® IGCSE is the registered trademark of Cambridge International Examinations. CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge Ordinary Level MARK SCHEME for the October/November 2015 series 7110 PRINCIPLES OF ACCOUNTS 7110/11 Paper 1 (Multiple Choice), maximum raw mark 30 Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for Teachers. Cambridge will not enter into discussions about these mark schemes. Cambridge is publishing the mark schemes for the October/November 2015 series for most Cambridge IGCSE ® , Cambridge International A and AS Level components and some Cambridge O Level components.
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® IGCSE is the registered trademark of Cambridge International Examinations.
CAMBRIDGE INTERNATIONAL EXAMINATIONS
Cambridge Ordinary Level
MARK SCHEME for the October/November 2015 series
7110 PRINCIPLES OF ACCOUNTS
7110/11 Paper 1 (Multiple Choice), maximum raw mark 30
Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for Teachers. Cambridge will not enter into discussions about these mark schemes. Cambridge is publishing the mark schemes for the October/November 2015 series for most Cambridge IGCSE
®, Cambridge International A and AS Level components and some
® IGCSE is the registered trademark of Cambridge International Examinations.
CAMBRIDGE INTERNATIONAL EXAMINATIONS
Cambridge Ordinary Level
MARK SCHEME for the October/November 2015 series
7110 PRINCIPLES OF ACCOUNTS
7110/12 Paper 1 (Multiple Choice), maximum raw mark 30
Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for Teachers. Cambridge will not enter into discussions about these mark schemes. Cambridge is publishing the mark schemes for the October/November 2015 series for most Cambridge IGCSE
®, Cambridge International A and AS Level components and some
® IGCSE is the registered trademark of Cambridge International Examinations.
CAMBRIDGE INTERNATIONAL EXAMINATIONS
Cambridge Ordinary Level
MARK SCHEME for the October/November 2015 series
7110 PRINCIPLES OF ACOUNTING
7110/21 Paper 2 (Structured), maximum raw mark 120
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 will not enter into discussions about these mark schemes. Cambridge is publishing the mark schemes for the October/November 2015 series for most Cambridge IGCSE
®, Cambridge International A and AS Level components and some
(d) (i) Expenditure spent running the business on a day to day basis. (1) Expenditure expected to provide a benefit within the current financial year. (1) [2]
(ii) A receipt from the sale of a non-current asset. (1) A loan received. (1) Additional capital. (1) Income/revenue from non-trading activities (1) Basic statement (1) expansion or example (1) Max 2 [2]
(d) This error occurs when a transaction is entered using the correct amount and on the correct
side, but in the wrong account (1) of the same class. (1) Right amount (1)/right side (1) Wrong account (1)/same class (1) Wrong name or person (1)/same class (1) Allow any two combinations from the above answers. [2]
(c) (i) Inventory turnover has increased (1) Inventory is being sold at a faster rate (1) Inventory level has increased substantially over the year (1) Inventory control is needed (1)
MAX 3 × (1) [3]
(ii) Both liquidity ratios have fallen in the year (1) Working capital ratio is at the benchmark level of 2:1 (1) Quick ratio is lower than the yardstick of 1:1 but is still at an acceptable level (1) There is very little cash available to pay trade payables (1)
® IGCSE is the registered trademark of Cambridge International Examinations.
CAMBRIDGE INTERNATIONAL EXAMINATIONS
Cambridge Ordinary Level
MARK SCHEME for the October/November 2015 series
7110 PRINCIPLE OF ACCOUNTS
7110/22 Paper 2 (Structured), maximum raw mark 120
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 will not enter into discussions about these mark schemes. Cambridge is publishing the mark schemes for the October/November 2015 series for most Cambridge IGCSE
®, Cambridge International A and AS Level components and some
(d) Used as a balancing figure when the trial balance does not balance (1) Enables draft financial statement to be prepared (1) Assist/help in correction of errors (1) Max 1 [1]