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GCE Accounting 2008 Jan 答案


Mark Scheme (Results) January 2008

GCE Level

GCE Accounting (6002) Paper 1

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January 2008 All the material in this publication is copyright ? Edexcel Ltd 2008

General Marking Guidance
? All candidates must receive the same treatment. Examiners must mark the first candidate in exactly the same way as they mark the last. Mark schemes should be applied positively. Candidates must be rewarded for what they have shown they can do rather than penalised for omissions. Examiners should mark according to the mark scheme not according to their perception of where the grade boundaries may lie. There is no ceiling on achievement. All marks on the mark scheme should be used appropriately. All the marks on the mark scheme are designed to be awarded. Examiners should always award full marks if deserved, i.e. if the answer matches the mark scheme. Examiners should also be prepared to award zero marks if the candidate’s response is not worthy of credit according to the mark scheme. Where some judgement is required, mark schemes will provide the principles by which marks will be awarded and exemplification may be limited. When examiners are in doubt regarding the application of the mark scheme to a candidate’s response, the team leader must be consulted. Crossed out work should be marked UNLESS the candidate has replaced it with an alternative response

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6002/01 Mark Scheme January 2008 Question Number 1(a) Answer Mark (20)

(a) Notes to Mark Scheme (on following page) Called up share capital not paid 900 may appear under C II Current assets (Debtors) Prepayments 2700 and Rent received 1200 may appear under D Prepayments and Accrued Income. Items marked with a letter or Roman Numeral should appear on the face of the balance sheet.

Peninsular Film Studio plc Balance sheet as at 31 December 2007 √ A Called up share capital not paid B Fixed assets √ I Intangible assets √ Patents Goodwill II Tangible Assets √ Buildings Machinery 900 √

65000 120000 185000 600000 215000 815000 1000000

√ √

√√ √ √ O/F

C Current Assets √ I Stocks Stocks of Consumables Work in progress II Debtors Trade debtors Prepayments Rent received IV Cash at bank and in hand Cash In Hand

6600 340000 6000 2700 1200 28000 384500

√ √ √ √ √ √ √ O/F

D Prepayments and Accrued Income E Creditors: Amounts falling due within one year √ Overdraft Trade Creditors Debenture interest F Net current assets (liabilities) √ G Total assets less current liabilities √ H Creditors: amounts falling due after more than one year √ Debentures I : Provisions for liabilities and charges √ Taxation Provision J : Accruals and deferred income 712400 K :Capital and reserves √ I Ordinary share capital called up II Share premium account III Revaluation reserve V Profit and loss account 11 x √ Total 40 x √= 490910 100000 170000 -48510 712400 √ O/F √ √ √√ √ √ O/F 29 x √ 20 marks

14000 57000 24000 95000 289500 1290400

√ √ √ √ O/F √ O/F √ O/F

400000



178000



Question Number 1(b)

Answer FOR Importance Auditors are independent √ scrutineers of the accounts. √ who report that the accounts have been prepared “correctly” √ in accordance with company law √ or rather, give a True and Fair view. √ or do not √ . Auditors are reporting on how Directors have used the funds √ invested by shareholders. √. The auditors duty is to the shareholders. √ Auditors may give tax authorities √ more confidence that the tax computation is correct. √ Professional supervisory bodies √ exist to give guidelines to auditors √, eg Auditing Practices Board. Auditors should be professionally qualified √ eg Chartered Accountants.√ AGAINST Importance Auditors may not be very independent, √ going along with the wishes of clients, √ in order to keep their custom. √ which may include non-audit work. √ Auditors could be misled √ by the directors √ and provide an inaccurate report. √ Auditors do not guarantee √ that material fraud has not occurred. √ Maximum of 4 marks (8 x √) for argument on one side CONCLUSION Should relate to points made above. Eg Auditors’ Report is important and of value. √√

Mark

(6)

Question Number 2(a)(i)

Answer

Mark (6) = (Actual Price - Standard Price) x Actual Usage √ = ( 0.08 - 0.07 ) x 51 500 √ = ?515 √ Adverse √

Materials Price Variance

Material Usage Variance

= (Actual Usage - Standard Usage) x Standard Price √ = (51 500 - 48 000) x 0.07 √ = ?245 √ Adverse √

Material Cost Variance

= (Actual Usage x Actual Price) - (Standard Usage x Standard Price) √ = (51 500 x 0.08) - (48 000 x 0.07) √ = 4120 - 3360 = ?760 √ Adverse √

Question Number 2(a)(ii)

Answer

Mark (6) = (Actual Hours - Standard Hours) x Standard Rate √ = (822 - 800) x ?5.60 √ = ?123.20 √ Adverse √

Labour Efficiency Variance

Labour rate Variance

= (Actual Rate - Standard Rate) x Actual Hours √ = (?5.686 - ?5.6) x 822 √ = (?0.086 x 822) = ?70.70 √ Adverse √

