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You're looking for a story related to the IB Group 4 ( Sciences) subject, specifically the June 2017 session, for Accounts (or likely, Business Management or Economics), but it seems there's been a confusion. Typically, mark schemes are not usually provided in a narrative or story format but rather as a set of guidelines or criteria against which student responses are assessed.
The mark scheme contained an "Acceptable Evaluative Points" section in the examiner's notes. High-level marks were awarded to students who brought in qualitative points from the rest of the case study, such as:
The final 2 marks of the evaluation were reserved for the conclusion. The mark scheme dictated that the conclusion must not just repeat previous points. It had to be a definitive answer to the question posed (e.g., "Therefore, the business should not proceed with the new credit policy, because the risk of a cash flow crisis outweighs the marginal increase in net profit." ).
If you are a teacher or tutor, this mark scheme is a goldmine for:
1(a) Calculate gross profit margin. Answer: 42.5% Mark: 2 (1 for correct figures used, 1 for correct calculation/percentage)
Budgetary control questions in this series tested the application of flexible budgets versus fixed budgets.
| Mistake | Consequence | |---------|-------------| | Using sales instead of cost of sales in inventory turnover | 0 marks for that ratio | | Forgetting to add bank overdraft to current liabilities | Wrong acid test ratio | | Confusing ROCE with gross profit margin | Wrong interpretation marks | | Not showing workings | May lose method marks even if final answer wrong | | Writing general comments like “profit is higher” without using ratio figures | Limited level in Section B |
Calculations involving the creation and immediate writing off of goodwill without maintaining a goodwill account.
In summary:
Marking criteria focus on whether the student understands how to flex a budget to reflect actual levels of activity.