2016 HKDSE BUSINESS, ACCOUNTING AND FINANCIAL STUDIES PAPER 2A€¦ · Paper 2A Question 6 –...

2016 HKDSE

BUSINESS, ACCOUNTING

AND FINANCIAL STUDIES

PAPER 2A

SECTION A

Paper 2A Question 1 – Trial Balance

Paper 2A Question 1- Marking Scheme

SUPPLEMENTARY MARKING NOTES (a) Trial Balance preparation

Use the account names stated in the question

(e.g. Trade receivables , Account receivables ×)

short form account name ×

(b) Limitations of a trial balance:

( × cannot detect compensating errors)

( cannot detect some errors)

( cannot detect errors which will not affect the

agreement of the trial balance)

( Some errors like compensating errors cannot

be detected)

( cannot detect some errors/omissions in entries)

Paper 2A Question 1 – Sample 1E

• wrong side for

unearned revenue

balance

• suspense account

wrongly included

• wrong total debit

and credit balance

b) correct

• wrong side for

retained profit

balance

• suspense account

wrongly included

• wrong total debit

and credit balance

b) only considered error of completing

reversal of entries, did not mention all

errors or omissions

a) incorrect trial

balance format

(could not

recognize

the Dr or Cr

balance of each

account

b) irrelevant answer

Paper 2A Question 1 – Sample 4C

a) 錯誤將設備成本及累積折舊互為抵銷

b) 正確

a) - 錯誤將留存利潤貸方結餘寫在借方

- 不合適會計帳戶名稱 (應收貨款誤寫成應收帳款)

b) 未能指出試算表局限

a) 錯誤將所有會計帳戶借方或貸方結餘互相掉轉

b) 未能指出試算表局限

Paper 2A Question 2 – Double entry and Ledgers

Paper 2A Question 2 - Marking Scheme

SUPPLEMENTARY MARKING NOTES

Transactions

Debit entry to be recorded Credit entry to be recorded

Account Ledger Account Ledger

(a) Office rent paid by cheque (1)

Office rent/

Rental expense/

General ledger

(x “cheque” not

allowed)

Cash book

(1) Office rent/ Rental

expense/rent

(2) General ledger

(3) Bank (X“cheque” not

allowed)

(4) Cash book

(b) Goods purchased on credit (5)

Purchases

[“goods”

/credit

purchase not

allowed”]

General ledger

Trade (accounts)

payables/

creditors

Purchases ledger

(5) Purchases

[“goods”/”credit purchase”

not allowed”]

(6) General ledger

(7)Trade (accounts)

payables/ creditors

(8)Purchases ledger

Transactions Debit entry to be recorded Credit entry to be recorded

Account Ledger Account Ledger

(c) Bank loan acquired (9)

Cash book

Bank loan/ loan

from bank

(x Loan)

General ledger

(9) Bank

(10) Cash book

(11) Bank loan

(x Loan)

(12) General ledger

(d) Goods returned by credit

customers

Returns inwards/

sales returns

General ledger

Trade(accounts)

receivables /

debtors

Sales ledger

(13) Returns inwards/

sales returns

(14) General ledger

(15) Trade (accounts)

receivables/ debtors

(16) Sales ledger

(e) Interest income accrued (17)

Interest receivable/

Accrued interest

income

[accrual/

accrued revenue/

accrued interest/

Account

receivable/

other receivables

not allowed ]

General ledger

Interest income/

Interest revenue

[accrued revenue

/ other revenue /

P&L account/

interest received

not allowed ]

(20) General

ledger

(17) Interest

receivable/

Accrued interest

income

(18) General ledger

(19) Interest income/

interest revenue

(20) General ledger

As the names of the ledger kept by

the business are given in the

question,

NO alternative names are accepted

(Part b &d) Incorrect

ledger identified for

“accounts payable”

account and

“accounts receivable”

account.

(Part e) Wrong

accounting

treatment for

accrued interest

income.

Part b

Part d

Part e

(Part c)

• Failed to record bank loan transactions

(Part b &d)

• Incorrect ledger identified for “purchases”

account and “returns inwards” account.

• Failed to record credit purchases and returns

inwards transactions

(Part e)

• Wrong accounting treatment for accrued

interest income.

