A-level ACCOUNTING 7127/2 Paper 2 Accounting for analysis and decision-making Mark scheme June 2021 Version 1.0 Final Mark Scheme

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The own figure rule General principle The own figure rule is designed to ensure that students are only penalised once for a particular error at the point at which that error is made, and suffer no ... further penalty as a consequence of the error. The error could be in an account, a calculation, financial statement, or prose explanation. Where the own figure rule is to be applied in a mark scheme, the symbol OF is used. Applications In an account: a student could still achieve a mark for balancing an account with their own figure, rather than the correct figure, if they had made an error in the account (such as the omission of an entry, or the inclusion of an incorrect figure for an otherwise valid entry). However, it should be noted that an own figure would not be awarded for the balance of an account, if the account contained any item which should not have appeared (often referred to as an ‘alien’ item). In a complex calculation to which several marks are allocated: a student could achieve an own figure mark for the result of a complex calculation, if an error has been made in one of the steps leading to the final result. The complex calculation could be a separate task, or an aspect of a larger requirement (such as workings to provide details for a financial statement). In a financial statement: a student could still achieve a mark for calculating an own figure for a key subtotal within a financial statement where an error had already occurred in the data making up the subsection (such as the omission of an item, or an incorrect figure for an otherwise valid entry). Again, the own figure for a subtotal would not be given if the subsection included any ‘alien’ item. In a prose statement: a student who is explaining or interpreting some financial statements or data that they have prepared but which contains errors, would be credited with an appropriate interpretation of their own figures. Workings A ‘W’ next to a figure in the mark schemes means that the figure needs to be calculated by the student to which workings are shown for reference. If the figure the student has given in their answer is wrong and the marks given for that calculation are more than 1 then the marker must refer to the working for that item. The working will show the steps of the calculation to which the marks are attributed and the student should be allocated the marks for the steps they completed correctly.MARK SCHEME – A-LEVEL ACCOUNTING – 7127/2 – JUNE 2021 8 Section A Multiple Choice Questions Question Number Answer 1 C Indirect and stepped fixed 2 A Current assets Current liabilities 3 B It encourages managers to work together 4 B The product with the highest contribution per labour hour. 5 C £990 Adverse 6 A Average inventory Cost of sales × 365 7 C 6 850 8 B Increase in carriage inwards 9 A External audit 10 D It needs a minimum of one director. [1 mark for each correct answer]MARK SCHEME – A-LEVEL ACCOUNTING – 7127/2 – JUNE 2021 9 Qu Part Marking Guidance Total marks 11 Describe one disadvantage of a standard costing system. 3 AO1 – 3 marks Level Marks Description 3 3 A clear and thorough description showing understanding of a disadvantage. 2 2 A partial description showing understanding of a disadvantage but lacking detail and/or minor inaccuracies. 1 1 Fragmented points made. 0 0 Nothing worthy of credit. Answers may include: • cost – it will take time to collect the data to set up the [Show More]

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