Assessment Schedule 2015 Accounting: Prepare financial statements for sole proprietors (90978)

Transcription

1 NCEA Level 1 Accounting (90978) 2015 page 1 of 6 Assessment Schedule 2015 Accounting: Prepare financial statements for sole proprietors (90978) Question One Mount Dairy Income Statement for the year ended 31 March 2015 $ $ $ Revenue Sales Less sales returns E (600) V Net sales Less cost of goods sold Opening inventory V Plus purchases V Less purchase returns (2 300) V Plus freight inwards V Goods available for sale Less closing inventory (18 500) V Cost of goods sold V* Gross profit V* Add other ome Dividends received M Less expenses Distribution costs Advertising Shop cleaning Shop electricity M V V Insurance (shop) E* Shop wages V Depreciation on shop fittings E Administrative expenses Accountancy fees V Insurance (office) Office expenses V Depreciation on office equipment 600 M Finance costs Interest on mortgage M Total expenses Profit for the year $ V*

2 Notes V M E F NCEA Level 1 Accounting (90978) 2015 page 2 of 6 correct stem (no abbreviations) and figure, correctly classified and correct treatment (ie is less must be deducted). correct stem, correctly classified and the correct figure, (award V if number orrect figure but still correctly classified and correct stem) correct stem, correctly classified and the correctly calculated figure (award V if number orrect but still correctly classified and correct stem) foreign item V* correct stem and correct process E* insurance correct in both distribution costs and administrative expenses (award V if 6 400) Note: No credit if double dipping occurs (same item or stem used more than once) Detracting Errors lude (but not limited to): % in insurance stems, abbreviated / inaccurate headings or labels where there isn t one Not Achieved with Merit with Excellence N1 N2 A3 A4 M5 M6 E7 E8 6 V / M / E 8 V / M / E 11 V / M / E 14 V / M / E 16 V / M / E 18 V / M / E 20 V / M / E 21 V / M / E 3 M / E 4 M / E 6M/E 7 E/M N0/ = No or insufficient correct response; no relevant evidence. max 2 F max 1 F no detracting errors

3 NCEA Level 1 Accounting (90978) 2015 page 3 of 6 Question Two Mount Dairy Statement of Financial Position as at 31 March 2015 $ $ Current assets Bank Inventory Prepayments Accrued ome Accounts receivable V V 150 M 100 M 230 E Non-current assets Intangible Goodwill V Investment Shares in Wholesale Foods Ltd V Property, plant and equipment Note 1 / Total Carrying amount Vf Total assets Less liabilities Current liabilities GST (payable) Accounts payable Accrued expenses E*E* 920 E 300 M Non-current liabilities Mortgage V Total liabilities Net assets $ V* Equity Capital Plus profit for year Less drawings V Vf V Closing capital V*

4 NCEA Level 1 Accounting (90978) 2015 page 4 of 6 Notes V M E correct stem (no abbreviations) and figure (treated correctly), correctly classified correct figure, correctly classified and correct stem (award V if number orrect but still correctly classified and correct stem) correctly calculated figure, correctly classified and correct stem (award V if number orrect but still correctly classified and correct stem) E*E* award one E for 2930 or 2780 F foreign item, luding headings Note to the Statement of Financial Position 1. Property, plant and equipment Land and building Office equipment Shop fittings Total $ $ $ $ Cost V Accumulated V depreciation E V for and M E Carrying amount V V* Depreciation is calculated on a straight-line basis at the following rates: Office equipment $600 per year V (or 18.75% p.a.) Shop fittings 10% per year ($2 400 per year) V Notes V stem, or correct figure, or correct depreciation statement luding per year/pa reference M correct figure (award V if orrect but greater than or equal to TB figure) E correct figure F foreign item V* Correct amount process all 3 parts (not negative total) and total for carrying amount Note: No credit if double dipping occurs (same item or stem used more than once) Detracting Errors lude (but not limited to): abbreviated / inaccurate headings or labels Not Achieved with Merit with Excellence N1 N2 A3 A4 M5 M6 E7 E8 6 V / M / E 11 V / M / E 14 V / M / E 17 V / M / E 22 V / M / E 24 V / M / E 26 V / M / E 28 V / M / E 3 M / E 4 M / E 9 E/M 10 E/M max 1 F max 1 F No detracting errors N0/ = No response or insufficient correct response; no relevant evidence.

5 NCEA Level 1 Accounting (90978) 2015 page 5 of 6 Question Three Mount Dairy Cash Budget for the month ended 31 July 2015 $ $ Estimated cash receipts Sales Dividends Capital V 60 V V Total estimated cash receipts Estimated cash payments Shares (in Wholesale Foods Ltd) Wages Drawings Electricity Shelving (deposit) Interest on mortgage GST Cleaning V C C 300 V C 360 C V 120 C Total estimated cash payments Surplus / Deficit of cash (520) Opening bank balance Closing bank balance C* Notes V C correct stem and figure correctly classified correct stem and figure correctly classified (award V if orrect number, not foreign) C* correct processing over all 3 areas (deficit, opening bank balance, and closing bank balance) allow follow-through F foreign item Not Achieved with Merit with Excellence N1 N2 A3 A4 M5 M6 E7 E8 3 V/C 4 V/C 6 V/C 8 V/C 9 V/C 10 V/C 11 V/C 12 V/C 3 C Inc 4 C Inc 5 C 6 C max 2 F max 1 F which must lude the C* N0/ = No or insufficient correct response; no relevant evidence.

6 Cut Scores Not Achieved NCEA Level 1 Accounting (90978) 2015 page 6 of 6 with Merit with Excellence