Part b

Part c

Part d

Part e

(Part e) - 未能清楚掌握應計利息收入的處理

(Part b) 未能掌握帳冊處理

(Part d & e) 未能掌握賒銷顧客退回貨品及應計利息收入的會計處理

Part b

Part d

Part e 帳冊以縮寫顯示

Paper 2A Question 3 – Manufacturing overhead absorption

SUPPLEMENTARY MARKING NOTES (c) No marks is given:

credited/debited to “expense/cost of goods

manufactured/production cost/manufacturing

overhead/income statement”

(d) No marks is given:

maintenance fee

indirect labor cost/indirect materials

royalties

salary of supervisors

(d) Failed to identify variable

manufacturing overhead costs.

(a) Included both fixed and

variable manufacturing

overheads in the calculation of

P.O.A.R.

(b) Clear

understanding

of the

calculation of

over-absorption

manufacturing

overheads

(c) Correct, but unclear

accounting treatment

Paper 2A Question 3 – Sample 2E (a) Failed to include

variable manufacturing

overhead as part of

predetermined

manufacturing overhead

(b) Used of wrong comparison basis to arrive

at “under-absorbed”. The comparison should

be based on “actual” and “applied” scenario.

$450,000 is the “budgeted” amount of fixed

manufacturing overhead

(c) Wrong accounting treatment of under/over absorbed

(d) correct

c) 未能正確地指出多吸收生產間接成本的會計處理

(a) 正確

(b) 正確

(d) 正確

(a) 未能察覺預計生產間接成本吸收率需要包括變動生產間接成本

(b) 未能計算出多吸收生產間接成本

(c) 未能掌握處理少吸收生產間接成本對銷貨成本及淨利所帶來的影響。

(d) 正確

Paper 2A Question 4 – Concepts & allowance for

doubtful debts

a) ( × The company will continue operating)

( × The company does not intend to liquidate)

( × The company reduces scale of operation significantly)

b) ( × market value / market price / fair value / disposal value /

salesable value/ NRV)

• wrong concept, do not mark the explanation

• wrong spelling of “historical cost”, no mark for the concept,

but mark explanation

Paper 2A Question 4 – Sample 1E (a) fully explained

the meaning of

going concern

assumption

(c) The underlying

concept stated was

correct and so as

the explanation

(d) Improper

classification of

debt ($20,000)

written off in the

calculation

(b) correct

Paper 2A Question 4 – Sample 2E (a) fully explained

the meaning of

going concern

assumption

(b) market value X

(c) spelling mistake

for the accounting

concept, accurate

explanation

(d) Ignored the doubtful debts

calculation for accounts receivable with

less than 30 days and over 60 days

outstanding

(a) Could not fully

explain the meaning

of going concern

assumption

(b) irrelevant answer

(c) The underlying concept stated was not

correct and so as the explanation

(d) wrong calculation of

allowance for doubtful

debts for $180,000

(a) 解釋繼續經營假設正確，但仍未能全面描述

(b) 不正確

(c) 雖然考生能解釋歷史成本概念的意義，但是沒有「歷史概念」這個會計原則

(d) 完全正確

(a) 解釋繼續經營假設正確，但仍未能全面描述

(b) 不正確

(c) 會計原則正確，解釋亦十分清楚

(d) 未能顯示2015年12月31日呆帳準備帳的結餘

(a) 未能準確解釋繼續經營假設的意義

(b) 答案與問題無關

(c) 會計原則或概念錯誤

(d) 沒有將壞帳$20,000

在應收帳款($180,000)

內扣除

SECTION B

Paper 2A Question 5

No marks was given for entries with improper

account names

Goodwill (methods accepted in this question):

1. through capital account

2. through revaluation account and capital account

3. goodwill adjustment

If the capital accounts were not prepared in

columnar form, only the first capital account would

be marked 40

(ai) professional fees $26200 not accepted

as no proper account name “cash” was

given.

- Wrong figure for Allowance

for doubtful debts

- Correct account name for the

professional fees.

(a ii)

- Correct treatment for goodwill

- Mark was given for bringing

down the ‘profit on revaluation’

from (a)

- Failed to adjust the initial capital

of the new partnership

PAPER 2A QUESTION 5 – SAMPLE 2E

- Reputation (1)

- Whole performance of the business (0)

(ai) – confused the Dr side and Cr side.

