Exam Review: Accounting

Review of Accounting paper by Mary Kelly.

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

Section 1

In question 1, students had to choose between Company Final Accounts or  Company Final Accounts, including a Manufacturing Account. The adjustments in both questions, although challenging in parts, have appeared in previous exam questions. There was a good range of short questions (Q2-Q4), including Published Accounts, Farm Accounts and Depreciation of Fixed Assets. 

Section 2

Students were required to answer 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 business in the renewable energy sector. Question 6 was a relatively straightforward Cash Flow Statement. Question 7 was Correction of Errors and Suspense Account, 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 Flexible Budgets and Stock Valuation. Question 9 was a Production Budget.