), he discovers a massive discrepancy in the "Accn2" ledger—the secondary accounting system for the world’s largest private bank.
Clearly state two distinct advantages of the proposal with accounting justification.
| Step | Action | Marks | |------|--------|-------| | 1 | Calculate credit sales: opening receivables + sales – receipts = closing receivables (rearrange) | 3 | | 2 | Calculate credit purchases: closing payables + payments – opening payables | 3 | | 3 | Calculate cost of sales: opening stock + purchases – closing stock (unknown) | 2 | | 4 | Use gross profit margin: Sales × 40% = gross profit → then cost of sales = sales × 60% | 3 | | 5 | Solve for closing stock: cost of sales = opening stock + purchases – closing stock | 3 | | 6 | Conclude stock lost = closing stock (since fire destroyed all) | 1 | | | 15 | |
Calculating profitability and liquidity ratios, followed by written evaluations of business performance. Key Takeaways from the Jun17 ACCN2 Mark Scheme 1. The Own Figure Rule (OFR) Ib G Jun17 Accn2 Mark Scheme
: A mix of short-answer computational tasks, extended financial statement construction, and written evaluative questions. Core Topics Tested in the June 2017 Series
Isaac has exactly 90 minutes (the length of the actual exam) to infiltrate the vault. He isn't using explosives; he’s using Accn2 (Accounting Level 2) principles He bypasses the first biometric gate by calculating the Depreciation
The 2017 mark scheme was particularly strict on year-end adjustments. Common pitfalls included: ), he discovers a massive discrepancy in the
A company's financial statements show the following information:
The June 2017 paper was considered by many tutors to be of “standard difficulty,” with a few challenging questions on goodwill and incomplete records.
The 2017 mark scheme highlights that marks are frequently tied to correct terminology. Abbreviations like "GP" for Gross Profit or "NP" for Net Profit are often penalized if the question explicitly asks for formal financial statements. Key Takeaways from the Jun17 ACCN2 Mark Scheme 1
To maximise your grade using the June 2017 past paper, follow this study strategy:
Ensuring expenses match the correct financial period. Marks are often awarded for the correct treatment in both the Income Statement and the Statement of Financial Position.
Use a red pen to mark your work against the scheme. Pay close attention to where you lost "easy" marks, such as missing headers or incorrect labeling.
Selling price £20 per unit, variable cost £12 per unit, fixed costs £40,000. (a) Calculate break-even point; (b) Profit for 8,000 units; (c) Margin of safety at 10,000 units; (d) New break-even if fixed costs rise to £45,000; (e) Evaluate whether to accept a special order at £15 per unit for 5,000 units.