AQA Accounting (ACCN1) - 2014

ACCN1 is 14th May 2014 pm, I'm not at all confident! What about you?


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I'm retaking this paper. Here's what you need to remember:

Trial Balances
Useful for checking the arithmetic accuracy of book-keeping.

Doesn't show these errors:
- Error of Omission (where they don't record a business transaction into the accounts)
- Error of Commission (transaction is entered into the wrong person's account)
- Error of Original Entry (The wrong amount in the right account, eg £56 instead of £65)
- Error of Principle (transaction is entered on the wrong TYPE of account - eg a motor expense in the motor account)
- Reversal of Entries (Debit/Credit entries have been entered on the wrong sides)
- Compensating Error (Two errors cancel each other out)

* random note - I find the error of commission easy to remember because I'm a huge Batman fan and think of Commissioner Gordon, 'cause it's in his name and the error is about names. Heh heh heh. *

Control A/C's

MEMORISE THESE.

_______________Sales Ledger Control A/C__________________
Balance b/d............................|.......Sales Returns
Credit Sales............................|.......Receipts from Receivables
Dishonoured Cheques..............|.......Discounts Allowed
.............................................|.......Contra - Purchases
.............................................|.......Bad Debt w/o


____________Purchases Ledger Control A/C_________________
Purchases Returns....................|......Balance b/d
Payments to Payables...............|......Credit Purchases
Discounts Received...................|......Cancelled Cheques
Contra - Sales..........................|


Bank Reconciliation Statement
Use this when things in the cash book aren't in the bank statement.

...................................................£.......
Balance as per Cash Book..............-.......
+ Unpresented Cheques................ - ......
....................................................-......
- Outstanding Lodgements.............(-).....
Balance as per Bank Statement ......-.......

Other random notes
If you have any bad debts w/o on your balance sheet, subtract them from the debtors!


This is all I've got so far. I'll come back to it and add more notes later. Hope this helps.

Thanks, the only problem i get in unit 1 is the bank rec because i always seem to make a mistake XD but still seems really easy after practising soo many times lol

Trust me dude. It may seem hard but once you understand your PEARLS and these other little things, the exam is pretty straightforward. Just practice as many papers as you can. Good luck to you.

Thanks you to , yeah iv done all the past papers pretty good used to be aiming for a D in December since i didn't understand unit 1 at all but then spent all Christmas doing past papers and going over all the content then found out it is just all the same techniques now aiming for a B/A out of all my exams next month its theo ne im looking for to XD,

What is pearls? someones mentioned it before on here but can't remember what it means
Also Did you do the unit 2 exam last year?

Oh yeah btw with what u mentioned before i remember the errors not shown by remembering COPROC XD

That... is smart lol. I like that. I did do Unit 2. It's tricky at first, but with enough revision I somehow managed a C grade and that's more than enough for me. From what I can remember, Cash Budgets are easy marks and shares are ALWAYS confusing, but if you're one of those people who will stop at nothing to understand something, you'll get it soon with practice. Also if you can, check your local library and get your mitts on the textbook by Ian Harrison. Waaaaaaaay more clearer explanations.

PEA|RLS is basically a way to remember what goes where when you put transactions from the Trial Balance into a Cash Book, for instance.

Debit: Purchases, Expenses, Assets.

Credit: Receivables, Liabilities, Sales.

Oh thanks you, yeah i recently had a exam practise on cash budgets when i practised like you say it seems like easy marks and has repetitive questions each year , I have practised other parts of unit 2 starting to go in XD

You thinking about taking Accounting for A2?

I'm just soo scared for this exam

Posted from TSR Mobile

Sorry for late reply been quite busy doing practise questions finally realising how to do questions relating to rights issue and bonus issue umm yeah thanks XD hopefully if I get a D/C or higher (are u doing units 3 and 4 and retaking unit 1 :O are u retaking unit 1 for more marks?)

No worries. Yep I am! I got three UMS marks away from a B grade but looking at the state of things I think a B grade won't be likely. Unit 3 is hard as hell but thankfully Unit 4 is a lot more easier. Still, if I'm going down, I'm going down fighting.

Hope everything works out for you!

Good on you hope ya get the B or higher , I did the June 2013 paper the other day and realised that it didn't have control accounts or suspense accounts but did have bank rec so we will mostly likely get those 2 and not a bank rec in the exam hopefully. Thanks, Hope it goes well for you too XD

There was a purchase ledger account and there identical to purchase ledger controls..

Oh, the thing which caught me out in the June 2013 paper used for practise, was that the prepayment and accurals telephone expenses question