Wac01 w15 Er 01
Wac01 w15 Er 01
Wac01 w15 Er 01
January 2015
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Advanced Level in Accounting
(WAC01) Paper 01
The Accounting System and Costing
Edexcel and BTEC Qualifications
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January 2015
Publications Code IA040347
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© Pearson Education Ltd 2015
International Advanced Level Accounting (WAC01)
January 2015
General Comments
Specific Comments
Question 1
The question was generally answered well by students, who scored high
marks on the question.
In part (a) many students omitted the opening bank balance in the
calculation of the capital, but included all other elements. Part (b) was well
presented and substantially accurate. Students generally showed all
workings and should continue to do so. A breakdown of the calculation of
revenue and purchases in student’s answers enabled component marks to
be awarded. This remains good practice by students.
In part (c) the quality of responses was mixed with some students able to
suggest appropriate advantages of maintaining double entry accounts but
other students were unable to make any valid points.
Common errors:
Question 2
The ratio calculations in parts (b), (d) and (e) were answered very well with
many correct answers. Part (c) was less well answered with most students
repeating the percentages calculated in part (b) without suggesting
underlying reasons for the difference.
Common errors:
Question 3
There were parts of the question which were answered very well and other
parts where the responses were poor and demonstrated a general weakness
in students underpinning knowledge of double entry.
In part (a) of the question answers were very accurate with the only
common error was to fail to record the profit on disposal, some students
recorded this as an expenditure. In part (b) students were generally aware
of the difference between capital expenditure and revenue expenditure and
could apply those principles to given scenarios.
Part (c) was generally very poorly answered. The accounts were often not
balanced from year to year and narratives were often inappropriate. A
significant number of students failed to attempt this part of the question.
Common errors:
Part (c) of the question was very well answered with many students
achieving full marks. A minority of students appeared not to have read the
question and failed to name and explain. They only named but failed to
explain, losing valuable marks.
Common errors:
Question 5
Students prepared answers to part (a) which were accurate and in good
format. In part (b) there was a great diversity of answers with some
students addressing the question but other students failing to explain the
principle involved and the actions which would be taken.
Common error:
Question 6
All parts of the question were very well answered. Responses were
substantially accurate and were generally rewarded with high marks.
Common errors:
• None.
Question 7
Students were generally able to identify the concepts breached in part (a) of
the question. The identification of concepts was much improved from recent
examinations.
In part (b) the adjusted accounts were generally recorded with a high
degree of accuracy. Some students omitted to prepare the adjusted income
statement recording only the financial position statement.
Common errors:
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