Higher Accounting SQA Exam Guide - Tips and Techniques for Success
Enhance your preparation for the Higher Accounting SQA Exam with valuable insights on exam technique, question paper structure, time management, labeling answers, and course content. Discover hints and tips for effective studying, including past paper practice and topic revision. Remember key strategies to optimize your performance and secure a higher grade.
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HIGHER ACCOUNTING SQA EXAM GUIDE 2020-21
WHY BOTHER? Because being prepared and exam technique can make a significant difference to your final grade
QUESTION PAPER The question paper consists of 2 Sections ALL QUESTIONS ARE COMPULSORY SECTION 1 80 marks (2 x 40 mark questions) SECTION 1 40 marks (2 x 20 mark questions)
You will have 2 hours and 30 minutes to complete this paper Devote more time to Section 1 as there are more marks available Section 1 = 80 marks, so 1 hour 40 minutes to complete the questions and look over your answers Section 2 = 40 marks, so 50 minutes to complete the questions and look over your answers
LABEL EVERYTHING You must make it clear to which part of the question your answer refers eg 3 a i Cost per wash 4.00 You must make sure you label the figures in your answer Eg 0.02 per passenger mile YOU WILL NOT BE AWARDED MARKS FOR UNSUPPORTED OR UNLABELLED FIGURES ON YOUR PAPER
Exam technique keep your eye on your timing dont waste time over a 2 mark section at the end of a question where you could pick up easier marks from the start of the next question. Leave it and return to it at the end if you have time Assume that the person marking your paper is an intelligent adult who knows very little about Accounting be specific and qualify theory answers
HINTS AND TIPS Weekly past paper practise Weekly revision of different topics Timing time yourself to take no longer than 1.25 minutes per mark
REMEMBER!!! Basic knowledge learn your layouts and the tricky things to look out for that your teacher has discussed with you Exam technique keep your eye on your timing don t waste time over a 2 mark section at the end of a question where you could pick up easier marks from the start of the next question Practise as with everything the more practise you do, the better you become
PREVIOUS PAST PAPER CONTENT 2019 120 marks Q1 40 marks 2020 2019 Job Costing and Overheads Q2 40 marks Q3 20 marks Q4 20 marks Decision making and Process Costing Budgets & Process Costing Manu Acc and Inc Statement PLC Inc Stat and SOFP SPEC 2019 ON Partnerships Ratio analysis & Materials Investment appraisal Q1 40 marks PLC Q2 20 marks Ratios & invest appraisal Cash Budget Q3 20 marks Materials and Process Costing Manu Acc & Inc Statement Manu Acc Ratios & invest appraisal Manu Acc & Inc Statement Ratios & Process Costing theory Q4 20 marks Budgets 2018 2017 Overheads Dec Making 2016 2015 Decision Making Partnerships Overheads Cash Budget Partnerships Service Costing SPEC Overheads and Job Costing PLC Inc Stat & SOFP Ratios & invest appraisal Cash budget Partnerships EXEMPLAR Decision Making
TEMPLATES All templates, questions from the course and solutions will be stored in your Class Notebook in Teams. Further examples are provided on the next few slides.
