Financial Accounting1 NOV/DEC 2013

Financial Accounting1,NOV/DEC 2013

Questions:	1	2	3	4	5	6	7	8	9	Main

General Comments
Strength
Weakness/Remedies

question 9 Theory of Financial Accounting
This question tested simple interpretation of account. Candidates were required to: Calculate the margin; Prepare Total Creditors Control Account; Prepare Trading, Profit and Loss Account; Calculate the Stock Turn-over Rates; Calculate the percentage of Net Profit on Sales.
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observation
Many candidates’ could not prepare Total Creditors Control Account. As a result, the purchases figure was wrong thereby affecting the Trading Account prepared. Many candidates’ had the idea of each formula but ended up with wrong calculation.