Accounting (0452) · Oct/Nov 2023 · Mark scheme 22
Cambridge Accounting (0452) mark scheme for paper 22, Oct/Nov 2023 — 0452/22/O/N/23, file 0452_w23_ms_22.pdf.
Text of this paper
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Cambridge IGCSE™
ACCOUNTING
0452/22
Paper 2
October/November 2023
MARK SCHEME
Maximum Mark: 100
Published
This mark scheme is published as an aid to teachers and candidates, to indicate the requirements of the
examination. It shows the basis on which Examiners were instructed to award marks. It does not indicate the
details of the discussions that took place at an Examiners’ meeting before marking began, which would have
considered the acceptability of alternative answers.
Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for
Teachers.
Cambridge International will not enter into discussions about these mark schemes.
Cambridge International is publishing the mark schemes for the October/November 2023 series for most
Cambridge IGCSE, Cambridge International A and AS Level components, and some Cambridge O Level
components.
This document consists of 15 printed pages.
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0452/22
Cambridge IGCSE – Mark Scheme
PUBLISHED
Generic Marking Principles
October/November 2023
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These general marking principles must be applied by all examiners when marking candidate answers. They should be applied alongside the
specific content of the mark scheme or generic level descriptors for a question. Each question paper and mark scheme will also comply with these
marking principles.
GENERIC MARKING PRINCIPLE 1:
Marks must be awarded in line with:
•
•
•
the specific content of the mark scheme or the generic level descriptors for the question
the specific skills defined in the mark scheme or in the generic level descriptors for the question
the standard of response required by a candidate as exemplified by the standardisation scripts.
GENERIC MARKING PRINCIPLE 2:
Marks awarded are always whole marks (not half marks, or other fractions).
GENERIC MARKING PRINCIPLE 3:
Marks must be awarded positively:
•
•
•
•
•
marks are awarded for correct/valid answers, as defined in the mark scheme. However, credit is given for valid answers which go beyond
the scope of the syllabus and mark scheme, referring to your Team Leader as appropriate
marks are awarded when candidates clearly demonstrate what they know and can do
marks are not deducted for errors
marks are not deducted for omissions
answers should only be judged on the quality of spelling, punctuation and grammar when these features are specifically assessed by the
question as indicated by the mark scheme. The meaning, however, should be unambiguous.
GENERIC MARKING PRINCIPLE 4:
Rules must be applied consistently, e.g. in situations where candidates have not followed instructions or in the application of generic level
descriptors.
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0452/22
Cambridge IGCSE – Mark Scheme
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GENERIC MARKING PRINCIPLE 5:
Marks should be awarded using the full range of marks defined in the mark scheme for the question (however; the use of the full mark range may
be limited according to the quality of the candidate responses seen).
GENERIC MARKING PRINCIPLE 6:
Marks awarded are based solely on the requirements as defined in the mark scheme. Marks should not be awarded with grade thresholds or
grade descriptors in mind.
© UCLES 2023
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Cambridge IGCSE – Mark Scheme
PUBLISHED
Social Science-Specific Marking Principles
(for point-based marking)
0452/22
1
October/November 2023
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Components using point-based marking:
• Point marking is often used to reward knowledge, understanding and application of skills. We give credit where the candidate’s answer
shows relevant knowledge, understanding and application of skills in answering the question. We do not give credit where the answer
shows confusion.
From this it follows that we:
a
b
c
d
e
f
g
2
DO credit answers which are worded differently from the mark scheme if they clearly convey the same meaning (unless the mark
scheme requires a specific term)
DO credit alternative answers/examples which are not written in the mark scheme if they are correct
DO credit answers where candidates give more than one correct answer in one prompt/numbered/scaffolded space where extended
writing is required rather than list-type answers. For example, questions that require n reasons (e.g. State two reasons …).
DO NOT credit answers simply for using a ‘key term’ unless that is all that is required. (Check for evidence it is understood and not used
wrongly.)
