2009 ASSESSMENT REPORT + FINAL HINTS Accounting Level 1

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

Candidates who Achieved this standard most commonly demonstrated the following skills and / or knowledge: 3  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.

In addition to the skills and knowledge required for the award of Achievement, candidates who were awarded Achievement with Merit commonly: 4  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.

Candidates assessed as Not Achieved commonly lacked the following skills and / or knowledge: 6  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!!!!

OTHER COMMENTS 7  Only the account names provided in the trial balance were accepted as being correct stems.