Exam Review 2023 – Accounting

Review of Accounting paper by Mary Kelly.

Overall, a fair paper with a nice choice of questions which students were happy with.

Section 1:

Question 1: Students had to choose between Sole Trader Final Accounts or Company Final Accounts. The adjustments in both questions, although challenging in parts, have appeared in previous exam questions. There was a good range of short questions, including Incomplete Records, Creditors Control Accounts and Tabular Statements.

Section 2:

This year saw the return of students answering two out of three questions from this section of the paper. Question 5, as guaranteed, was Interpretation of Accounts. Students were required to calculate and comment on ratios for a retailer in the fast food industry. Question 6 was a published account, and question 7 was Service firm. Questions 6 and 7 were relatively straightforward, as there was quite a bit of repetition from previous exam questions.

Section 3:

In this section, students had to answer either Question 8 or Question 9. Both questions were very manageable. Question 8 was Marginal and Absorption Costing, and Question 9 was a Cash Budget.