DO NOT credit answers which are obviously self-contradicting or trying to cover all possibilities
DO NOT give further credit for what is effectively repetition of a correct point already credited unless the language itself is being tested.
This applies equally to ‘mirror statements’ (i.e. polluted/not polluted).
DO NOT require spellings to be correct, unless this is part of the test. However spellings of syllabus terms must allow for clear and
unambiguous separation from other syllabus terms with which they may be confused (e.g. Corrasion/Corrosion)
Presentation of mark scheme:
• Slashes (/) or the word ‘or’ separate alternative ways of making the same point.
• Semi colons (;) bullet points (•) or figures in brackets (1) separate different points.
• Content in the answer column in brackets is for examiner information/context to clarify the marking but is not required to earn the mark
(except Accounting syllabuses where they indicate negative numbers).
© UCLES 2023
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0452/22
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3
Calculation questions:
• The mark scheme will show the steps in the most likely correct method(s), the mark for each step, the correct answer(s) and the mark
for each answer
• If working/explanation is considered essential for full credit, this will be indicated in the question paper and in the mark scheme. In all
other instances, the correct answer to a calculation should be given full credit, even if no supporting working is shown.
• Where the candidate uses a valid method which is not covered by the mark scheme, award equivalent marks for reaching equivalent
stages.
• Where an answer makes use of a candidate’s own incorrect figure from previous working, the ‘own figure rule’ applies: full marks will be
given if a correct and complete method is used. Further guidance will be included in the mark scheme where necessary and any
exceptions to this general principle will be noted.
4
Annotation:
• For point marking, ticks can be used to indicate correct answers and crosses can be used to indicate wrong answers. There is no direct
relationship between ticks and marks. Ticks have no defined meaning for levels of response marking.
• For levels of response marking, the level awarded should be annotated on the script.
• Other annotations will be used by examiners as agreed during standardisation, and the meaning will be understood by all examiners
who marked that paper.
© UCLES 2023
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Question
Answer
1(a)
Marks
Seok
Sales journal
4
Date
Details
$
2023
Aug 3
5
19
22
Naomi (410 – 41)
Bwana
Bwana
Naomi (230 – 23)
369 (1)
89}
180} (1)
207 (1)
___
845 (1)OF
31 Transfer to sales account
1(b)
Seok
Sales returns journal
Date
Details
3
$
2023
Aug10 Naomi (20 – 2)
27 Bwana
31 Transfer to sales returns account
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18 (1)
19 (1)
37 (1)OF
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Question
Answer
1(c)
Marks
Seok
Naomi account
Date
Details
2023
Aug 1
3
22
Balance b/d
Sales }
Sales }
$
(1)
(1)OF
450
369
207
Date
2023
Aug 10
11
31
6
Details
$
Sales returns
(1) OF
Bank
(1)
Discount allowed (1)
Balance c/d
18
423
27
558
1026
Sept 1
Balance b/d
1(d)
(1)OF
1026
558
Seok
Sales ledger control account
Date
Details
2023
Aug 1 Balance b/d
31 Sales
$
(1)
(1)OF
Sept 1 Balance b/d
(1)OF
Date
2023
991 Aug
845
1836
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Cambridge IGCSE – Mark Scheme
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Details
31 Sales returns
(1)OF
Bank (423 + 400) (1)
Discount allowed (1)
Irrecoverable debts (1)
Balance c/d
794
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7
$
37
823
27
155
794
1836
Cambridge IGCSE – Mark Scheme
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0452/22
Question
2(a)
Answer
$
Direct wages
Prime cost
Factory overheads
Wages of factory supervisor
Rates and insurance (29 600 – 6 000) /2
General factory expenses (9 650 + 335)
Depreciation of factory machinery
(80 000 – 35 000=) 45 000 x 25%
11
$
4 875
56 400
61 275
5 110
56 165 (1)
43 300 (1)
99 465 (1)OF
Less Closing inventory of raw material
25 000 (1)
11 800 (2) (1)OF
9 985 (1)
11 250 (1)
Add opening work-in-progress
Less closing work-in-progress
Cost of production
© UCLES 2023
Marks
Sara
