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Assessment Schedule NZQA

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									                                 NCEA Level 2 Accounting 91176 (2.3) — page 1 of 11



SAMPLE ASSESSMENT SCHEDULE
Accounting 91176 (2.3): Prepare financial information for an entity that operates
accounting subsystems.
Assessment Criteria

            Achievement                        Achievement with Merit             Achievement with Excellence

Prepare financial information             Prepare in-depth financial            Prepare comprehensive financial
involves processing and reporting         information involves processing and   information involves processing
financial information incorporating       reporting financial information       and reporting financial information
additional information.                   incorporating detailed additional     incorporating complex additional
Additional information is selected        information.                          information.
from:                                     Detailed additional information is    Complex additional information is
 adjustments where the figure is         selected from:                        selected from:
  provided                                 adjustments where the figure         adjustments where the figure
 distinguishing cash information in        requires a calculation                requires a multi-step calculation
  the cash flow statement.                 determining cash from customers      determining cash from
                                            and cash paid to suppliers.           customers and cash paid to
                                                                                  suppliers including additional
                                                                                  information such as discounts
                                                                                  and/or bad debts and/or returns.


Evidence Statement

     One          Expected Coverage

      (a)         (See Appendix One)

      (b)         (See Appendix Two)

                   NØ     No response; no relevant evidence.

 Not Achieved      N1     FOUR expenses, and/or incomes and/or current assets correctly classified.

                   N2     FIVE expenses, and/or incomes and/or current assets correctly classified.

                          Hairdressing fees AND SEVEN expenses and/or current assets correctly classified.
                          ONE of the following:
                           accounts receivable 1 200 in note or current assets
                   A3
                           prepayment 500 in current assets
                           hairdressers’ wages 121 000
                           rent 26 000
 Achievement
                          Hairdressing fees AND EIGHT expenses and/or current assets correctly classified.
                          TWO of the following:
                           accounts receivable 1 200 in note or current assets
                   A4
                           prepayment 500 in current assets
                           hairdressers’ wages 121 000
                           rent 26 000.
                         NCEA Level 2 Accounting 91176 (2.3) — page 2 of 11



                  FOUR hairdressing expenses AND FOUR administrative expenses AND ONE current
                  asset correctly classified.
                  Profit is calculated.
                  ONE of the following:
             M5
                   depreciation on hairdressing equipment $4 000
                   correct figure for electricity in EITHER hairdressing OR administrative expenses
                   allowance for doubtful debts is 3% of accounts receivable amount in the note.
                  Maximum TWO foreign items.
  Merit
                  FOUR hairdressing expenses AND FOUR administrative expenses, AND ONE Other
                  income or finance cost AND ONE current asset correctly classified.
                  Profit is calculated.
                  TWO of the following:
             M6
                   depreciation on hairdressing equipment $4 000
                   correct figure for electricity in BOTH hairdressing AND administrative expenses
                   allowance for doubtful debts is 3% of accounts receivable amount in the note.
                  Maximum ONE foreign item.

                  Maximum of ONE classification error AND ONE omission in the income statement
                  (note electricity as one figure in either hairdressing or administrative expenses is a
                  classification error).
                  TWO current assets correctly included.
                  Profit is calculated.
                  THREE of the following are correct:
             E7    depreciation on office equipment
                   bad debts
                   doubtful debts
                   accounts receivable in current assets
                   allowance for doubtful debts in the note.
Excellence
                  No foreign items.

                  Profit is calculated from correctly classified income and expenses (maximum of ONE
                  omission).
                  FOUR correct items included in current assets.
                  FOUR of the following are correct:
                   depreciation on office equipment
             E8
                   bad debts
                   doubtful debts
                   accounts receivable in current assets
                   allowance for doubtful debts in the note.
                  No foreign items.
                           NCEA Level 2 Accounting 91176 (2.3) — page 3 of 11



   Two         Expected Coverage

    (a)        (See Appendix Three)

    (b)        (See Appendix Four)

               NØ    No response; no relevant evidence.

                     ONE complete entry in journal correct as to Dr and Cr accounts; figures may be
                N1
Not Achieved         incorrect.

                     ONE complete entry in journal as to Dr and Cr accounts; figures may be incorrect AND
                N2
                     ONE correct line item in general ledger including opening balance.

