in journal entry

Wrong amount of the decrease in allowance for

doubtful debts and no workings provided

Omission

of one entry

Paper 2A Question 1 – Sample 3C

非常好，全對

能正確計算出呆帳準備減少的數額

借方及貸方調亂入帳

沒有分錄說明

某些項目

錯誤記錄在統制帳內

調亂入帳

沒有依從題目要求作答

Paper 2A Question 2

very good, all correct

Misinterpreted the date

of receiving

insurance

compensation

Correct depreciation expense in 2011

Wrong useful life in calculating depreciation

expense in 2012 and 2013

Inappropriate heading for journal entries

Wrong cost of the machine sold

No entry for accumulated depreciation

非常好，全對

採用機器淨值的剩餘年份計折舊

累計折舊及機器入帳正確

缺少了應收保險賠償的入帳

錯誤計算意外損失的金額

正確計算2011年折舊

錯誤累計2012 及 2013 年折舊

機器入帳正確

保險賠償錯誤記入銀行存款帳

錯誤以「試算表」入帳

Paper 2A Question 5

REQUIRED:

(a) Prepare a statement to calculate the

partnership’s adjusted net profit for the

year ended 31 December 2013. (2 marks)

REQUIRED:

(b) Prepare the partnership’s

appropriation account for the year

ended 31 December 2013. (4 marks)

(c) Update the partners’ current

accounts in column form as at

31 December 2013. (5 marks)

Paper 2A Question 5 – Marking Scheme

Well answered with profit adjustments clearly

demonstrated

Amounts correctly calculated and labelled

Good preparation of current account

Overlooked the adjustment for interest accrual

Confused gross profit margin with mark-up

Wrong profit adjustment for goods sent on sale-or-

return basis

Ignored dates of drawings

Wrong calculation of interest on drawings

Failed to distinguish between unpaid salary

$40,000 and annual salary $60,000 in profit

appropriations

Wrong side for balance brought down for Abby

Failed to realize that $20,000 of partner’s salary

had been paid to Abby

Wrongly recorded profit appropriations as profit

adjustments

Debit and credit entries completely reversed

Partners’ drawings omitted in the current accounts

Very good, (a) to (c) all correct

Overlooked the quarterly adjustment for interest accrual

Wrong profit adjustment for goods sent on sale-or-

return basis

Wrong additions/deductions for interest on capital

and interest on drawings

Wrong interest on drawings for Bobby

Inappropriate descriptions for balances brought

Failed to realize that $20,000 of partner’s salary

had been paid to Abby

Paper 2A Question 6a

Paper 2A Question 6a – Marking Scheme

Paper 2A Question 6a– Sample 1E

Well answered

Failed to include the inventory loss in the expense

Paper 2A Question 6a – Sample 2E

Failed to use the gross profit ratios to find out the

inventory loss

Inventory loss recorded as expense but not included

in cost of goods sold

Could calculate

sales and

purchases

Paper 2A Question 6a – Sample 3E

Unable to calculate sales, purchases, inventory loss

and gross profits figures using the given ratios

Inventory loss not shown at all in the income statement

Paper 2A Question 6a – Sample 4C

Could get all the unknown figures properly

Paper 2A Question 6a – Sample 5C

Could calculate purchases but not sales, wrongly using sales margin and cost of goods sold to get the sales figures

Wrongly put advertising expenses under cost of goods sold

Calculated inventory loss but not included it in cost

of goods sold

Paper 2A Question 6b – Marking Scheme

Paper 2A Question 6b – Sample 1E

Well answered

Clear points with correct spelling of all key words

Paper 2A Question 6b – Sample 2E

First point: argument unclear

Second point: failed to indicate that staff morale is

qualitative and cannot be revealed by ratios

Paper 2A Question 6b – Sample 3C

Well-answered

Clear points with correct use of key words

Paper 2A Question 6b - Sample 4C

Unclear arguments

EXAMINATION 2014

PAPER 2A

Questions 3, 4 and 7

Paper 2A Question 3

(a) semi-variable

cost 半變動成本半变动成本

(b) sunk cost 沉沒成本沉没成本

(c) opportunity

cost 機會成本机会成本

(d) fixed cost 固定成本固定成本

Answer ~

Paper 2A Question 3

Paper 2A Question 4 (a)

Paper 2A Question 4 (a) ~ Sample 1

Incorrect:

Not considering the product ratio.

Incorrect:

Not considering the product ratio.