PARTNERSHIPS Smith and Jones Income Statement and Appropriation Account for the year ended 30 April Year 5 OOO OOO OOO 546 Sales Revenue Less Sales Returns Net Sales 0 546 Cost of Sales Opening Inventory Add Purchases Less Purchases Returns 30 320 0 320 Add Carriage Inwards Goods available for sale Less Closing Inventory Cost of goods sold Gross Profit 0 320 350 28 322 224 Less Expenses Selling Expenses Office Expenses Overdraft Interest Bad Debts Depreciation - Fittings Depreciation - Vehicles Interest on Loan - Jones 44 18 4 4 6 24 8 108 116 Add Other Income Decrease in BDP Profit for the Year 6 6 122 Add Interest on Drawings Smith 20% Jones 20% 4 8 12 134 Less Salary Smith 12 12 122 Less Transfer to General Reserve 10 112 Less Interest on Equity Smith Jones 10 6 16 96 Share of profit George 100/160 Michael 60/160 60 36 96
PARTNERSHIPS Current Account - Smith Dr Cr Bal 10 10 14 01-May Balance 30-Apr Drawings Interest on Drawings Salary Interest on Equity Share of Profit Interest on Loan Cr Dr Dr Dr Cr Cr Cr 20 4 12 10 60 2 8 68 68 0 Current Account - Jones Dr Cr Bal 12 52 60 60 54 18 10 01-May Balance 30-Apr Drawings Interest on Drawings Salary Interest on Equity Share of Profit Interest on Loan Dr Dr Dr Dr Dr Dr Dr 40 8 0 6 36 8
PARTNERSHIPS Smith and Jones Statement of Financial Position as at 30 April Year 5 OOO COST OOO DEPN OOO NBV Non-Current Assets Property Fittings Vehicles Intangible Assets: Goodwill 260 100 120 40 46 84 300 54 36 0 390 Current Assets Closing Inventory Trade Receivables Less Provision for Bad Debts Office Expenses Receivable 28 80 4 76 4 108 Current Liabilities Trade Payables Cash and Cash Equivalents Selling Expenses Payable VAT Working Equity Net Assets Employed 64 40 6 10 120 -12 378 Less: Non-Current Liabilities Loan - Jones NET ASSETS 80 298 Equity Equity Accounts Smith Jones 100 60 160 Current Accounts Smith Jones 68 -10 58 Reserves General Reserve Revaluation Reserve 40 40 80 298
PLC Highland PLC Income Statement and Appropriation Account for the year ended 31 March Year 6 OOO OOO OOO 2377 Sales Revenue Less Sales Returns Net Sales Revenue 0 2377 Less Cost of Sales Opening Inventory Add Purchases Less Purchases Returns 160 1278 0 1278 1438 Add Carriage In 5 1443 Add Warehouse Expenses 0 1443 Less Closing Inventory COST OF SALES Gross Profit 76 1367 1010 Less Expenses Wages Insurance (45-4) Directors' Fees Rent (30+5) Bad Debts Debenture Interest (10+10) Depreciation - Machinery (10%x1130) Depreciation - Vehicles (540-90=450x20%) Increase in BDP (4-3) 439 41 4 35 47 20 113 90 1 790 220 Add Other Income Discount Received Investment Income Profit for the Year (before Corporation Tax) Less Corporation Tax (25%) Profit for the Year (after Corporation Tax) 12 8 20 240 60 180 Add Unappropriated Profit 22 202 Less Interim Ordinary Dividend Final Ordinary Dividend (12%x750=90-40) Preference Dividend (8%x250) Transfer to General Reserve Unappropriated Profit 40 50 90 20 25 135 67
PLC Highland PLC Statement of Financial Position as at 31 March Year 6 COST OOO DEPN OOO NBV OOO Non-Current Assets Machinery (214+113) Vehicles (90+90) Intangible Assets: Preliminary Expenses (10-10) 1130 540 327 180 803 360 0 1163 200 1363 Investments Current Assets Closing Inventory Trade Receivables Provision for Bad Debts Investment Income Payable Insurance Receivable 76 155 4 151 8 4 239 Current Liabilities Trade Payables Cash and Cash Equivalents (67-50-20) Rent Payable Debenture Interest Payable VAT Corporation Tax Payable Working Equity Net Assets Employed 109 3 5 10 13 60 200 39 1402 Non-Current Liabilities 10% Debentures Net Assets 200 200 1202 EQUITY 750,000 Ordinary Shares of 1 each 250,000 8% Preference Shares of 1 each 750 250 1000 Reserves Unappropriated Profit General Reserve (90+25) Share Premium (30-10) 67 115 20 202 1202
INVENTORY (MATERIALS) INVENTORY RECORD CARD Method of Inventory Valuation - AVCO RECEIPTS Date Quantity ISSUES Quantity BALANCE Quantity Unit Price Value Unit Price Value Unit Price Value 01-Apr 02-Apr 03-Apr 08-Apr 20-Apr 06-May 09-May 27-May 28-May 31-May 400 1.00 400.00 400 250 200 400 200 180 480 980 680 580 1.00 1.00 1.00 1.15 1.15 1.15 1.20 1.25 1.25 1.24 400.00 250.00 200.00 460.00 230.00 207.00 576.00 1226.00 851.00 721.00 150 50 1.00 1.00 150.00 50.00 200 1.30 260.00 200 20 1.15 1.15 230.00 23.00 300 500 1.23 1.30 369.00 650.00 300 100 1.25 1.30 375.00 130.00
