IGCSE/GCSE/O & A Level/IB/University Student Forum
Qualification => Subject Doubts => GCE AS & A2 Level => Commerce => Topic started by: Tohru Kyo Sohma on May 22, 2011, 09:29:19 pm
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ok.....i have a doubt here...in the mark scheme for accounting p2...they show mark on side by indication a 1 there......but beside some they show 1of.....does this mean that if we get it wrong we get a negative marking!!!
pls help someone! :-[
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ok....i understood....i cleared my own doubt.......CAN ANYONE EXPLAIN MARK UP AND MARKGIN TO ME???
pls!! :( :( :(
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OF = own figure , so u get a mark watever u r ans is there & u will not be penalised there after for that figure !
Mark up = Its a % calculated cost of sales to obtain profit(desired profit by company)
Margin = Its a % calculated on Sales (to obtain profit)
example -
MARK UP-
COST OF SALES = 1000
MARK UP =20%
Then profit = 1000 x 20 /100
=200
MARGIN-
MARGIN = 20 %
Then Profit =
1000/80 x 20 =250
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hmm i think u didnt get the margin thing,, i'll explain in a mathematical way since u do maths ;D
Since margin is % on sales & we are given cost of sales & told to find profit.(which they say margin is 20 % )
So if we take sales as S
S x 80 % will be cost of sales i.e ( 0.8S )
S x 20% will be profit( 0.2S )
& we are not given sales but cost of sales ....
so cost of sales will be 80 % of sales S x .8 = Cost of sales (0.8S)
& sales will be 100 % i.e 1000/0.8S = S
SO u can either obtain sales & get profit or straigt away get profit like the one i did before :D
hope u get it
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so cost of sales will be 80 % of sales S x .8 = Cost of sales (0.8S)
& sales will be 100 % i.e 1000/0.8S = S
SO u can either obtain sales & get profit or straigt away get profit like the one i did before :D
hope u get it
what is that 1000 figure again???
this mark up and margin is killing me!!
thanks alot dasith! ;D
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what is that 1000 figure again???
this mark up and margin is killing me!!
thanks alot dasith! ;D
1000 is cost of sales , & we gonna get sales & then find profit !
Got it ? or still no ?
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but didnt u show COS as 0.8S
1000/0.8S=S??
i didnt get this formula as well!! :-\
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but didnt u show COS as 0.8S
1000/0.8S=S??
i didnt get this formula as well!! :-\
yes cost is equal to 80% or 0.8 S i.e 80% of sales yea ?
so we knw cost rite? i.e 1000
so wat do we do to get sales ? (given that cost is 80% of sales)
1000/0.8= S
or in other words
sales = Cost of sales + proft ?
s=1000 + 0.2S
s-0.2s=1000
0.8S=1000
s=1000/0.8 ?
got it ?( its not a formulae actually lol ;D )
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thanks loads dasith :) and do u know any useful site for accounting revision.
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thanks loads dasith :) and do u know any useful site for accounting revision.
welcome ;D
hmm about useful site i'm nt quite sure but u might check the forum they had some links to some sites :)
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thanx dasith again. ;D
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;D (this is a spam :P )
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"IMPORTANT TOPICS FOR JUNE 2011(AS) EXAM.
1)PARTNERSHIP or incomplete records full length question with balance sheet and income statement]
2)BANK RECONCILIATION STATEMENT OR CORRECTION OF ERRORS]
3)OVERHEAD ANALYSIS SHEET WITH CONCEPT OF UNDER OR OVERHEAD ABSORBED OVERHEAD+JOB/BATCH COSTING]
BEST OF LUCK FOR THE EXAMS...."
i saw this on the xtremepaper forums, the student got this info from his teacher...so i felt i should share this ?
good luck for the exam, dont just start going though these 4 chaps only, look at all ,because what if the questions come out of these topics... ;D
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"IMPORTANT TOPICS FOR JUNE 2011(AS) EXAM.
