Qualification > Commerce

Accoounting p.pr 1 :S

(1/1)

sweetest angel:
hey! did anyone do the specimen 2010 ppr1?
don't you think that questions 1(d) should have been d (i) should have been c?
i mean isn't it possible that the marking scheme is wrong, cuse it just doesn't go with what the book say :/.

plz help :)

qwert:
Q1(d) : The answer is C cz the going concern concept states that the business will continue to operate for the forseeable future while the matching concept states tht the costs(expenses) for an accounting period should be matched against their revenue for this period.

Q1(i) : The answer is A cz we add the $15500 (transferred to the P/L a/c) to the balance b/d on 1 Jan ($2000) and subtract the balance c/d on 31 Dec ($2500). I prefer opening a T account for electricity b4 solving such questions to make sure tht the answer is correct.

sweetest angel:

--- Quote from: qwert on May 18, 2010, 01:39:14 pm ---Q1(d) : The answer is C cz the going concern concept states that the business will continue to operate for the forseeable future while the matching concept states tht the costs(expenses) for an accounting period should be matched against their revenue for this period.

Q1(i) : The answer is A cz we add the $15500 (transferred to the P/L a/c) to the balance b/d on 1 Jan ($2000) and subtract the balance c/d on 31 Dec ($2500). I prefer opening a T account for electricity b4 solving such questions to make sure tht the answer is correct.

--- End quote ---

Thanks now i get (i). but (d) the answer is d...even according to your explanation...so the marking scheme is wrong.

EDIT:i just checked the marking scheme on www.cie.org.uk site and its different than the one on this site :S atleast for this answer :/. so ya (d) is the correct answer!

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