- Mistakenly included “bank loan” in the

revaluation account.

- “Bal c/d’ in the revaluation account XX

– wrong “Bal b/d”

- omitted gain on revaluation, written off of

goodwill, adjustment for initial capital.

Only “quality of goods is bad” got 1 mark

ai) - 重估專業費用$26 200 ，欠「現金」

- 重估利潤，只提朱君任君沒提「資本」，故失分。

(Part b) 正確

(ai)只有存貨及物業正確，有多項遺漏

aii)-只有帶數，承上結餘及商譽正確

- 未有作出最初資本的調整

(Part b)

• 社會責任正確

• 但購買商譽只是引起計算商譽的原因，不是影響因素。

• 於Dr 及Cr side

重複入帳 – 無分

• 重估費用欠適當帳戶名稱

• 商譽: 左右調轉

• 重估得益:錯邊

• 未有作出最初資本的調整

• 公司服務質素:正確

• 公司營業表現XX

PAPER 2A QUESTION 5 – SAMPLE 6C

Paper 2A Question 6

Separate accounts for the two disposed assets

Accepted

It is suggested to combine them into account only

Marks were given for proper workings

Correct account names should be used in

T-accounts and journal

(Part a)

a motor vehicle

account with

correct figures

and description

(Part b)

Depreciation charges for

the year of the two

disposed items were not

included in the

Accumulated

depreciation account.

(Part c)

wrongly treated

disposal gain as a cash

receipt and failed to

include the insurance

receivable.

Please use T-form!

(Part d)

failed to distinguish between revenue

expenditure and capital expenditure

(Part a)

a motor vehicle

account with

correct figures

and description

(Part b) Correct depreciation charge of the year with full workings

- Failed to include this year depreciation in the accumulated depreciation of the

disposed assets to be transferred to the disposal account

(Part c)

• For the item disposed in March, the candidate entered the disposal

gain correctly and could provide the correct cash receipt.

• For the item disposed in April, the candidate could enter the

insurance receivable correctly with appropriate description.

(Part d)

The candidate attempted to distinguish

between revenue expenditure and capital

expenditure.

(Part a)

‘Accumulated

depreciation’ and

‘disposal’ were wrongly

included in the motor

vehicle account.

(Part b) The candidate

entered most answers

on the opposite side of

the Accumulated

depreciation account.

(Part c) In addition to

entries on the wrong

sides, the candidate put

‘balance brought forward’

which should not be

included in a disposal

account.

Part d)

failed to distinguish between

capital expenditure and revenue

expenditure

(Part a)

資產餘額被扣銷往損益帳。

(Part b)

累積折舊帳基本上是借貸兩方交錯誤置了。

(Part c)

變賣帳也是借貸兩方交錯誤置了。

(Part d)

考生並無將汽車花費的資本性和收入性支出, 分別入帳。

(Part a)

貸記的$22400, 描述錯用「汽車報廢」而非「變賣帳」。

(Part b)

漏計了變賣汽車當年應按比例計算的折舊支出

Part c)

三月份變賣汽車的變賣獲益,

考生當作現金收入, 貸記在變賣帳內。

(Part d)

考生並無將汽車花費的資本性和收入性支出, 分別入帳。

(Part a) 汽車帳數字準確, 也備恰當描述。

(Part b) 折舊支出計算準確, 列式分明。

(Part c)

數字準確, 描述恰當。

特別是其中$151200, 考生能提供其他應收帳款這正確描述。

(Part d)

資本性支出處理正確, 惜欠收入性支出處理。

Paper 2A Question 7

Classification and treatment of fixed costs and

variable costs are the key issues of this question

which affect the value of inventory in both systems

Part (d) Different approaches can be used to make

the comparisons as follows ~

comparing the costs saved in total or per unit

comparing the contribution margin in total or per unit

comparing the net profits in total or per unit

(Part a) All correct and in good presentation.

(Part b i)All correct (presentation in equation

form and quoted the answer from (a).

(Part b ii) Incorrect explanation and could only state the

treatment of fixed manufacturing overheads in the

marginal and absorption costing systems was different.

(Part c) Showed an all correct answer

and presented in essay form.