Manufacturing Account for the year ended 30 September 2023
Cost of material consumed
Opening inventory of raw material
Purchases of raw material
2(b)
October/November 2023
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58 035
157 500 (1)OF
8 125*
165 625
7 365 *(1) for both W in P
158 260 (1)OF
Sara
Statement of financial position (Current assets section) at 30 September 2023
Current Assets
$
Inventory – Raw materials
5 110 }
– Work-in-progress
7 365 } (1)
– Finished goods
13 725 }
26 200
Trade receivables
27 000}
Other receivables
6 000}
Cash at bank
1 050}(1)
60 250(1)OF
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3
Cambridge IGCSE – Mark Scheme
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0452/22
Question
Answer
October/November 2023
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Marks
2(c)
Money measurement (1)
1
2(d)
Advantages of supplying drama school
Will increase sales / revenue (1)
May increase profit (1)
The extra work will provide security/continuity of workload (1)
If successful, potential to supply other schools, theatre groups, etc. (1)
Accept other valid points
Max 3
5
Disadvantages of supplying drama school
There would be extra administration or may incur additional costs / wages / costs of production (1)
More manufacturing and/or storage capacity may be required (1)
May not have capacity to supply both existing customers and drama group (1)
Allowing 60 days credit will adversely affect liquidity (1)
Accept other valid points
Max 3
Recommendation (1)
© UCLES 2023
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Question
Answer
3(a)
Marks
Lionel
Income Statement for the year ended 30 June 2023
$
Revenue
Cost of sales
Purchases
Less Purchases returns
Less Closing inventory
Gross profit
Less Expenses
Wages (8 060 + 2 600)
Motor expenses (4 992 2/3)
General expenses
Rent and insurance
Depreciation of motor vehicles/van (25% 8 000)
Profit for the year
3(b)
9
$
90 000 (1)
67 175 (1)OF
3 000
64 175 (1)OF
4 175
60 000
30 000 (1)
10 660 (1)
3 328 (1)
1 140)
5 585)(1)
2 000 (1)
22 713
7 287 (1)OF
Lionel
Capital account
Date
2023
June 30
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Details
Drawings
(12 000 (1) + 1 664 (1))
Balance c/d
$
13 664
8 623
22 287
5
Date
2022
July
1
2023
June 30
Details
July
Balance b/d
1
Bank
$
(1)
Profit for the year (1)OF
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(1)OF
15 000
7 287
22 287
8 623
Cambridge IGCSE – Mark Scheme
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0452/22
October/November 2023
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Question
Answer
3(c)
Full details are available about the assets, liabilities, revenues and expenses of the business (1)
The preparation of financial statements is relatively straightforward (1)
The profit or loss for the year is more likely to be reliable and accurate / the financial statements are more likely to be
reliable and accurate (1)
More informed decision-making is possible (1)
A greater degree of control over business activities can be exercised (1)
The possibility of fraud is reduced (1)
Comparisons with the results of previous years and with other businesses are possible (1)
Detailed records are available for reference purposes (1)
Information required by a bank or other lender is readily available (1)
1
3(d)
Allowing Trade discount
May encourage customers to purchase regularly / place repeat orders (1)
If successful may increase revenue and gross profit OR If unsuccessful may decrease revenue and gross profit (1)
Need to record which customers qualify for discount / record discount on invoices (1)
One-off customers may feel they are being overcharged (1)
Accept other valid points
Max (3)
5
Allowing Cash discount
Some credit customers will pay more quickly or encourage prompt payment (1)
Less money will be received (1)
Will reduce profit / net profit for the year (1)
3% may not be enough to encourage early payment (1)
May reduce risk of irrecoverable debts (1)
Accept other valid points
Max (3)
Recommendation (1)
© UCLES 2023
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Marks
October/November 2023
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0452/22
Question
Answer
4(a)
Marks
9
Entries required to correct the error
Debit
Error
Account
A payment for rent, $350, had been
debited to the wages account.
