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Revision thread - Accounting (AQA) Unit ACCN1 - 10 January 2012 (pm)

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cheers mate, would you happen to have the mark shceme with it?

i've got the mark scheme, but not electronically. but i've taken photos off it and put it up on my profile if you want to see it, its not that clear tho

Reply 41

sukhys

Original post by sukhys

no i have the report though

here is the report to may 2011 unit 1 :smile:

ACCN1 Report.pdf30.8KB

Reply 42

smallfish008

I think suspense account may come up... alongside with cashbook..

Reply 43

yosc

Original post by smallfish008

I think suspense account may come up... alongside with cashbook..

I think so too, as it didn't come on the last paper..

Reply 44

OakleyReef

please no control accounts :frown:

Reply 45

afzal123

Original post by JLXP

please no control accounts :frown:

i generally find control accounts easy, i dont want suspense accounts :eek:

Reply 46

OakleyReef

Original post by afzal123

i generally find control accounts easy, i dont want suspense accounts :eek:

i've got my head around suspense accounts, but something won't click :frown:

i've got a book of all the past exam papers with mark schemes, and i'm averaging B's; which is brilliant because as long as i finish AS with a C i can drop it for a2 :biggrin:

do you know any good sites that can explain what control accounts are about? thanks.

Reply 47

sukhys

Original post by JLXP

i've got my head around suspense accounts, but something won't click :frown:

i've got a book of all the past exam papers with mark schemes, and i'm averaging B's; which is brilliant because as long as i finish AS with a C i can drop it for a2 :biggrin:

do you know any good sites that can explain what control accounts are about? thanks.

which book is this if you dont mind me asking?

Reply 48

omgg

you can access all the past papers online, except for the june 2011 one.
has anyone got any good accounting websites for revision?

Reply 49

OakleyReef

Original post by sukhys

which book is this if you dont mind me asking?

My teacher put the book together, which was really helpful :smile:

oh ok

Original post by omgg

you can access all the past papers online, except for the june 2011 one.
has anyone got any good accounting websites for revision?

if you look at earlier posts you will see i have already mentioned one :cool:

Reply 52

afzal123

Does anyone have any revision sites which will explain how to do suspense accounts? this is the only thing i need to review

Reply 53

OakleyReef

Original post by afzal123

Does anyone have any revision sites which will explain how to do suspense accounts? this is the only thing i need to review

likewise for me, but control accounts

Reply 54

A.A.T.

Just a selection of questions I have put together you can test yourself on. Feel free to submit your answers to the message board. Perhaps rather than "reply" to this and submit your answer just copy a question and add your answer to it. This way it keeps the post shorter rather than this message being copied several times.

Narrative Exam Style Questions - Revision Questions
Final Accounts
1. Discuss the reasons for accounting for accruals and prepayments in the final accounts. [8]
2. Explain how the creation of a provision for doubtful debts is an application of the prudence concept. [6]
3. Distinguish between ‘purchases’ and ‘cost of sales’ [8]
4. Why is the distinction important when calculating the gross profit of a business? [2] (linked to question above)
5. Evaluate the usefulness of a double entry book system to a business. [8]
6. Evaluate the problems of inadequate record keeping for a sole trader. [10]

Depreciation
1. Explain the purpose of providing for depreciation in the accounts of a business. [6]
2. ‘Provision for depreciation is made to provide for the replacement of a fixed asset’. Discuss this statement. [8]
3. Discuss the problems involved in accounting for depreciation. [8]
4. Advise the business on why the correct treatment of capital and revenue expenditure is important. [6]
5. “Depreciation is a movement of cash from the business. Discuss why this statement is a misunderstanding of the depreciation process.” [6]
6. ‘Depreciation is to provide funds for the replacement of a fixed asset.’ Discuss this statement. [6]
7. Discuss two causes of depreciation [6]

Discounts
1. Differentiate between cash discount and trade discount. [6]
2. Explain why a business might use a three column cash book rather than a two column cash book. [2]
3. Outline the full accounting entries for cash discount for:
a. purchases; [4]
b. sales [4]

Bad and Doubtful Debts
1. What is the difference between a bad debt and a provision for doubtful debts? [2]
2. Explain why a business would create a provision for doubtful debts. [4]
3. Discuss three factors which should be used in determining provision for doubtful debts. [9]
4. How would a bad debt and a provision for doubtful debts be treated in the final accounts? [4]
5. Identify two ways in which a business could reduce bad debts. [2]
6. Explain two reasons why it is important to monitor and control debtors. [4]
7. Discuss the application of the prudence concept when creating a provision for doubtful debts and the effect this may have on the final accounts. [6]

Errors
1. Using an appropriate example, explain what is meant by an error of principle. [2]
2. Identify and explain three types of error which would not affect the balancing of a trial balance. [9]

ICT
1. Assess the advantages a computerised system for sales and purchases could bring. [6]
2. Advise a business as to the benefits of changing from a manual book-keeping system to a computerised system. [6]
3. Considering both advantages and disadvantages, evaluate the usefulness of ICT in accounting to a business. [10]

Control Accounts
1. Evaluate how control accounts would assist in each of the following:
(i) detection of errors; [3]
(ii) prevention of fraud. [3]
2. Discuss three advantages of using control accounts. [9]
3. Explain why books of prime (original) entry are important in the production of control accounts. [4]

Try them - see how you all get on. Hope you find useful.

Reply 55

OakleyReef

How would bad debts be treated: Listed as an expense under 'less expenses' on income statement, reduce debtors amount on current assets on balance sheet.
Leads to a reduction in Net Assets and Net Profit.