Best Of
Re: Anyone had any experience with an Online Distance Learning Provider- E-Careers for AAT Level 3& 4??
It's a few years old now but you might find this AAT Comment piece about studying online of some help:
https://www.aatcomment.org.uk/learning/study-tips/distance-learning-study-in-the-real-world/
https://www.aatcomment.org.uk/learning/study-tips/distance-learning-study-in-the-real-world/
Re: Anyone had any experience with an Online Distance Learning Provider- E-Careers for AAT Level 3& 4??
It's a few years old now but you might find this AAT Comment piece about studying online of some help:
https://www.aatcomment.org.uk/learning/study-tips/distance-learning-study-in-the-real-world/
https://www.aatcomment.org.uk/learning/study-tips/distance-learning-study-in-the-real-world/
Re: Ompheme_689
Hi,
Various AAT study tips are available here:
https://www.aatcomment.org.uk/?s=level+4+synoptic
I hope these are of some help and wish you every success with your studies!
Phil
Various AAT study tips are available here:
https://www.aatcomment.org.uk/?s=level+4+synoptic
I hope these are of some help and wish you every success with your studies!
Phil
Re: Need help with production budget question
So Sales budget is easy predicted number sold x sale price = 3000 x 40 = £120,000
For the production budget you need to first work out how many units are needed assuming no defects.
Number to sell - Opening Inventory of finished units + Closing Inventory of finished units required
You are told that you have 20% of the units you require 3000*0.2 = 600 there is an unstated assumption that the closing inventory rule was met previously. You need 3400*0.2=680 units ready for the next period. This means you need:
3000 - 600 + 680 = 3080 units of goods for the period. However 3% of finished goods are defective so the 3080 makes up 97% of total goods made.
3080 * 3/97= 96
3080+96 = 3176
I hope this helps for the production budget. If you need the next bit let me know and I'll expand my answer but the general process is the same.
For the production budget you need to first work out how many units are needed assuming no defects.
Number to sell - Opening Inventory of finished units + Closing Inventory of finished units required
You are told that you have 20% of the units you require 3000*0.2 = 600 there is an unstated assumption that the closing inventory rule was met previously. You need 3400*0.2=680 units ready for the next period. This means you need:
3000 - 600 + 680 = 3080 units of goods for the period. However 3% of finished goods are defective so the 3080 makes up 97% of total goods made.
3080 * 3/97= 96
3080+96 = 3176
I hope this helps for the production budget. If you need the next bit let me know and I'll expand my answer but the general process is the same.
Re: Level 3 Synoptic Exam 2020
All topics you have already covered at this level apart from indirect tax (unless it's changed recently) plus ethics and spredsheets.
AAT LEVEL 4 - INSPIRATION
Good afternoon all,
I'm sitting here on the day of my final (hopefully) Level 4 AAT exam, reading about people's journeys, so thought I would share mine for anybody who is struggling and thinking of giving up...
I began my level 4 AAT journey in 2016.. (yep nearly over 3 years ago) The new AQ2016 syllabus had just been released, and our class were guinea pigs for the new format.. We experienced ALL of the teething problems, the course at the time was 1 year long. I believe L4 has now been extended to 1.5 Years in some colleges.
I work full time all day in management accounts, and I studied in the evenings at college.. but the tuition soon ran out at college, so I had to home study using books and the internet to complete the rest of the exams
Here's the dates and order of my exam sittings/results:
19/01/17 MABU 71% take it and run!
23/03/17 FSCL 44%
04/05/17 MDCL 47% ( see note below*)
30/06/17 PDSY 67% -don't ask how.. fluke
13/07/17 CTRM 57%
20/07/19 FSLC 56%
10/08/17 MDCL 59%
31/08/17 Auditing 76% 1st time- Yes!
28/09/17 FSLC 64%
05/10/17 CTRM 57%
07/12/17 FSLC 82% - Cried with happiness..
21/12/17 CTRM 61%
04/01/18 MDCL 65%
18/01/18 PDSY 55%
* TOOK A YEAR OUT *
27/06/19 CREDIT 80% - 1st time and taught myself from the book ( couldn't believe it)
01/08/19 MDCL 77% - FINALLY so chuffed and starting to believe in myself again
21/11/19 PDSY ?? Nervous, but ready as i'll ever be!