The sales journal for September had been
overcast by $90.
Rent payable
Credit
Sales
$
Account
$
350
Wages
350
90 (1) Suspense
90 (1)
110 (1) Suspense
110 (1)
220 (1)
Sales returns, $110, had been recorded as
purchases returns.
Purchases returns
Sales returns
A payment for office expenses, $18, had
been recorded in the office expenses
account as $81.
Suspense
63 (1) Office expenses
63 (1)
Cole
29 (1) Motor expenses
29 (1)
A petty cash book payment, $29, to Cole, a
supplier, had been recorded in the column
for motor expenses.
4(b)
Rachel
Suspense account
Date
Details
2023
Sep 30 Difference on trial
balance
Office expenses
© UCLES 2023
$
(1)OF
(1)
Date
5
Details
2023
Sept 30 Sales
247
Purchases returns
63
Sales returns
310
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$
(1)
(1)
(1)
90
110
110
310
Cambridge IGCSE – Mark Scheme
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0452/22
Question
Answer
4(c)
$
Draft profit
Add:
Office expenses
Motor expenses
Less:
Sales
Purchases returns
Sales returns
Corrected profit
4(d)
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63 (1)
29 (1)
90 (1)
110 }
110 }(1)
$
18 243
Marks
5
92
18 335
(310)
18 025 (1)OF
Financial statements can still be reliable if errors are present provided those errors are not material or significant (1)
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1
Cambridge IGCSE – Mark Scheme
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0452/22
Question
5(a)
October/November 2023
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Answer
Gross margin
=
98 420 − ( 6 175 + 78 130 − 6 265 )
98 420
Marks
11
=
20 380
(1) 100 = 20.71% (1)OF
98 420
Profit margin
=
( 20 380 − 11325) =
98 420
9 055
(1)OF
98 420
x 100 = 9.20% (1)OF
Return on capital employed
=
9 055 OF
100 = 7.24% (1)OF
125 000 (1)
Rate of inventory turnover
( 6 175 + 78 130 − 6 265)(1) = 78 040 = 12.55 times
=
(1)OF
6 220
( 6 175 + 6 265) / 2 (1)
Liquid ratio
= 992/4 880 (1) = 0.20:1 (1)OF
5(b)
The gross profit margin will be lower than her competitor’s (1)
Reduction in gross profit margin may result in a lower gross profit OR increase in sales my result in a higher gross
profit (1)
The profit for the year or profit margin will reduce because of the increase in (advertising) expenses OR the profit for
the year may increase because of the increase in gross profit / increase in sales from extra advertising (1)
Selling her inventory faster does not mean her sales will be more than her competitor (1)
Needs to sell more inventory to significantly increase profit (1)
Accept other valid points
Max (3)
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3
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0452/22
Question
5(c)
Answer
For obtaining a bank loan
If business expands profit may increase (1)
Once the loan is paid off, there will be no further liability to the bank (1)
5 years before loan is due allows time for repayment (1)
Accept other valid points
Max (2)
October/November 2023
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Marks
5
Against obtaining a bank loan
Interest will have to be paid on the loan (1)
Loan interest will reduce profit for the year (1)
The bank may require security (1)
Assets may be at risk if unable to repay loan (1)
The loan will have to be repaid (1)
Bank may not be prepared to offer a loan (1)
Accept other valid points
Max (2)
Recommendation (1)
5(d)
© UCLES 2023
Assess whether loan can be repaid (1)
Assess whether loan interest can be paid (1)
Assess security available for the loan (1)
1
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