(Part d) Compared the variable costs of

production of 10 000 units in “buy” and “not buy”

situations with correct figures and conclusion.

(Part a) Incorrect contribution and net profit figures as the

candidate was not able to treat the commission as variable cost in

an appropriate way.

(Part b i) All correct (presentation in equation

form and quoted the answer from (a).

(Part b ii) Unclear and incomplete answer.

(Part c) Showed the

incorrect figure of the

difference and also the net

profit figures in the

marginal and absorption

costing systems.

(Part d) Only calculated the

cost of production (FC and VC)

when buy and compared the

variable cost of production in

(a), so wrong figures for

comparison and made an

incorrect conclusion.

(Part a) Incorrect contribution as the candidate reversed the variable and

fixed non-manufacturing costs,

(Part b i) The candidate did not

provide the inventory figure in

marginal costing system and

gave a wrong inventory figure in

absorption costing system.

(Part b ii)

Incorrect

explanation and

stated fixed

overheads

instead of fixed

manufacturing

overheads.

(Part c) Incorrect as the net

profit shown in absorption

costing system was lower

than the net profit in marginal

costing system and a wrong

difference figure.

(Part d) $5.7 was wrongly regarded as

the total production cost of buying and the

total reduced cost as the total cost of not

buying, however, a correct conclusion was

(Part a) 未有計算期末存貨值，故此錯誤計算貢獻毛益及淨利。

(Part b i)正確。有仔細列出項目計算。

(Part b ii)正確。答案用文字清晰表達。

(Part c) 能計算出邊際成本法及吸收成本法下的淨利的差額，但同時錯誤計算兩個成本法下的淨利。

(Part d) 正確地用增量分析法計算出減低了的成本，並作出購買決定。

(Part a)未有計算期末存貨值及固定銷售費用，故此錯誤計算貢獻毛益及淨利。

(Part b i) 正確。用算式計算。

(Part b ii) 未能清楚解釋固定生產間接成本在邊際成本法及吸收成本法下的處理如何影響到期末存貨值的差異，只能說出差異源於兩種成本法下處理固定生產間接成本方法不同。

(Part c) 錯誤地認為淨利在邊際成本法及吸收成本法下並沒有不同.

(Part d) 比較了外購及自行製造(from

a)的貢獻毛益，數額並不正確，但作出了購買決定。

(Part a) 未能分辨出變動及固定成本，並錯誤地用計算毛利取代貢獻毛益。

(Part b i) 錯誤計算期末存貨值。在邊際成本法及吸收成本法的計算中，均並未計算變動生產間接成本在期末存貨值內。

(Part b ii) 未能清楚解釋固定生產間接成本在邊際成本法及吸收成本法下的處理如何影響到期末存貨值的差異，只能指出差異源於兩種成本法下處理固定生產間接成本方法不同

(Part c) 未能計算出邊際成本法及吸收成本法下的淨利的差額，同時錯誤計算兩個成本法下的淨利。

(Part d) 沒有作答

SECTION C

Paper 2A Question 8

(a) Mind the account names given in the question:

(ii) Cr Closing inventory X

(iii) Cr Accounts receivables X

(iv) Cr Unearned revenue X

(v) Cr Accounts payables X

(b) Mind the presentation of the statement of financial

position

Items in the wrong category 0 mark

No title: The first item implies the corresponding

category.

Ensure proper account names are used.

Paper 2A Question 8a – Sample 1E

• Good presentation with

clear workings

• (iv) Adjusted only the decrease in trade receivables balance

in item (iii), i.e. $15,000×2%; but not realized that deposits

from customers were mistakenly deducted from the trade

receivables

(i) overlooked the loan

interest covered a period of 5

months from Dec. 2015 to

April 2016

(ii) Failed to compute the net

realisable value of the

inventory correctly (did not

consider the repairing cost)

(v) ‘Trade payables’ is given in the question, no mark was

given to ‘Accounts Payables’

Paper 2A Question 8a – Sample 3E • Improper account

names:

Used expenses

accounts in journal

adjustments without

realising the closure

of all revenue and

expenses items

Closing inventory

P&L (no

abbreviation should

be used)

• Used ‘accounts

receivables’ instead

of the account name

given in the

question, i.e. trade

receivables

Paper 2A Question 8a – Sample 4C

帳目名稱準確

留存利潤已可得分

‘期末存貨’ 不正確, 但不影響得分

• 對存貨價值改變理解不足

• 使用不正確帳目名稱，如“汽車”、“未兌現支票”

使用錯誤帳目名稱，如“損益”、“期末存貨”

Paper 2A Question 8b – Sample 7E

Good format and

clear workings

Proper adjustments

were made in the

statement of financial

position.

