Accounting Questions from the 2009 Mid-Year

[mtwtfss]

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

[taylor tay bags]

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

I love you so much, i was panicking until 2:30am and awake in bed in the morning till 11:30am.

[rlobo1]

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

you can't talk about the sale of a NCA until unit 4 because the sale of a NCA will earn some form a revenue that we learn about in unit 4. the only possible answers were expenses that weren't cash outflows and thus decreased profit but not cash i.e. stock loss, depreciation of a NCA or discount expense...

[Flaming_Arrow]

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

you can't talk about the sale of a NCA until unit 4 because the sale of a NCA will earn some form a revenue that we learn about in unit 4. the only possible answers were expenses that weren't cash outflows and thus decreased profit but not cash i.e. stock loss, depreciation of a NCA or discount expense...

discount expense has no effect, because it decreaes receipts from debtors as well as profit
i wrote receipts from debtors could of been higher than credit sales

[mtwtfss]

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

you can't talk about the sale of a NCA until unit 4 because the sale of a NCA will earn some form a revenue that we learn about in unit 4. the only possible answers were expenses that weren't cash outflows and thus decreased profit but not cash i.e. stock loss, depreciation of a NCA or discount expense...

Farkkkk serious?

[mtwtfss]

I swear in past exams they talk about the sale/purchase of a NCA having a different effect on cash than profit.

[airline]

is stating an example for question 1.8 worth only one mark?

[mtwtfss]

is stating an example for question 1.8 worth only one mark?

I'd say:

1 mark for explaining the difference between net profit and cash.
1 mark for stating an example.
1 mark for correctly explaining the example given as to how it followed the scenario.

[rhjc.1991]

is stating an example for question 1.8 worth only one mark?

I'd say:

1 mark for explaining the difference between net profit and cash.
1 mark for stating an example.
1 mark for correctly explaining the example given as to how it followed the scenario.

Actually:
2 marks for showing that you UNDERSTAND that Cash does not = Profit
1 mark for example that illustrates this

[lalala]

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

you can't talk about the sale of a NCA until unit 4 because the sale of a NCA will earn some form a revenue that we learn about in unit 4. the only possible answers were expenses that weren't cash outflows and thus decreased profit but not cash i.e. stock loss, depreciation of a NCA or discount expense...

What about wages expense and accrued wages?

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

you can't talk about the sale of a NCA until unit 4 because the sale of a NCA will earn some form a revenue that we learn about in unit 4. the only possible answers were expenses that weren't cash outflows and thus decreased profit but not cash i.e. stock loss, depreciation of a NCA or discount expense...

Farkkkk serious?

What about the difference between wages expense and accrued wages?

[rhjc.1991]

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

you can't talk about the sale of a NCA until unit 4 because the sale of a NCA will earn some form a revenue that we learn about in unit 4. the only possible answers were expenses that weren't cash outflows and thus decreased profit but not cash i.e. stock loss, depreciation of a NCA or discount expense...

discount expense has no effect, because it decreaes receipts from debtors as well as profit
i wrote receipts from debtors could of been higher than credit sales

hang on, i think you do get marks for discount expense since it is assumed to happen BEFORE the actual cash is received? ie. you reduce the amount payable -> then receive later?

[rhjc.1991]

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

you can't talk about the sale of a NCA until unit 4 because the sale of a NCA will earn some form a revenue that we learn about in unit 4. the only possible answers were expenses that weren't cash outflows and thus decreased profit but not cash i.e. stock loss, depreciation of a NCA or discount expense...

What about wages expense and accrued wages?

1.2.2:  Creditors, 2 figures were given to you, 1 you had to calculate just previously, making 3 creditors in total.

1.4: I dare say they'll accept a few answers here if you argue your case strongly enough, most likely reliability for the reasons you've stated.

1.5.2: Correct, making sure you included drawings, net profit and accrued wages plus others entries.

1.5.3: Correct, but if people used the full wages amount as the bank credit they'll only lose 1 mark i'm pretty sure

1.7.  Sales: Understated
Stock gain: overstated
Cost of sales: understated

1.8: I talked about the owner selling a NCA such as a vehicle, if you explained why cash is different to profit you'll still get 2 marks though

2.1: you're completely correct here

2.4: correct

2.4.3: correct

you can't talk about the sale of a NCA until unit 4 because the sale of a NCA will earn some form a revenue that we learn about in unit 4. the only possible answers were expenses that weren't cash outflows and thus decreased profit but not cash i.e. stock loss, depreciation of a NCA or discount expense...

Farkkkk serious?

What about the difference between wages expense and accrued wages?

you would need to show that wages exp is more than wages paid due to accrued wages

[rhjc.1991]

i mean state that.. since figures weren't given

[lalala]

i mean state that.. since figures weren't given

Yea they were. They were both given in the post-adjusted trial balance.

[turley]

for the missing credit sales question... doesnt make sense to say net profit under the revenue heading since it isn't revenue. and by extentision, if you choose net profit, you might aswell choose gross profit and adjusted gross profit