1)PARTNERSHIP or incomplete records full length question with balance sheet and income statement]
2)BANK RECONCILIATION STATEMENT OR CORRECTION OF ERRORS]
3)OVERHEAD ANALYSIS SHEET WITH CONCEPT OF UNDER OR OVERHEAD ABSORBED OVERHEAD+JOB/BATCH COSTING]
BEST OF LUCK FOR THE EXAMS...."
i saw this on the xtremepaper forums, the student got this info from his teacher...so i felt i should share this ?
good luck for the exam, dont just start going though these 4 chaps only, look at all ,because what if the questions come out of these topics... ;D
when do we hav over / under absorption in overhead costing ?
i mean do they giv two levels of production ?
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according to my teacher's prediction...she says most probably these topics might come...but dont study on these;
1. clubs and societies.
2. departmental.
3. aportional(costing)
4. partnership.
5. companies appropriation.
;Dbest of luck to all
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Im having a Prob solving this q in june2010 P22, no. 3 part F
Everyone can get the revised contribution easily which is $138000
But how do i continue after this??? the calculation in the ms is confusing
Help please?
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can anyone explain control accounts...if there is an error and we have to correct the balances on the ledgers and contol accounts.....if they say debtors account is overstated or understated!!!when they say debtor's account do they mean sales leger account or sales ledger control account?.....and what do they mean by list of debtors!
here is an example...http://www.xtremepapers.me/CIE/International%20A%20And%20AS%20Level/9706%20-%20Accounts/9706_s10_qp_23.pdf
can someone explain the difference between depreciation and provision for depreciation........and a revision on the costing chapters!
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the last part is very light....so im gonna write clearly...i want a revision on costing chapters!!!
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Im having a Prob solving this q in june2010 P22, no. 3 part F
Everyone can get the revised contribution easily which is $138000
But how do i continue after this??? the calculation in the ms is confusing
Help please?
hmm contirbution is 138(new one)
138/437=0.3157
so
0.315789S - FC = Profit
In this cas 5% of sales are reduced right ?
so we knw FC & profit rite?
s= sales( we dont knw)
0.315789s -90 = 80
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can anyone explain control accounts...if there is an error and we have to correct the balances on the ledgers and contol accounts.....if they say debtors account is overstated or understated!!!when they say debtor's account do they mean sales leger account or sales ledger control account?.....and what do they mean by list of debtors!
here is an example...http://www.xtremepapers.me/CIE/International%20A%20And%20AS%20Level/9706%20-%20Accounts/9706_s10_qp_23.pdf
can someone explain the difference between depreciation and provision for depreciation........and a revision on the costing chapters!
Control a/c is not an account actually its completely out of double entry , its used to check other accounts i.e if they are accurate or not. When they said debtors a/c its the individual debtors a/c, its in ledger, sales ledger.list of balances are the totals of all individual a/c in ledger, thats the value taken to control a/c
Depreciation & provision for depreciation are same!!
i think, mabe Provision is not a real figure , & depreciation may be the actall loss in value of asset ? not sure thaugh
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the last part is very light....so im gonna write clearly...i want a revision on costing chapters!!!
u mean marginal & absorption ?
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Im having a Prob solving this q in june2010 P22, no. 3 part F
Everyone can get the revised contribution easily which is $138000
But how do i continue after this??? the calculation in the ms is confusing
Help please?
if my ans is confusing just let me knw !! i might be able to explain it more ...
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i mean total costing, unit ,job and batch costing, and marginal costing!
i get really confused in pastpapers qns ........mostly all of them
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Im having a Prob solving this q in june2010 P22, no. 3 part F
Everyone can get the revised contribution easily which is $138000
But how do i continue after this??? the calculation in the ms is confusing
Help please?
i think...when ever qns give profit and ask to find sales value...then i think formula is (fixed cost+profit)*100/ c/s ratio
so revised c/s ratio is 31.58%
then use the formula
(90000+80000)*100/31.58=sales
therefore sales =538333
hope this helps! ;D
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i think...when ever qns give profit and ask to find sales value...then i think formula is (fixed cost+profit)*100/ c/s ratio
so revised c/s ratio is 31.58%
then use the formula
(90000+80000)*100/31.58=sales
therefore sales =538333
hope this helps! ;D
lool u study formulaes like this for each & every sum ????
thats almost impossible :o
Dont u try to understand how they got that formulae ??
