UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS
International General Certificate of Secondary Education
MARK SCHEME for the May/June 2011 question paper for the guidance of teachers
0452 ACCOUNTING 0452/13 Paper 1, maximum raw mark 120
This mark scheme is published as an aid to teachers and candidates, to indicate the requirements of the examination. It shows the basis on which Examiners were instructed to award marks. It does not indicate the details of the discussions that took place at an Examiners meeting before marking began, which would have considered the acceptability of alternative answers. Mark schemes must be read in conjunction with the question papers and the report on the examination.
Cambridge will not enter into discussions or correspondence in connection with these mark schemes.
Cambridge is publishing the mark schemes for the May/June 2011 question papers for most IGCSE, GCE Advanced Level and Advanced Subsidiary Level syllabuses and some Ordinary Level syllabuses.
Page 2 1 Key (a) A (b) B (c) D (d) B (e) C (f) A (g) B (h) C (i) D (j) B
(a) Cash book, petty cash book, sales day book (journal), sales returns day book (journal), purchases day book (journal), purchases returns day book (journal), journal. (Any two, 1 mark each). [2] (b) To calculate the [net] profit [or loss] [for the year] not gross profit. (c) Income Carriage outwards Bad debt recovered Discount received (1) (1) [3] (d) The petty cashier has a fixed amount of money (the imprest) (1) and is reimbursed the amount of the actual expenses each period (1) to maintain this amount. [2] Expense (1) [1]
University of Cambridge International Examinations 2011
Page 3 (e)
Mark Scheme: Teachers version IGCSE May/June 2011
Syllabus 0452
Paper 13 [1] [1] [2]
(i) Consistency (ii) Reliability
(f) Current assets (1) less Current liabilities (1) (g) (i) Working capital = Trade receivables + bank + inventory trade payables = (1300 + 3500 + 2900) (7700) (1) 1800 (1) = 5900 (1)OF (ii) Quick ratio = current assets less inventory / current liabilities = (7700 2900) (4800) (1) / 1800 (1) = 2.67 : 1 (1)OF (accept 2.66 : 1)
(i) New gross profit / new sales = 9010 (1)OF / 18710 (1)OF = 48.16% (1)OF (ii) Increased (1)OF
University of Cambridge International Examinations 2011
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Mark Scheme: Teachers version IGCSE May/June 2011
Syllabus 0452
Paper 13
(a) An other payable (accrued expense) is an amount due and payable [in respect of expenses incurred in an accounting period] (1) which remains unpaid at the end of that period (1). [2] (b) Khalim Fuel expenses account 2010 1 May Balance b/d 30 (1) 2011 30 April Income statement 360 (1)OF (accept profit/loss acc) 000 390 1 May Balance b/d 50 (1) (+ 1 for all correct dates) [6] (c) Non-current tangible Warehouse Goodwill Motor van Trade receivables (1) (1) [4] (d) At the lower (1) of cost (1) and net realisable value (1) (e) Chair type Units in stock Cost or net realisable value per unit $ 55 (1) 20 (2) 15 (1) Total value $ 825 720 900 2 445 (1) [8] [Total: 23] [3] (1) (1) Non-current intangible Current
2011 30 April Bank Balance c/d
340 (1) 50 (1) 390
Armchair Dining chair Folding chair
15 (1) 36 (1) 60 (1)
University of Cambridge International Examinations 2011
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Mark Scheme: Teachers version IGCSE May/June 2011
Syllabus 0452
Paper 13 [2]
(a) Straight line method, revaluation method (1 mark each) (b) Depreciation (i) Year 1 (ii) Year 2 (iii) Year 3 4500 (1) @ 40% (1) = 1800 (1)OF = 1080 (1)OF = 648 (1)OF
[9] (c) Piranha Limited Balance Sheet at end of third year (extract) Cost $ Non-current assets Computer system 4500 (1) 3528 (1)OF 972 (1)OF [3] (d) Depreciation rate should have been higher (1) because net book value after three years ($972) is greater than expected scrap value after three years ($750) (1) [2] (e) Increase Net profit Working capital Return on capital employed (2) (2) [6] [Total: 22] Decrease No effect (2) Provision for Depreciation $ Net book value $
University of Cambridge International Examinations 2011
List of Key Financial Ratios: Formulas and Calculation Examples Defined for Different Types of Profitability Ratios and the Other Most Important Financial Ratios
Guide to Strategic Management Accounting for Managers: What is management accounting that can be used as an immediate force by connecting the management team and the operation field?
List of Key Financial Ratios: Formulas and Calculation Examples Defined for Different Types of Profitability Ratios and the Other Most Important Financial Ratios
Guide to Strategic Management Accounting for Managers: What is management accounting that can be used as an immediate force by connecting the management team and the operation field?