However, wrong item

balances due to wrong

journal entries in part (a)

Current liabilities: Interest payable of the bank loan was omitted

• Missing workings

for inventory and

trade receivables

figures

• No proper

indication for

“Equity and

liabilities” section

Paper 2A Question 8b – Sample 10C

答案準確

格式尚算有條理

“營運資金” X

Paper 2A Question 8c – Sample 11C

應收貨款沒有草算，故未能得到草算分

“權益及負債”格式錯誤

只抄襲題目內容及格式

Paper 2A Question 8c – Sample 13E

Clear explanation

Correct direction (drop) but wrong

reason, i.e. CA and CL unchanged

Failed to explain the effect on

assets and liabilities of repaying

the long-term debt earlier

解釋清楚

誤解題目內容不涉及還款

不明白酸性測驗比率的意思

Paper 2A Question 9

Paper 2A Question 9- Marking Scheme General

situation

Specific

problem

Suggested

solution

SUPPLEMENTARY MARKING NOTES (a) For the account names:

(i) Fire loss Disposal loss / Realisation loss

(ii) Stock

Account receivables Customers

Prepayments

Other receivable / Insurance claim

any Accrual items / Insurance company

Account payables Suppliers

Accruals

Unearned revenue

Bank loan

Preparing statement of financial position ONLY

without mentioning “working capital” / “net current

assets” 0 mark

• Correct format of

income statement.

• Correct calculations

including treatment

of inventory loss.

• Use of correct

accounting

terminology.

Proper

workings

were shown

• Correct calculation of working capital by using exact definition.

• Use of appropriate accounting names

Correct comment on the working capital

situation of the company.

Correct calculation of total assets

turnover, using the current assets

computed in (a ii) and correct net book

value of the non-current assets.

• Could not work out

the correct amount of

sales and depreciation

expense.

• Inappropriate

treatment of inventory

loss and insurance

compensation.

• Correct treatments for the unpresented cheque and

uncredited deposits in calculating the bank balance

• Omitted the ‘deposits received from customers’ and ‘4%

bank loan’.

Could not give appropriate comment

on the working capital situation.

Correct formula but incorrect

calculation of total assets turnover.

• Inappropriate

treatment of

inventory loss and

insurance

compensation.

• Could not work out

the correct amount

of office rent.

• Failed to consider

‘number of months’

in the loan interest

calculation

• Incorrect share of

profits

Prepared a

statement of

financial position

which is not

required in the

question.

Did not point out

the ‘working capital’

in the statement

and could not work

out the correct

amount of net

current assets

Could not give

appropriate

comments on

the working

capital situation.

Wrong formula

for the ratio

• 正確的損益表格式

• 計算準確無誤

• 運用精確的會計詞彙

提供準確草算

• 計算準確無誤

• 運用精確的會計詞彙

清晰表達公司的營運資金狀況。

• 總資產周轉率的公式正確

• 未有考慮非流動資產的淨值

• 未能適當處理存貨損失。

• 誤將保險公司的賠償當作收益處理。

• 部份費用未能準確計算。

• 未能準確計算營運資金。

• 運用合適的會計詞彙。

未能清楚說明和解釋公司的營運資金狀況。

雖懂得運用正確公式計算總資產周轉率，惟計算錯誤。

• 未能運用應收貨款帳及應付貨款帳準確計算銷貨及購貨

• 未能正確處理存貨損失

• 折舊:使用餘額遞減法不需考慮殘值

• 漏入利息支出

• 不應作利潤分配

雖然懂得營運資金的定義，卻未能準確計算金額。

未能清楚說明和解釋公司的營運資金狀況。

未能運用正確公式計算總資產周轉率。

END OF PAPER 2A

2016 HKDSE BUSINESS, ACCOUNTING AND FINANCIAL STUDIES PAPER 2A€¦ · Paper 2A Question 6 –...

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