Paper 2A Question 4 (b)

Paper 2A Question 4 (b) ~ Sample 1

Incorrect:

Did not understand the concept of Margin

of Safety ~

?? Projected total contribution less

new total fixed cost

Incorrect:

Did not understand the concept of

Margin of Safety

? Unit selling

price?

Paper 2A Question 7 (a) & (b)

Paper 2A Question 7 (a) & (b) ~

Sample 1

Incorrect:

(a) Misconception or careless mistake ???

(b) Not able to tell the reason

Sample 2

Incorrect:

(a) Careless mistake ???

(b) Not able to tell the reason

Sample 3

Sample 4

Paper 2A Question 7 (c)

Paper 2A Question 7 (d)

from (c)

Paper 2A Question 7 (c) & (d) ~

Sample 1

Incorrect:

(c) Did not understand the meaning of

overheads

(d) Wrong answer from incorrect rate from

Sample 2

Incorrect:

(c) Did not understand the meaning of

overheads

(d) Wrong answer from incorrect rate from

+ depreciation + other indirect

expenses

Sample 3

Sample 4

Paper 2A Question 7 (e)

Paper 2A Question 7 (e) ~ Sample 1

Many candidates did not attempt

part (e)

NO explanation

NO calculations

EXAMINATION 2014

PAPER 2A

Section C 79

Paper 2A Question 8

Paper 2A Question 8(a)

Average

• No mention of relevance to decision-

making

• Not specifically referring to insignificant

value 81

• Relevant accounting principle but wrong

conclusion 82

• 答案清晰準確 83

• 正確指出相關概念，但闡釋不適切

Paper 2A Question 8 (b)

Paper 2A Question 8(b)

Very Good

• Good presentation with detailed workings

Average

a) Mistook the NRV as the closing inventory

b) Inappropriate presentation of retained

profits

c) Overlooked the note about the entry of

application monies

(276,000-182,000-60) c

a) Ignored return inwards of $38,000 and misunderstood

that returns outwards of $23,600 were wrongly included

in the closing inventory

b) Mistakenly adjusted the COGS using the original cost

rather than reduction in the value of the damaged

inventory

c) Wrongly classified rubbish bin as non-current asset

d) Ignored capital balance in trial balance

e) Wrong amount of retained profits brought forward from

income statement

• 大部分答案正確

Average

• 考生嘗試將拆解銷貨成本，逐項列出

• 退回超額認購股款誤以股票溢價計算

Paper 2A Question 8 (c)

Paper 2A Question 8(c)

• Correct and clear answer

• Impact of debenture issue was misunderstood

• 答案大致清晰合理

• 應明確指出非流動負債對公司償債能力的影響

• 用詞及概念混亂，營運資金與投資額混為一談

Paper 2A Question 9

• Most entries are correct arriving at a

correct amount of closing balance 104

• Could work out the original balance per bank

statement 105

• Journal entries correctly and clearly

presented

Average

• Confused about the treatment of

dishonoured cheque in the the cash book

Average

• Inappropriate treatment of the uncredited

deposit 108

Average

• Failed to find out the correct amount of

earned income 109

• Improper descriptions for entries in the

cash at bank account 110

• Did not realise that the credit transfer was the

bank’s error.

Credit transfer $3,500

a) Incorrect treatment of free samples

b) Incorrect amount of prepaid rental expenses

c) Incorrect amount of the unearned maintenance

revenue

良好

• 大致能正確更新銀行存款帳，但有一項交易未有正確寫出相關的帳戶名稱

良好 114

良好

尚可 a) 部分帳項不正確 b) 部分交易未有正確寫出相關的帳戶名稱

滿意

• 誤將拒付支票記錄在銀行往來調節表中 117

尚可 118

欠佳

• 未貸記存款應在銀行往來調節表中處理 119

欠佳

a) 未能認清有關貸項轉帳實為銀行的錯誤記錄 b) 誤將拒付支票及未到期支票記錄在銀行往來調節表中

欠佳

a) 在更正將樣本誤作賒銷時，誤將日記分錄倒轉 b) 未能計算預付租金的正確金額 c) 未能正確計算及記錄未賺取的保養服務收益

Paper 2A Question 9

Paper 2A Question 9(d)

• Correct and clear explanation

Average

• Could state the right accounting principle with

appropriate explanation

• Failed to explain the application clearly

良好 125

欠佳

Paper 2A Question 9

Paper 2A Question 9(e)

Average

• Could only provide one correct answer

• Failed to describe relevant transactions 129

良好

欠佳

• 未能描述相關交易

Business, Accounting and Financial Studies …...Paper 2A Question 8(b) Weak a) Ignored return...

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