2009 ASSESSMENT REPORT+

FINAL HINTS

Accounting Level 1

AS 1.2 / 90023 Describe a method of processing financial information and analyse transactions

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Candidates who Achieved this standard most commonly demonstrated the following skills and / or knowledge:

classified aspects of manual and computerised data processing systems correctly

accurately placed some transactions on the accounting equation grid

showed an increase in expenses as a decrease in equity or income, despite an expense column being provided on the accounting equation grid

completed the straightforward general journal entries.

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In addition to the skills and knowledge required for the award of Achievement, candidates who were

awarded Achievement with Merit commonly:

clearly identified a disadvantage of using a computerised data-processing system using good

examples accurately calculated the deposit paid and entered a

credit transaction correctly in the accounting equation grid

recognised that the investment of a physical good by the owner into the business positively affected equity in the accounting equation

used correct names for accounts in the General Journal where they already existed in the Trial Balance

accurately completed the entries for accrued expenses and income in advance in the General Journal.

In addition to the skills and knowledge required for the award of Achievement with Merit, candidates who were awarded Achievement with

Excellence commonly:

in Question 1, related their answers back to the resource material provided, to help them give good examples in context

clearly identified and described a disadvantage of using manual and computerised data processing systems, using correct terminology and citing examples

accurately classified discount allowed on the accounting equation

correctly recognised the interest and principal amounts when describing transactions

thoroughly dealt with balance day adjustments, and used the account names as per the trial balance

accurately accounted for outstanding invoices (including GST) on balance day in the General Journal.

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Candidates assessed as Not Achieved commonly lacked the following skills and / or knowledge:

showed limited understanding of the manual and computer data-processing systems

placed many transactions on the accounting equation incorrectly

did not use the word cash when describing taking money for drawings

incorrectly used the words ‘Jenny’ or ‘owner’ when describing transactions for the business

did not use the account names as per the trial balance for general journal entries

confused accounts payable with accounts receivable in the general journal entries

demonstrated incomplete general journal entries.No No No!!!!

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OTHER COMMENTS

Only the account names provided in the trial balance were accepted as being correct stems.