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Best Of
Re: Cash or bank? Cash or credit?
A 'Cash' transaction is where the money moves now, whatever method of payment is used.
But the Cash columns in the cash book really are hard cash, probably in the till or in the safe.
So a payment by debit card is called a 'cash transaction' because the money moves now, but is paid into the bank so would be entered into the Bank column, and analysed accordingly.
But the Cash columns in the cash book really are hard cash, probably in the till or in the safe.
So a payment by debit card is called a 'cash transaction' because the money moves now, but is paid into the bank so would be entered into the Bank column, and analysed accordingly.
mcchoc
5
Re: What result would you be happy with?
Personally I have always been driven on the basis of a PASS is a pass. AAT are looking for you to show competence in the exam not perfect it!
amurray
5
Re: Advanced Bookkeeping Exam Format
Hi soeve yes it should be the same format as the practices though it can vary slightly should be the same type of stuff covered.
Pian32
1
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.
Pian32
6
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.
Pian32
5
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
Becxo
9
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