Total Labour Variance

= (Actual Hours x Actual Rate) - (Standard Hours x Standard Rate) √ = (822 x ?5.686) - (800 x ?5.6) √ = ?4674 - ?4480 = ?194 √ Adverse √

Question Number 2(b)

Answer

Mark (3)
ACTUAL 15840 4120 4674 1600 10394 5446 Total 6 x √ =

Sales Materials Labour Fixed Costs Total Production Cost Profit

√ √ √ √

√ O/F √ C 3 marks

Question Number 2(c)
Per Unit

Answer

Mark (5)
BUDGET

ACTUAL DEC & JANUARY 4.95 1.05 1.40 0.50 2.95 2.00 1.29 1.46 0.50 3.25 2.00 5.25 5 marks √√ √√ √ √ O/F √ C √ O/F √ O/F √ C

Sales Materials Labour Fixed Costs Total Production Cost Profit

New Price

Total 10 x √=

Question Number 2(d)

Answer FOR Passing on the increase in production cost Need to maintain profit margin, √√ cannot keep same selling price for ever. √ Customers may be quite willing to pay the higher price. √√ New price may still be below that of rival firms. √√ AGAINST Passing on the increase in production cost Could absorb rising costs √ by increasing efficiency. √ Customer could be unhappy √ and go to a rival supplier. √ New price could make firm’s price higher than rivals. √√ CONCLUSION Should relate to above eg passing on increased costs is wrong/right √√ Maximum of 10 √ if only one side of argument.

Mark

(6)

Question Number 3(a) Examples

Answer

Mark (6)

Formed by Used for dividends ? Question Number 3(b) Dec 1 Bank

Capital Reserves Share Capital √ Revaluation √ Capital Redemption Reserve etc Eg Issue of shares, Capital redemption √ √ No √ √

Revenue Reserves Profit + Loss A/c √ General Reserve etc √ From Profit + Loss Account √ √ Yes √ √ Mark (3)

Answer



10% ?1 Preference Share Capital Account Jan 1 2007 Balance b/d 125 000 √ 125 000 ?1 Ordinary Share Capital Account Jan 1 2007 Balance b/d 850 000 √ Dec 1 Bank √ 850 000 Jan 1 2008 Balance b/d Share Premium Account Jan 1 2007 Balance b/d 170 000 √ Dec 1 Bank √ 170 000 Jan 1 2008 Balance b/d Capital Redemption Reserve Account Jan 1 2007 Balance b/d 190 000 √ o/f Dec 1 Profit + Loss √ 190 000 Jan 1 2008 Balance b/d + √ √ if ALL dates correct √ if SOME dates correct Mark (6) = Net profit after Tax x 100 √ Capital Employed √

125 000 √ 125 000 √ 800 000 √ 50 000 √ 850 000 850 000

Dec 31 Balance c/d

Dec 31 Balance c/d

160 000 √ 10 000 √ 170 000 170 000

Dec 31 Balance c/d

125 000 √ 65 000 √ √ √ 190 000 √ o/f 190 000 √ o/f

Question Number 3(c)

Answer

Return on Capital Employed

= 146 000 √ x 100 = 9.14 √ % √ 1 597 000 √ Alternative figures for Capital Employed acceptable

Question Number 3(d)

Answer Answers may include : FOR Decision Preference shares carry high return at 10% √ Ordinary return will probably be lower √ This will leave more funds in the business √ that can be used to expand/generate profits. √ ROCE will improve √ as capital employed is reduced √ this will please shareholders and institutions √ Gearing ratio will improve √ as fixed interest debt √ is replaced by equity capital √ AGAINST Decision Possible dilution of ownership of existing shareholders √ if any sales on open market. √ Issue costs √ eg lawyers, accountants √ Maximum of 8 x √ for argument of one side CONCLUSION Should relate to points above eg Decision is a good one √√

Mark

(6)

Question Number 4(a)
CASH BUDGET

Answer

Mark (10)
Month 1 Month 2 Month 3 Month 4

Per row √ √ √√ √ √√

Income Share Capital Bank Loan Sales - Cash Sales - Credit Total Income Expenditure Shop Premium Fixtures and Fittings Purchases Expenses Directors Drawings Total Expenditure Monthly Balance Opening Balance Closing Balance

20000 20000 10500 50500

12600 3500 16100

15120 4200 19320

18144 5040 23184

12500 13000 22000 4000 3200 54700 -4200 0 -4200

7000 4000 3200 14200 1900 -4200 -2300

8400 4000 3200 15600 3720 -2300 1420

10080 4000 3200 17280 5904 1420 7324

√ √ √ √ √ √√ √√ o/f √√ o/f √√ o/f

Question Number 4(b)

Answer

Mark (2)
Month 1 3500 Month 2 4200 Month 3 5040 Month 4 6048

DEBTORS BUDGET Debtors √√√√ o/f

Question Number 4(c)