You can see I've been quite determined to pass and I guess what i'm trying to say is don't give up now!! If i can do it then so can you
*Decision & Control MDCL- 4 attempts! 47%, 59%, 65%, 77%
I just couldn't get this subject, I sat it 3 times and took a year out, during my year out the exam was simplified- they took out two questions whilst the time limit remained the same... I began revising again alone and passed it! I think I had a negative mindset of ' i can't do it' or ' i hate it' or 'why am i doing this'. But I took a break, came back to it, took my time and passed!!
Exam Tips:
Do the practice assessments over and over, use the AAT learning online, buy yourself additional textbooks, if you don't practice you won't pass. I bought some index cards and use them to make quick notes to look over when the textbook seems too heavy and wordy. I use highlighters and coloured pens to try and train my brain to remember formulas and colours, i come up with Rhymes for ratios.. find something that works but just DONT give up!
B xxxx
I'm sitting here on the day of my final (hopefully) Level 4 AAT exam, reading about people's journeys, so thought I would share mine for anybody who is struggling and thinking of giving up...
I began my level 4 AAT journey in 2016.. (yep nearly over 3 years ago) The new AQ2016 syllabus had just been released, and our class were guinea pigs for the new format.. We experienced ALL of the teething problems, the course at the time was 1 year long. I believe L4 has now been extended to 1.5 Years in some colleges.
I work full time all day in management accounts, and I studied in the evenings at college.. but the tuition soon ran out at college, so I had to home study using books and the internet to complete the rest of the exams
Here's the dates and order of my exam sittings/results:
19/01/17 MABU 71% take it and run!
23/03/17 FSCL 44%
04/05/17 MDCL 47% ( see note below*)
30/06/17 PDSY 67% -don't ask how.. fluke
13/07/17 CTRM 57%
20/07/19 FSLC 56%
10/08/17 MDCL 59%
31/08/17 Auditing 76% 1st time- Yes!
28/09/17 FSLC 64%
05/10/17 CTRM 57%
07/12/17 FSLC 82% - Cried with happiness..
21/12/17 CTRM 61%
04/01/18 MDCL 65%
18/01/18 PDSY 55%
* TOOK A YEAR OUT *
27/06/19 CREDIT 80% - 1st time and taught myself from the book ( couldn't believe it)
01/08/19 MDCL 77% - FINALLY so chuffed and starting to believe in myself again
21/11/19 PDSY ?? Nervous, but ready as i'll ever be!
You can see I've been quite determined to pass and I guess what i'm trying to say is don't give up now!! If i can do it then so can you
*Decision & Control MDCL- 4 attempts! 47%, 59%, 65%, 77%
I just couldn't get this subject, I sat it 3 times and took a year out, during my year out the exam was simplified- they took out two questions whilst the time limit remained the same... I began revising again alone and passed it! I think I had a negative mindset of ' i can't do it' or ' i hate it' or 'why am i doing this'. But I took a break, came back to it, took my time and passed!!
Exam Tips:
Do the practice assessments over and over, use the AAT learning online, buy yourself additional textbooks, if you don't practice you won't pass. I bought some index cards and use them to make quick notes to look over when the textbook seems too heavy and wordy. I use highlighters and coloured pens to try and train my brain to remember formulas and colours, i come up with Rhymes for ratios.. find something that works but just DONT give up!
B xxxx
Re: Costing system ruby dale
Hello,
I was told by my tutor to always suggest a standard costing system.
Give a definition of what a standard costing system is, how it works and how to apply it to the business.
Then structure a standard costing system to the question asked.
I put in my synoptic exam the below:
Standard Costing System
A standard costing system is the preperation and use of standard costs, their comparison with actual costs, and the analysis of variances to their causes.
Main purpose of a standard costing system are:
- Compares what costs should be and what costs actually are
- Compares budgeted costs VS actual costs
- Shows adverse variances + favourable variances (set a threshold and investigate any variances over the threshold)
- Work out a standard cost for each product then compare to selling price and work out profit.
