2013 AccountingIntermediate 2

2013 AccountingIntermediate 2 ? Special InstructionsFinalised Marking Instructions? Scottish Qualifications Authority 2013The information in this publication may be reproduced to support SQA qualifications only ona non-commercial basis. If it is to be used for any other purposes written permission mustbe obtained from SQA?s NQ Assessment team.Where the publication includes materials from sources other than SQA (secondarycopyright), this material should only be reproduced for the purposes of examination orassessment. If it needs to be reproduced for any other purpose it is the centre?sresponsibility to obtain the necessary copyright clearance. SQA?s NQ Assessment teammay be able to direct you to the secondary sources.These Marking Instructions have been prepared by Examination Teams for use by SQAAppointed Markers when marking External Course Assessments. This publication must notbe reproduced for commercial or trade purposes.? Page 22013 ACCOUNTINGMARKING CONVENTIONSCONVENTIONEXPLANATIONMARK(S) ONCANDIDATE PAPERExtraneousItem entered which should not be inthe answer or section ? for exampleFixed Assets entered in the Profit andLoss Account or Income andExpenditure Account-2EConsequentialIf a figure in the question is wrong,any further calculations are awardedmarks if correct, as a consequence ofusing that figureCNomenclatureThe details in an account are wrong/missing-1NDates The date for an entry is wrong/missing -1DComplete ReversalAll the ledger entries are made thewrong way roundThe question is marked as if correctand then the total mark is divided by 2Reg Total Mark = 12Divided by 2Mark awarded = 6Plus/Minus RuleIf an entry is shown correctly it isawarded the mark (+).If the same entry then appears againin another part of the question themark is deducted (-)ie no mark is gained and there is nopenaltyegCorrect entry?60,000 Sales in theTrading AccountMark awarded 1 (+-)Wrong entry?60,000 Sales also enteredin the Profit & LossMark deducted -1 (+-)PenaltyThe answers given are more thanrequired (4 given instead of 3) andone of them is wrong.A heading is wrong/missing from afinal account.The answer is correct but not given inthe format requestedie question asks for an account or astatement-1PArithmetical error Error made in addition/subtraction etc-1A/EPage 3General1 Assess pencil figures and working. If the script is predominantly in pencil refer to thePrincipal Examiner.2 Work which has been deleted gains no marks even if it is correct. Exceptional casesmay be drawn to the attention of the Principal Examiner.3 Consequential errors MUST NOT be penalised, subject to the marking instructions foreach question.4 Mark workings whether or not they are incorporated in the final answer. Deduct apenalty of -2 marks per question for working which is not incorporated in the finalanswer.5 Incorrect figures, supported by adequate workings ? award marks for any correctoperations performed.6 Incorrect figures, not supported by adequate workings ? lose awards, unless themarking instructions specify otherwise. If arithmetic error ? lose 1 mark.7 EXTRANEOUS ITEMS: see instructions for specific questions.Penalties should be shown beside the figure and encircled, eg -1P -1E -1 +/-8 If right and wrong ie in 2 sections, give value of award where right, deduct value ofaward where wrong (cross reference +/- against relevant figures).9 Indicate awards given for each item, eg ?2,500 1In essay type questions indicate marks awarded beside the point made by candidate ?NOT IN THE MARGIN.Sub-totals for sections should be indicated and encircled, eg 4/6Final total should be clearly indicated and easy to check, eg Q1 = 31/40Page 4Question 1AwardMarksLostPenaltiesPART ACalculation of Accumulated Fund (4 marks)Additional items ie extraneousIf no answer, check Balance Sheet ? implied 4PART BCalculation of Closing Bank Balance (3 marks)If no answer, check Balance Sheet ? implied 3Extraneous itemsPART CProfit or Loss on Raffle (3 marks)Heading wrong/omitted ? ignoreExtraneous items ie Balance Sheet items/OpeningBalanceNo Profit or Loss labelNo answer, check Income and Expenditure Account maybe implied 3PART DIncome and Expenditure Account (19 marks)Heading wrong/omittedIncomeSubscriptions entered as 5300Subscriptions entered as 5800/4800Do not accept Subs owing/prepaid detachedProfit on Competitions omitted/wrong ? however acceptfigures detached for 1 mark eachProfit on Raffle omitted/not consequentialIf individual items for Profit on Raffle repeated, as well asthe Profit figure, lose Profit award and apply a penaltyof -12121-2E (max -4)-2E once-2E once-1P-1P-1PPage 5AwardMarksLostPenaltiesIf individual items for Profit on Raffle repeated, and noProfit figure entered, ignore but lose Profit awardIf individual figures for Profit on Raffle entered only in I/EAc and no prior calculation done in (c) give awards butlose Profit awardExpenditureDepreciation on Equipment entered as 500Depreciation on Equipment ? any other wrong figureElectricity/General Expenses carry 2 marks ? if omittedIf included but prepayment or accrual omitted wrong effectSurplus omitted/not labelledExtraneous itemsPART EBalance Sheet ? 