Answer FOR the level of drawings Closing balance is healthy √ in months 3 and 4. √ As long as overdraft agreed √ for months 1 + 2 √ AGAINST the level of drawings Negative Cash Flow in month 1 + 2 √ means may have to arrange overdraft. √ Could reduce drawings √ for months 1 + 2 √ Figures are only predictions, √ what if sales are much lower? √ CONCLUSION Should relate to above eg drawings are at correct level. √√ Maximum of 6 √ if only one side of argument. o/f Rule Applies

Mark

(4)

Question Number 5(a)

Answer

Mark (12) = 625 000 √ x 11 √ = ?68 750 √ = ?97 500 √ = 11.47 pence √ 850 000 √ = ?68 750 √ o/f = ?28 646 o/f √ 2.4 √ = ?97 500 √ = 1.91 times √ ?51 000 √ = 12 √ x 11 √ = ?1.32 pence √ = ?1.03 √ = 8 98 times √ o/f 11.47p √ o/f = ?51 000 √ = 6 pence per share √ 850 000 √ = 4.58 √ = 3.47 % √ o/f ?1.32 √ o/f

Net Profit after interest and tax for year Earnings per Ordinary share

Ordinary Dividend paid for year Dividend Cover

Share Price Price/Earnings Ratio Dividend paid per share Dividend Yield

Units required for third √ per calculation

Question Number 5(b)

Answer FOR Grapefruit Higher dividend yield √ by 2.36 % points √ Higher dividend paid per share √ by 1.42 pence per share √ EPS higher √ by 0.47 pence per share √ May argue that market price lower, √ so can buy more shares. √ More generous to shareholders with dividend cover policy by 0.49 times. FOR Hallway Safer dividend cover policy √ by 0.49 times √ P/E Ratio is higher √ by 3.02 times. √ Does the market know something good about Hallway, √ or bad about grapefruit.? √ Maximum of 4 x √ for argument for one side. o/f Rule applies CONCLUSION Recommend investing in Grapefruit √ √

Mark

(4)

Question Number 6(a)
(a) Sales Revenue Direct Labour Direct Materials Fixed Costs Profit (Loss)

Answer

Mark (6)
Al Quarat 4200000√ 1800000 600000 2880000 All costs √ -1080000√ Jenberouk 10500000√ 2400000 900000 4200000 All costs √ 3000000√ Sudamis 1400000√ 1000000 480000 240000 All costs √ -320000√ 12 x √ = 6 marks Total 16100000 5200000 1980000 7320000 1600000 √√√

Question Number 6(b)
Per Barrel Sales Revenue Direct Labour Direct Materials Fixed Costs Profit (Loss) Contribution

Answer

Mark (6)
Al Quarat 35√ 15 5 24 All costs √ -9√ 15√ Jenberouk 35√ 8 3 14 All costs √ 10√ 24√ Sudamis 35√ 25 12 6 All costs √ -8√ -2√ 12 x √ = 6 marks

Question Number 6(c)
(c ) Future

Answer

Mark (4)
Al Quarat Continue Short Term √√ Positive Contribution √√ Jenberouk Continue Long Term √√ Profitable √ Positive Contribution√√ Sudamis Close Now √√ Loss making √ Negative Contribution √√ Running out of oil √√

Plus Comment √√

Question Number 7(a)

Answer

Mark (9)

Reconciliation of operating profit to net cash flow from operating activities Net Profit Add Interest - Overdraft Bank loan 12 x 2/3 x 15 000 Loss on sale of fixed asset Profit on sale of fixed asset Depreciation on machinery Depreciation on computer Increase in stock of parts Decrease in debtors Increase in accrued expenses Decrease in trade creditors Net Cash Flow from Operating Activities 27680 415 1200 810 -1500 20000 900 -728 509 80 -56 49310 √ √ √√ √√ √√ √√ √√ √ √ √ √ √ o/f √C

Question Number 7(b)

Answer

Mark (3)

Analysis of changes in Cash and Bank Balances during year ended December 1st 2007 Change in 31-Dec-06 31-Dec-07 Year Cash 765 987 √ 222 √ Bank -2853 (4096)√ -1243 √ Total -2088 (3109)√ -1021 √ Need first two columns for first tick Other formats acceptable but only one √ per number.

Question Number 7(c)

Answer Answers may include: FOR Importance Firm needs to be liquid in order to pay its own bills √ to continue trading √ eg wages, suppliers.√ Failure to pay bills √ eg tax, √ could result in closure of firm, √ or extra financial penalties. √ Firm could have profit in books √ but lack of liquidity could force firm to cease trading. √ AGAINST Importance It is profit √ that determines the long term survival of a business. √ Sources of funds are available √ to help firms survive short term liquidity problems √ eg overdrafts, loans. √ Maximum if argue for only one side 4 x √ = 2 Marks CONCLUSION Should relate to above. Eg Liquidity is important to a business. √√

Mark

(4)

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