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A-Level Principles of Accounts

A-Level Principles of Accounts. Paper 2 2008 examination review and teaching experiences sharing By Mr Tony Lim--Lecturer Department of Business Services and Management Institute of Vocational Education (Tuen Mun) 22/11/2008. (A) Paper 2 syllabus review. Costing -principles and methods

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A-Level Principles of Accounts

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  1. A-Level Principles of Accounts • Paper 2 • 2008 examination review and teaching experiences sharing • By Mr Tony Lim--Lecturer • Department of Business Services and Management • Institute of Vocational Education (Tuen Mun) • 22/11/2008 @IVE(Tuen Mun)

  2. (A) Paper 2 syllabus review • Costing -principles and methods (eg overheads absorption) • Planning and control (eg Standard Costing, Budgeting) • Decision making (eg Marginal Costing, NPV ) • Financial accounting theory

  3. (B) Past Paper Analysis-Costing principles and methods

  4. (B) Past Paper Analysis-Planning and control

  5. (B) Past Paper AnalysisDecision Making

  6. (B) Past Paper Analysis • --Financial accounting theory, and applications. (20%)

  7. (C) Examiners’ comment

  8. (D) Students’ comment • 1) Difficult to understand the questions, and to apply theory in answering; • 2) Difficult to apply data in the calculation questions; • 3) Complicated areas: • Standard costing, budgeting, NPV applications, overheads absorption.

  9. (E) Teaching experiences sharing (1) • Examiners are based on the concept of management perspective to set their questions • Students are difficult to understand the questions because they lack business experience and applications. • Eg 1 direct Vs indirect costs • Eg 2 absorption of overheads based on actual unit of basis

  10. (E) Teaching experiences sharing (2) • Some simple cases studying are recommended to draw students’ observations of the costing behaviour • This can help students to understand: -- variable and fixed costs -- applications of high/ low method to separate any semi-variable costs -- calculation of flexible budgeting.

  11. (E) Teaching experiences sharing (3) • Some process costing questions were based: • Calculation of loss in process • Calculation of equivalent units(Year 2008-Q2a)

  12. (E) Teaching experiences sharing (4a) • Planning and control techniques are essential in management accounting • Eg---Budgetary control is designed to control cost centres; ---Preparation of budget PNL accounts and balance sheets are different from cash budgets(eg non-cash expenses are ignored. )

  13. (E) Teaching experiences sharing (4b) Eg 2 Standard costing and variance analysis are important in cost units controlling

  14. (E) Teaching experiences sharing (5a) • Decision Making—long-term. To calculate PV by discounting the future time value of money. PV = 1/ (1 +r )ª

  15. (E) Teaching experiences sharing (5b) • Decision Making—short-term. Only relevant costs will be considered.

  16. (F) Sources of examination questions • Past years A-level questions; • Professional bodies past questions: ---AAT; CIMA; ACCA

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