                     Any TWO of the following journal and/or ledger entries are correct:
                     Journal entries (must be complete with correct Dr/Cr accounts and figures except
                     where indicated)
                      interest owing on mortgage
                      depreciation on shop fittings
                      dividends owing
                A3    closing entry
                      any other journal entry with correct Dr and Cr accounts but incorrect amounts
                     Ledger entries (line item, needs correct figure, Dr/Cr column and treatment in balance
                     column)
                      TWO opening balances
                      interest owing on mortgage
                      a closing entry allowing follow through.
Achievement
                     Any THREE of the following journal and/or ledger entries are correct:
                     Journal entries (must be complete with correct Dr and Cr accounts and figures except
                     where indicated)
                      interest owing on mortgage
                      depreciation on buildings
                      dividends owing
                A4    closing entry
                      any other journal entry with correct Dr and Cr accounts but incorrect figures
                     Ledger entries (line item, needs correct figure, Dr/Cr column, figure and treatment in
                     balance column)
                      TWO opening balances
                      interest owing on mortgage
                      a closing entry allowing follow through.
                        NCEA Level 2 Accounting 91176 (2.3) — page 4 of 11



                  Any FOUR of the following journal and/or ledger entries are correct:
                  Journal entries (must be complete with correct Dr and Cr accounts and figures except
                  where indicated)
                   invoice on hand for sales (sales and GST may have incorrect figures)
                   insurance prepaid
                   invoice on hand for purchase of equipment (equipment and GST may have incorrect
                    figures)
             M5
                   depreciation on shop fittings, figure may be incorrect
                   any other completely correct journal entry
                  Ledger entries (line item, needs correct Dr/Cr column, figure and treatment in balance
                  column)
                   depreciation on computer equipment
                   sales entry in accounts receivable
                   a closing entry with correct figure.
  Merit
                  Any SIX of the following journal and/or ledger entries are correct:
                  Journal entries (must be complete with correct Dr and Cr accounts and figures except
                  where indicated)
                   invoice on hand for sales (sales and GST may have incorrect figures)
                   insurance prepaid
                   invoice on hand for purchase of equipment (equipment and GST may have incorrect
                    figures)
             M6
                   depreciation on shop fittings, figure may be incorrect
                   any other completely correct journal entry
                  Ledger entries (line item, needs correct Dr/Cr column, figure and treatment in balance
                  column)
                   depreciation on computer equipment
                   a closing entry with correct figure
                   sales entry in accounts receivable.

                  ANY FOUR completely correct journal entries, including TWO of:
                   depreciation on shop fittings
                   invoice for sales
             E7
                   invoice for equipment.
                  ANY FOUR line items correct in the general ledger Note TWO opening
                  balances,counts as one line item
Excellence
                  ANY FIVE completely correct journal entries, including TWO of:
                   depreciation on shop fittings
                   invoice for sales
             E8
                   invoice for equipment.
                  ANY FIVE line items correct in the general ledger Note TWO opening balances counts
                  as one line item.
                             NCEA Level 2 Accounting 91176 (2.3) — page 5 of 11



   Three       Expected Coverage

               (See Appendix Five)
               Note: For a workings item to be correct it must:
    (a)
                be in the correct working section
                have the correct figure correctly treated.

               (See Appendix Six)
               Note: For a cash flow statement item to be correct it must have:
                a stem that identifies what the receipt or payment is for (eg, direct credit alone is not
    (b)
                 acceptable, direct credit for interest is acceptable)
                the correct figure
                correct receipts or payments section of the cash flow statement.

                NØ     No response; no relevant evidence.

Not Achieved    N1     ONE cash flow statement item is correct.

                N2     TWO cash flow statement items are correct.

                       THREE items are correct in the workings AND/OR cash flow statement; allow follow
                A3
                       through for customers/suppliers.
Achievement
                       FOUR items are correct in the workings AND/OR cash flow statement; allow follow
                A4
                       through for customers/suppliers.

                       Workings correctly show opening and closing balances and invoices for either
                       customers or suppliers and the cash amount is transferred to the cash flow statement.
                M5     Cash flow statement includes FOUR correct items allowing follow through for
                       customers/suppliers.
                       Maximum TWO foreign items.
   Merit
                       Workings correctly show opening and closing balances and invoices for customers
                       AND suppliers and the cash amounts are transferred to the cash flow statement.
                M6     Cash flow statement includes FIVE correct items allowing follow through for
                       customers/suppliers.
                       Maximum ONE foreign item.

                       The working for cash from customers OR cash paid to suppliers is correct or the cash
                       flow statement includes one of these figures correct.
                E7     Cash Flow Statement includes one of total receipts or total payments correct and has
                       been completed to determine closing bank balance.

 Excellence            No foreign items.