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lool u study formulaes like this for each & every sum ????
thats almost impossible :o
Dont u try to understand how they got that formulae ??
nope...i write formulas like this and learn them!!!!though i dont get it!if u get it pls explain it to me!
and is contribution-fixed cost=profit?
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nope...i write formulas like this and learn them!!!!though i dont get it!if u get it pls explain it to me!
and is contribution-fixed cost=profit?
lol thats such a hard task,
yea contribution-FC = profit
Didint u understand wat i put up there, if u solve & find S u get the answer !!
thaugh thats not wat is done in markscheme ;D
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@ mimi
Thank You ! :D
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@ mimi
Thank You ! :D
ur welcome syeda and best of luck
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ur welcome again syeda
can someone pls pls explain costing chpters to me...pls pls pls.....im gonna die if i dont understand!...i did a qns on it and i got 2/30!
PLS HELP ME OUT
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ur welcome again syeda
can someone pls pls explain costing chpters to me...pls pls pls.....im gonna die if i dont understand!...i did a qns on it and i got 2/30!
PLS HELP ME OUT
costing in marginal u take only the variable costs as varing factors with production FC is the same,Stock is values ON VC
In absorption ALL the costs involved in production vary , In valuing stock u take the full vale i.e VC + FC per unit
got it ?
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???
im so lost......where did OAR go and what about job, batch and unit costs go and what about break-evens!
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OAR is needed when aportioning the FC into units , u devide FC/by a choosen OAR base e.g Direct labour hrs
& calculate Total Fixed overheads for a given output
i.e OAR x Direct labour hrs(in example) x units
to get total Overheads.
Under/Over absorbtion is calculated by comparing the obtained value with Fixed Cost as given in question.
If FC > Calculated value its under absorbed
else Over absorbed ? get that?
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Dasith are there any questions in the pastpapers about batch and job costing in the summer session ??
i dont think so i came over any :-\
mimi
you have to know the difference between continuous and specific order operations
learn also the characteristics and examples of job costing
and learn to explain the difference between job costing and batch costing
^ u should have them in your textbook, learn them
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Dasith are there any questions in the pastpapers about batch and job costing in the summer session ??
i dont think so i came over any :-\
mimi
you have to know the difference between continuous and specific order operations
learn also the characteristics and examples of job costing
and learn to explain the difference between job costing and batch costing
^ u should have them in your textbook, learn them
wat u mean by summer session ??
hmm but i saw some questons on batch & job costing in AS papers
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???
im so lost......where did OAR go and what about job, batch and unit costs go and what about break-evens!
hmm about job & batch its actually based on the Marginal & absorption
wat u gotta do is alocate the costs on a base to a batch or unit
i.e of course as the data given in question.
Break even is where Take care= TR
no profit, no loss
or u could say its where
FC=contribution
or u could say
where
Contribution-FC = 0
or
cost of unit = price of unit
or
.............lol i think this is enoug ;D :P
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wat u mean by summer session ??
hmm but i saw some questons on batch & job costing in AS papers
i meant by may/june papers :) its just an another name used only in my school lol i guess
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i meant by may/june papers :) its just an another name used only in my school lol i guess
Nah, yuh are right. Summer session = May/jun and Winter session = Oct/Nov
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i meant by may/june papers :) its just an another name used only in my school lol i guess
hmm i dont knw about the seasons we dont hav summer, winter & all here lol ;D
hmm i' didnt analise the papers soo much lol , so i dont knw , By the way better b prepared 4 anything
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gotta go now !! gud luck with u r exams tomorrow :D
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Dasith are there any questions in the pastpapers about batch and job costing in the summer session ??
i dont think so i came over any :-\
mimi
you have to know the difference between continuous and specific order operations
learn also the characteristics and examples of job costing
and learn to explain the difference between job costing and batch costing
^ u should have them in your textbook, learn them
what is continous and specific order operation!
im so not prepared for tomorrow.....:(
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thanx dasith
bye
best of luck! ;D
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Oh dayum. I didn't know this thread existed. If yuh guys got some prob with the theory of any accounting term or formula. Do lemme know. I'll try my best to help yuh out. ::)
And best of luck fer it, yeah. :D I hope yuh guys are well prepared. Esp with the CFS. Cash flow statements, i mean. :D
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cash flow statement is not there in AS level.
but i do have doubts in accounting concepts....can u briefly but clearly explain to me alll the accounting concepts!