11 marksHeading wrong/omittedFixed AssetsEquipment depreciation is consequential on I&E Ac ? ifwrong/omitted/not consequentialAccumulated Fund not consequential on (a),omitted/wrongSurplus of Income ? not consequentialExtraneous items ie I/E items11122 each1 each1111-2E (max 4)-1P-2E (max 4)Page 6Question 2AwardMarksLostPenaltiesPART A(a) Manufacturing Account ? 17 marksThere is no award for Main Heading BUT wrong (ie as at oromitted) apply Penalty-1PIf Manufacturing Account includes Sales and adjusted withany Manufacturing Account figure-3PCost of Raw Materials Consumed not labelled-1PPrime Cost/Factory Cost of Production not labelled1 eachAny Factory Overhead entered in Prime Cost give award butlose Prime Cost award1If any Prime Cost figure entered in Factory Overheads loseaward1If Direct Wages subtracted from Cost of Raw MaterialsConsumed lose Prime Cost award1Accept Insurance ?100 for one mark?80 or ?75 for 2 marksSalaries 90211Factory Overheads subtracted BUTIf it says ADD and then subtracted treat as arithmetical slip-2PExtraneous ie Balance Sheet items -2E eachMax -4Page 7Question 2 (continued)AwardMarksLostPenalties(b)Trading, Profit and Loss and Appropriation Account ?17 marksThere is no award for Main Heading BUT wrong (ie as at oromitted) apply Penalty but ignore if penalty applied in (a)-1PExtraneous ie Balance Sheet items -2E eachMax -4Cost of Sales added to Sales treat as arithmetical slip-1AExpenses added to Gross Profit treat as arithmetical slip-1AGross Profit not labelled1Net Profit not labelled1Unappropriated Profit not labelled1Factory Cost of Production will be consequential on (a)Ignore Purchases in place of Factory Cost of Production ?do not apply +/- rule unless Factory Cost of Production alsoentered1Salaries will be consequential on (a)Insurance will be consequential on (a)Accept Profit and Loss Account Balance as final labelPART BWork in Progress ? no mention of value but mention of partmade1Page 8Question 3AwardMarksLostPenaltiesPART A(a) Appropriation Account ? 10 marksHeading wrong/omitted -1PEXTRANEOUS ITEMS ie Capital, Drawings -2E onceInterest on Capital correct but added 1 eachShare of Profit not 3/5 and 2/5 respectively of any ResidualProfit2 each(b) Current Account Paterson ? 6 marksTotal reversal of entries ? award half the total candidate?smarksMax 3Extraneous ? Capital -2E onceInterest on Capital and Share of Profit will be consequential onanswers to (a)If done as a list ie not in account form, award marks and applypenalty-2P(c) Financed By Section ? 4 marksCurrent Account Balance for Paterson will be consequential oncandidate?s answer to (b)Final total omittedExtraneous items-1P-2EMax -4PART BAll entries are worth 1 mark but Account Name and amountmust both be correct to gain award1 or 2In Error 5 if Discounts shown only as ?100 award 1 mark1 or 2All items are right/wrong apart from Electricity/Bank ?1,000gains 1 mark each2Page 9Question 4FORMARTINE VALLEY PRODUCERS ? DECISION MAKING 40 MARKSAwardMarks LostPenaltiesWATCH CONSEQUENTIALITY THROUGHOUT(a) Machine hour calculation (5 marks)(b) Contribution/contribution limiting factor (24 marks)(c) Order of Production (1 mark)Order right or wrong (watch consequentiality).1(d) Units to Maximise Profits (4 marks)Right or wrong ? consequential on (b) and (c)1 or 2 each(e) Contribution per product/total contribution/total profit(6 marks)No profit shown/labelled-1PPage 10Question 5AwardMarksLostPenalties(a)(i)/(ii)PART AFor each item missing1(b) Total Operating CostReasonable heading not shownWages from (ii) not entered-1P-1PElectricity and Shampoo Costs will be consequential oncandidate?s answer to (i)2 eachHairdressing Equipment entered lose depreciation award 2Final total not shown-1PAwardMarksLostPenaltiesPART B(a)WATCH CONSEQUENTIALITY THROUGHOUT THISQUESTIONMark as per solutionContribution is consequential on Variable cost calculation(b) Break-even point is consequential on (a)(c) Profit or Loss is consequential on (a) and (b)Answer must state profit or loss, if not apply penalty-1P(d) Answer is consequential on (a)Page 11Question 6AwardMarksLostPenaltiesPART AHeading wrong or omitted (must include months) -1PFor Credit Sales award one mark each for:Credit sales withoutdiscount ?48,000 ?50,400 ?55,200ORCredit sales withoutdelay period ?45,360 ?49,680 ?44,280August and September van instalment figure is consequentialon the deposit in July.All other figures are right or wrongClosing Balance omitted/clearly not consequentialHowever if implied in opening balances for Aug and SeptIf only one balance missingIf no attempt to distinguish Receipts from Payments awardmarks to Receipts onlyIf Receipts and Payments not separated into sections butidentified as Receipts/Payments and treated correctlyACCEPT but apply penalty310-2P-1P-1P-3PAwardMarksLostOrder for a custom written PAPER now and one of our online writers will write your assignment from scratch within your deadline! !!!Category: Essay Writing

Unlike most other websites we deliver what we promise;

  • Our Support Staff are online 24/7
  • Our Writers are available 24/7
  • Most Urgent order is delivered with 6 Hrs
  • 100% Original Assignment Plagiarism report can be sent to you upon request.

GET 15 % DISCOUNT TODAY use the discount code PAPER15 at the order form.

Type of paper Academic level Subject area
Number of pages Paper urgency Cost per page:
 Total: