2021 AQA A-level Accounting Paper 1 7127/1 with Answers (17 Solved Questions)

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A-levelACCOUNTING7127/1Paper 1 Financial AccountingMark schemeJune 2021Version 1.1 Final Mark SchemelOMoARcPSD|12950611

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MARK SCHEME – A-LEVEL ACCOUNTING – 7127/1 – JUNE 20212Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevantquestions, by a panel of subject teachers. This mark scheme includes any amendments made at thestandardisation events which all associates participate in and is the scheme which was used by them inthis examination. The standardisation process ensures that the mark scheme covers the students’responses to questions and that every associate understands and applies it in the same correct way.As preparation for standardisation each associate analyses a number of students’ scripts. Alternativeanswers not already covered by the mark scheme are discussed and legislated for. If, after thestandardisation process, associates encounter unusual answers which have not been raised they arerequired to refer these to the Lead Examiner.It must be stressed that a mark scheme is a working document, in many cases further developed andexpanded on the basis of students’ reactions to a particular paper. Assumptions about future markschemes on the basis of one year’s document should be avoided; whilst the guiding principles ofassessment remain constant, details will change, depending on the content of a particular examinationpaper.Further copies of this mark scheme are available from aqa.org.uk

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MARK SCHEME – A-LEVEL ACCOUNTING – 7127/1 – JUNE 20213Level of response marking instructionsLevel of response mark schemes are broken down into levels, each of which has a descriptor. Thedescriptor for the level shows the average performance for the level. There are marks in each level.Before you apply the mark scheme to a student’s answer read through the answer and annotate it (asinstructed) to show the qualities that are being looked for. You can then apply the mark scheme.Step 1 Determine a levelStart at the lowest level of the mark scheme and use it as a ladder to see whether the answer meets thedescriptor for that level. The descriptor for the level indicates the different qualities that might be seen inthe student’s answer for that level. If it meets the lowest level then go to the next one and decide if itmeets this level, and so on, until you have a match between the level descriptor and the answer. Withpractice and familiarity you will find that for better answers you will be able to quickly skip through thelower levels of the mark scheme.When assigning a level you should look at the overall quality of the answer and not look to pick holes insmall and specific parts of the answer where the student has not performed quite as well as the rest. Ifthe answer covers different aspects of different levels of the mark scheme you should use a best fitapproach for defining the level and then use the variability of the response to help decide the mark withinthe level, ie if the response is predominantly level 3 with a small amount of level 4 material it would beplaced in level 3 but be awarded a mark near the top of the level because of the level 4 content.Step 2 Determine a markOnce you have assigned a level you need to decide on the mark. The descriptors on how to allocatemarks can help with this. The exemplar materials used during standardisation will help. There will be ananswer in the standardising materials which will correspond with each level of the mark scheme. Thisanswer will have been awarded a mark by the Lead Examiner. You can compare the student’s answerwith the example to determine if it is the same standard, better or worse than the example. You can thenuse this to allocate a mark for the answer based on the Lead Examiner’s mark on the example.You may well need to read back through the answer as you apply the mark scheme to clarify points andassure yourself that the level and the mark are appropriate.Indicative content in the mark scheme is provided as a guide for examiners. It is not intended to beexhaustive and you must credit other valid points. Students do not have to cover all of the pointsmentioned in the Indicative content to reach the highest level of the mark scheme.An answer which contains nothing of relevance to the question must be awarded no marks.Marking guidance question 11This question is only testing Assessment Objective 1.You should apply the level of response mark scheme to the explanation.Read the explanation as a whole and decide if it is clear, partial, fragmented or nothing worthy of credit.When you have made your decision; award the appropriate level by using L3, L2, L1 or L0 for theexplanation by using the drop-down comment box.Then put the appropriate mark for the question in the mark box.lOMoARcPSD|12950611

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MARK SCHEME – A-LEVEL ACCOUNTING – 7127/1 – JUNE 20214Marking guidance for questions 14.2 & 15.2These questions are testing Assessment Objectives 2 and 3.Be clear on the focus of the question.Read the whole question and decide which level should be awarded, then add the appropriate level tothe script from the comment box, eg L3, L2, L1 or L0.Then put the marks awarded for the question in the mark box.Remember that the indicative content provides possible answers but there may be others that areequally valid and you should give credit to other lines of argument.A good response does not need to include all the indicative content.Marking guidance for questions 16 & 17Be clear on the focus of the question.When you have decided on the level to be awarded add the appropriate comment which best describesthe response to the end of the answer.L5Convincing judgement/recommendation fully supported by evaluation and analysisof a wide range of evidence with a strong chain of reasoning.L5Astute judgement/recommendation which takes limitations of evidence into account.L4Judgement/recommendation is supported by evaluation and analysis of a range ofevidence.L4Judgement/recommendation is supported after some consideration of limitations ofevidence.L3Judgement/recommendation is incomplete but supported by analysis of a range ofevidence.L3Judgement/recommendation is developed but analysis and application are limited.L2Judgement/recommendation is given but with limited analysis and weak application.L2Limited range of evidence is analysed and limited chain of reasoning.L1Fragmented points of little/unclear relevance.L1No conclusion/recommendation/judgement with poor application.L1Conclusion unsupported.L0Has not attempted the question.L0Has not produced an answer of any value.

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MARK SCHEME – A-LEVEL ACCOUNTING – 7127/1 – JUNE 20215Then review the script and annotate using the following comments:Where you identify:SituationComment to useApplication–knowledge ofprinciples/concepts/techniquesApplication is fragmentedor descriptive or notadequately applied to thecontextWeak applicationApplication is relevantand applied fully to thecontextClear applicationAnalysisA limited attempt atanalysisWeak analysisAnalysis islogical/consideredReasoned analysisEvaluationAn attempt atassessment/evaluationwith little or nosupporting evidenceWeak evaluationEvaluation/assessmentis logical and supportedby evidenceSupported evaluationEvaluation/assessmentconsiders the relativesignificance andlimitations of theevidence.Astute evaluationRemember that the indicative content provides possible answers but there may be others that areequally valid and you should give credit to other lines of argument.A good response does not need to include all the indicative content.Consider the question as a whole, together with the annotations made, and decide on the level to beawarded.Show the Level awarded eg L2 using the relevant comment from the drop down list and then enter themark in the total box reflecting where in the level the answer sits.If in doubt about an answer or if you are unsure of the validity of the content then contact your TeamLeader. Please make sure that you follow the guidance in the standardisation scripts as we need tohave a consistent approach across all marking.Be positive in your marking and look to reward what is there.lOMoARcPSD|12950611

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MARK SCHEME – A-LEVEL ACCOUNTING – 7127/1 – JUNE 20216The own figure ruleGeneral principleThe own figure rule is designed to ensure that students are only penalised once for a particular error atthe point at which that error is made, and suffer no further penalty as a consequence of the error. Theerror could be in an account, a calculation, financial statement, or prose explanation. Where the ownfigure rule is to be applied in a mark scheme, the symbolOFis used.ApplicationsIn an account: a student could still achieve a mark for balancing an account with their own figure, ratherthan the correct figure, if they had made an error in the account (such as the omission of an entry, or theinclusion of an incorrect figure for an otherwise valid entry). However, it should be noted that an ownfigure would not be awarded for the balance of an account, if the account contained any item whichshould 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 figuremark for the result of a complex calculation, if an error has been made in one of the steps leading to thefinal 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 keysubtotal within a financial statement where an error had already occurred in the data making up thesubsection (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 thatthey have prepared but which contains errors, would be credited with an appropriate interpretation oftheir own figures.WorkingsA ‘W’ next to a figure in the mark schemes means that the figure needs to be calculated by the student towhich workings are shown for reference. If the figure the student has given in their answer is wrong andthe marks given for that calculation are more than 1 then the marker must refer to the working for thatitem. The working will show the steps of the calculation to which the marks are attributed and thestudent should be allocated the marks for the steps they completed correctly.lOMoARcPSD|12950611

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MARK SCHEME – A-LEVEL ACCOUNTING – 7127/1 – JUNE 20217Section AMultiple Choice QuestionsQuestionNumberAnswer1BTrade payablesCredit purchases× 3652BConsistency3CTo provide a set of rules which suits all companies.4D£19 500 profit5BInterest paid on loans at 5% per annumNo interest paid on capital6ADividend per shareMarket price per share× 1007A£10 4008C£17 6249A£133 Cr10A£5 500[1 mark for each correct answer]lOMoARcPSD|12950611

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MARK SCHEME – A-LEVEL ACCOUNTING – 7127/1 – JUNE 20218QuPartMarking GuidanceTotalmarks11Explain why it is important to apply the going concern concept.3AO1 – 3 marksLevelMarksDescription33A clear and thorough explanation showing knowledge of a reason forpreparing the accounts on a going concern basis.22A partial explanation showing knowledge of a reason, but lacking detailand/or minor inaccuracies.11Fragmented points made.00Nothing written worthy of credit.Answers may include:Allows a business to apply the accruals concept so income and expenditure are matched to the periodsthey belong to and therefore the profit figures are more accurately reported.Allows a business to apply the historical cost concept for non-current assets and write this off over itsexpected lifetime rather than expecting the assets to be liquidated within the next twelve months.Helps reassure shareholders and other stakeholders as it implies the ability to trade as normal for theforeseeable future.lOMoARcPSD|12950611

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