- Set a standard cost for any new products and compare selling prices to see profit made.
I was asked about costing systems in the budgeting question, put the above and passed with 77%.
Thank you
I was told by my tutor to always suggest a standard costing system.
Give a definition of what a standard costing system is, how it works and how to apply it to the business.
Then structure a standard costing system to the question asked.
I put in my synoptic exam the below:
Standard Costing System
A standard costing system is the preperation and use of standard costs, their comparison with actual costs, and the analysis of variances to their causes.
Main purpose of a standard costing system are:
- Compares what costs should be and what costs actually are
- Compares budgeted costs VS actual costs
- Shows adverse variances + favourable variances (set a threshold and investigate any variances over the threshold)
- Work out a standard cost for each product then compare to selling price and work out profit.
- Set a standard cost for any new products and compare selling prices to see profit made.
I was asked about costing systems in the budgeting question, put the above and passed with 77%.
Thank you
Re: Reinvesting income in assets
If they are investing what has already been paid then it would just be added directly from the bank to the non-current asset account when it's bought. In the example above from what you said I'd assumed they had never seen the revenue that was invested.
It would depend on the business. You will have come across the concept of materiality if an asset is going to be used over multiple years and is a significant amount to the business then it wants to be capitalised to give the most realistic position of the business. In this case you could advise capitalsing the items especially if significant. It might be there are reasons for not doing so which would be worth asking about.
Anything not capitalized effectively becomes an expense which reduces the profit, if the amount is large it would distort the figures in the accounts. By capitalizing the assets are accounted for over mulitple years and effectively smooths out the purchase.
Depreciation doesn't alter tax as it is added back onto the P/L before tax is calculated. If it was an expense it would either be reducing corporation tax or income tax (sole trade + partnership) by reducing the profit. If capitalized then the tax is reduced through capital allowances instead, this has a set of rules which would effectively reduce the tax liability for the year by a set amount per year based on the type of asset.
I'm not 100% on the law so wouldn't want to comment incorrectly on this.
It would depend on the business. You will have come across the concept of materiality if an asset is going to be used over multiple years and is a significant amount to the business then it wants to be capitalised to give the most realistic position of the business. In this case you could advise capitalsing the items especially if significant. It might be there are reasons for not doing so which would be worth asking about.
Anything not capitalized effectively becomes an expense which reduces the profit, if the amount is large it would distort the figures in the accounts. By capitalizing the assets are accounted for over mulitple years and effectively smooths out the purchase.
Depreciation doesn't alter tax as it is added back onto the P/L before tax is calculated. If it was an expense it would either be reducing corporation tax or income tax (sole trade + partnership) by reducing the profit. If capitalized then the tax is reduced through capital allowances instead, this has a set of rules which would effectively reduce the tax liability for the year by a set amount per year based on the type of asset.
I'm not 100% on the law so wouldn't want to comment incorrectly on this.
Re: Reinvesting income in assets
Hi Gary
I'm assuming in the 1st part that the person never sees the revenue in the bank or on a customer ledger. In which case it'd be a journal between the Revenue (credit) and the appropiate non-current asset (debit). This means the revenue would still be accounted for and you get the appropiate amount in the NC assets. If it was in a debtors ledger then the journal would be against that.
The second part is a bit harder the captilising amount depends on the company and the materiality. If the company you are looking at only makes about £10k then £100 is much more significant than if the company makes £1 million. It has to be discussed and agreed with the client.
Hope this helps.
I'm assuming in the 1st part that the person never sees the revenue in the bank or on a customer ledger. In which case it'd be a journal between the Revenue (credit) and the appropiate non-current asset (debit). This means the revenue would still be accounted for and you get the appropiate amount in the NC assets. If it was in a debtors ledger then the journal would be against that.
The second part is a bit harder the captilising amount depends on the company and the materiality. If the company you are looking at only makes about £10k then £100 is much more significant than if the company makes £1 million. It has to be discussed and agreed with the client.
Hope this helps.
Re: Results day!
I passed!! 85% just waiting on my treasury results now