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what is continous and specific order operation!
im so not prepared for tomorrow.....:(
Continuous processing is when a firm engages in mass production of one or a few single & identical goods, so its possible to apportion costs into 1 unit or a number of units . whiche ever way the company finds convinient.
This may involve many processes to produce the good.
specific order is when a company produces on customer orders i.e goods for each order may vary in cost & prices. so its hard to apportion costs to a single unit , instead its apportiond for each order. since each order is uniqe in cost compared with others .
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cash flow statement is not there in AS level.
but i do have doubts in accounting concepts....can u briefly but clearly explain to me alll the accounting concepts!
There is sooooo many concepts but i'll try to be brief as much as posssible (By the way u better refer u r book)
Business entity- Business is separate from owner. Business acts as a separate entity / individual
money measurement- Only things which could be measured using money is used in accounting records.
historic cost- goods are recorded @ cost / bought in value rather than existing value.
realisation- only the transactions which have been realised / actually happed is recorded in books.
Duality- two aspects for every transaction ( double entry) -this could not be true in exceptional cases such as suspence & control accounts !
consistancy- Consistent recording and use of transactions, which provide a meathod of comparing the advances in business.
materiality-sometimes the business may deviate from the other principals & standerds, because it might not be practical / logical to apply them in some situations. i.e only items with significant value & material for the business may be shown as seperate items in accounts.etc.
Accruals/matching- Records actual costs incurred for a business in a period , rather than the expences paid for & recieved .
Prudence - Profit is not overstated , financial accounts are neutral or fair.
going concern- all accounts are prepared with the fact in mind that the business is to stay in business for a considerable period of time.
substance over form- Practical / logical way of recording transactions , rather than the leagal or the standerd way.
thats alll i guess !! ;D
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Oh dayum. I didn't know this thread existed. If yuh guys got some prob with the theory of any accounting term or formula. Do lemme know. I'll try my best to help yuh out. ::)
And best of luck fer it, yeah. :D I hope yuh guys are well prepared. Esp with the CFS. Cash flow statements, i mean. :D
ohh thanx crooked !!. Cash flow in A2 , thats on 7th , i do both AS + A2 :D
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Thank you Dasith aswell :)
I thought Mimi wrote both of 'em ,sorry
Best of luck u guys :D !
u r welcome ;D
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There is sooooo many concepts but i'll try to be brief as much as posssible (By the way u better refer u r book)
Business entity- Business is separate from owner. Business acts as a separate entity / individual
money measurement- Only things which could be measured using money is used in accounting records.
historic cost- goods are recorded @ cost / bought in value rather than existing value.
realisation- only the transactions which have been realised / actually happed is recorded in books.
Duality- two aspects for every transaction ( double entry) -this could not be true in exceptional cases such as suspence & control accounts !
consistancy- Consistent recording and use of transactions, which provide a meathod of comparing the advances in business.
materiality-sometimes the business may deviate from the other principals & standerds, because it might not be practical / logical to apply them in some situations. i.e only items with significant value & material for the business may be shown as seperate items in accounts.etc.
Accruals/matching- Records actual costs incurred for a business in a period , rather than the expences paid for & recieved .
Prudence - Profit is not overstated , financial accounts are neutral or fair.
going concern- all accounts are prepared with the fact in mind that the business is to stay in business for a considerable period of time.
substance over form- Practical / logical way of recording transactions , rather than the leagal or the standerd way.
thats alll i guess !! ;D
thanks alot dasith!...im at school now and im attacking my teacher with my numerious doubts!!anyways best of luck to all!!!
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thanks alot dasith!...im at school now and im attacking my teacher with my numerious doubts!!anyways best of luck to all!!!
hehe lol ,
thanx & gud luck 2 u 2 :D