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

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    (Original post by dhillon)
    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
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    (Original post by sukhys)
    no i have the report though
    here is the report to may 2011 unit 1
    Attached Files
  1. File Type: pdf ACCN1 Report.pdf (30.1 KB, 92 views)
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    I think suspense account may come up... alongside with cashbook..
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    (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..
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    please no control accounts
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    (Original post by JLXP)
    please no control accounts
    i generally find control accounts easy, i dont want suspense accounts :eek:
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    (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 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
    do you know any good sites that can explain what control accounts are about? thanks.
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    (Original post by JLXP)
    i've got my head around suspense accounts, but something won't click 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
    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?
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    you can access all the past papers online, except for the june 2011 one.
    has anyone got any good accounting websites for revision?
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    (Original post by sukhys)
    which book is this if you dont mind me asking?

    My teacher put the book together, which was really helpful
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    oh ok
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    (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:
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    Does anyone have any revision sites which will explain how to do suspense accounts? this is the only thing i need to review
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    (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
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    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.
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    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.
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    guys you shouldn't be worrying much of suspense account but you should for control accounts :/
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    (Original post by JLXP)
    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.
    Yes. Debit P+L and Credit Bad Debits (at the end of each year)
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    A Level Accounting "Control Accounts Pro-Forma / Layout" Revision - Episode #1 - Prof. Accounting

    http://youtu.be/Leh9qOrSxbE

    More podcasts coming soon.
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    (Original post by Henwin)
    Where did this information come from?
    From me!

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