Ib G Jun17 Accn2 Mark Scheme ((full)) Direct

This document serves as a detailed dissection of the marking criteria, structured to assist both teachers seeking to understand the assessment objectives and students reviewing for examinations.

Level of Response Marking (for longer written parts)

Some questions in ACCN2 require written explanations (e.g., “Explain why a provision for doubtful debts is created” or “Discuss the advantages of marginal costing for decision-making”).

Typical 6-mark narrative question mark scheme:

| Level | Descriptor | Marks | |-------|------------|-------| | 3 | Comprehensive explanation with technical terms (prudence, matching, relevant cost) and clear application | 5–6 | | 2 | Some correct points but lacking detail or clarity; minor errors | 3–4 | | 1 | Basic statement (e.g., “to be careful”) with no development | 1–2 | | 0 | No relevant content | 0 | Ib G Jun17 Accn2 Mark Scheme

Example answer for Level 3:
“A provision for doubtful debts is created in line with the prudence concept – anticipating losses but not gains. It ensures that receivables are stated at net realisable value. The matching concept also applies: the expense of potential bad debts is matched against the revenue of the same period. Without this provision, assets and profit would be overstated.”

Introduction: Decoding the Keyword

If you have recently typed the phrase "Ib G Jun17 Accn2 Mark Scheme" into a search engine, you are likely an A-Level Accounting student or a teacher preparing for the summer examinations. This seemingly cryptic string of characters holds the key to understanding how marks were awarded for a specific exam paper.

Let’s break it down:

• Ib – Often denotes the examination board or internal identification code (in many contexts, including legacy AQA units, this refers to the specific paper series).
• G – Typically refers to the General Certificate of Education (GCE) Advanced Subsidiary (AS) or Advanced Level (A2).
• Jun17 – Indicates the examination took place in June 2017.
• Accn2 – Stands for Accounting Unit 2 (often titled "Financial and Management Accounting" or similar, depending on the board).
• Mark Scheme – The official document used by examiners to standardize grading.

This article provides a thorough analysis of the June 2017 AQA ACCN2 Mark Scheme, exploring its structure, common pitfalls, and how to use it effectively for revision.

2. The "Own Figure Rule" (OFR)

This is the most important rule in accounting mark schemes. If you made a mistake in part (a) of a question but carried that number correctly through to part (d), you do not get penalized twice.

• Example: If you calculated Gross Profit as £100,000 (it should have been £120,000), but then correctly calculated Net Profit from that £100,000, you get full marks for the Net Profit calculation.
• Why this matters: The mark scheme rewards process, not just the right number.

4. Example Question from Ib G Jun17 Accn2 Mark Scheme (Reconstruction)

Let us reconstruct a typical question and mark scheme extract. This document serves as a detailed dissection of

Question (Incomplete Records): A sole trader has lost his purchase invoices. You are given:

• Opening inventory: $10,000
• Closing inventory: $15,000
• Gross profit margin: 25% on sales
• Sales: $100,000
• Payments to suppliers: $70,000

Required: Calculate purchases and the closing trade payables.

Mark Scheme Extract (Jun17): | Mark | Explanation | |------|-------------| | M1 | Cost of sales = Sales × (1 – Gross profit margin) = 100,000 × 0.75 = $75,000 | | M2 | Purchases = Cost of sales – Opening inventory + Closing inventory = 75,000 – 10,000 + 15,000 = $80,000 | | M3 | Trade payables (closing) = Purchases – Payments to suppliers = 80,000 – 70,000 = $10,000 | | A1 | All three figures correct and clearly labeled. | Level of Response Marking (for longer written parts)

Guidance notes: Accept alternative sequencing if logical. Do not award M3 if purchases are incorrect unless OFR applied.