                       The workings for cash from customers AND cash paid to suppliers are correct or both
                       correct figures are in the cash flow statement.
                E8
                       Cash Flow statement is complete and the closing bank balance is $9770
                       No foreign items.
                                  NCEA Level 2 Accounting 91176 (2.3) — page 6 of 11



Appendix One

                                           Colours and Cuts
                            Income Statement for the year ended 31 March 2011
                                                                           $                                         $
 Revenue
 Hairdressing fees                                                                                            249 600
 Add Other Income
 Interest received                                                                                                450
                                                                                                              250 050
 Less Expenses
 Hairdressing expenses
 Advertising                                                            720
 Hairdressing supplies used                                         26 000
 Hairdressers’ wages                                               121 000
 Depreciation on hairdressing equipment                               4 000
 Salon cleaning expenses                                              3250
 Electricity*                                                         9 600               164 570
 Administrative expenses
 Bad debts                                                              341
 Electricity*                                                         2 400
 Insurance                                                            6 000
 Office expenses                                                    17 400
 Rent                                                               26 000
 Telephone and internet                                               1 300
 Depreciation on office equipment                                     1 280
 Doubtful debts                                                          16
                                                                                        54 737
 Finance costs
 Interest on overdraft                                                                       50


 Total expenses                                                                                               219 357
 Profit (loss) for the year                                                                                    30 693
NOTES
To be correctly classified the line time must have the correct stem and a figure under the correct heading.
* Electricity is only correctly classified if it is recorded in both Hairdressing Expenses and Administrative Expenses.
                            NCEA Level 2 Accounting 91176 (2.3) — page 7 of 11



Appendix Two


                                      Colours and Cuts
                      Statement of Financial Position as at 31 March 2011

     Current Assets                                               Note


     Accounts Receivable                                      1                   1 164


     Hairdressing supplies on hand                                                1 980


     Term deposit                                                                20 000


     Prepayment                                                                     500




     Total current assets                                                        23 644


                                        Colours and Cuts
                                 Notes to the financial statements

     1. Accounts Receivable


     Accounts Receivable                                                         1 200


     Less Allowance for doubtful debts                                            (36)


                                                                                  1 164
                               NCEA Level 2 Accounting 91176 (2.3) — page 8 of 11



Appendix Three


                                               Classy Shoes
                                              General Journal
31/03/11   Interest on mortgage                                                      115
                 Accrued expenses                                                            115


           Depreciation on shop fittings                                            2 100
                 Accumulated depreciation on shop fittings                                  2 100


           Prepayments                                                               150
                 Insurance                                                                   150


           Accounts receivable                                                       920
                 Sales                                                                       800
                 GST                                                                         120



           Accrued income                                                            120

                 Dividends received                                                          120


           Computer equipment                                                       1 000
           GST                                                                       150
                 Accounts payable                                                           1 150


           Income Summary                                                            800
                 Advertising                                                                 800
                         NCEA Level 2 Accounting 91176 (2.3) — page 9 of 11



Appendix Four


                                     Interest on mortgage

31/3/11     Balance                                                                   9 755 Dr

            Accrued expenses                                     115                  9 870 Dr

            Income Summary                                                    9 870      -

1/4/11      Accrued expenses                                                   115     115 Cr




                            Depreciation on computer equipment
            Accumulated depreciation on computer
31/3/11                                                        1 800                  1 800 Dr
            equipment
            Income Summary                                                    1 800      -




                                     Accounts receivable

31/3/11     Balance                                                                   2 105 Dr

            Sales and GST                                        920                  3 025 Dr
                             NCEA Level 2 Accounting 91176 (2.3) — page 10 of 11



Appendix Five


Cash from customers


Accounts receivable 1/3/11                               2 600

Plus invoices issued                                    16 600

Less bad debts                                             980

Less accounts receivable 31/3/11                         2 340

Equals cash from customers                              15 880


Cash to suppliers


Accounts payable 1/3/11                                  3 450

Plus invoices received                                   2 980

Less credit notes                                          500

Less accounts payable 31/3/11                            4 250

Equals cash paid to suppliers                            1 680
                            NCEA Level 2 Accounting 91176 (2.3) — page 11 of 11



Appendix Six


                                        Maaka’s Mechanics
                    Statement of Cash Flows for the month ended 31 March 2011
                                                                            $              $
Receipts
Cash from customers (Accounts receivable)                                         15 880
Interest received                                                                   260


Total Receipts                                                                                 16 140
Payments
Cash to suppliers (Accounts payable)                                               1 680
Staff wages                                                                        3 000
Workshop lease                                                                     2 800
Insurance                                                                           670


Total Payments                                                                                  8 150
Net increase (decrease) in cash                                                                 7 990
Opening bank balance                                                                            1 780
Closing bank balance                                                                           9 770*

								
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