Ready For Exams?

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
Hi everyone

I was just wondering how well prepared you feel for the exams in June?

I'm sitting FRA, and I thought I was ready, but on doing the past papers I know that I'mm OK with section 1 but I really struggle on section 2. And no matter how much I practice I can't seem to get it right!

How are the rest of you feeling?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Ready For Exams?

    Im ok(ish) on unit 6 but Unit 5!! Im having major problems with :-( Especially the disposal of fixed assets and the part exchange of fxed assets. I can do most of it I think its just a matter or practice, practice pratice!!!!!!! But because I'm struggling so much I find it harder to discipline myself to study. So if anyone has any tips for Unit 5 PLEASE let me know!!!!!!!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Ready For Exams?

    Hi

    I have been so disciplined and actually started with past papers since January...its not been easy but the areas I felt I had little understanding, I then went back and redone it over and over again!

    I think the key with Unit 5 is not to panic...especially if the trial balance does not balance...just dont forget that if this happens, try not to waste too much time on it but put it in a suspense account and dont forget to carry this forward to the balance sheet. You can always go back after if you have time to work it out.

    So if you have a amount on the CR side of TB = Current Liabilities

    DR side of TB = Current Assets.

    This happened in my skills test and I passed it - just because you can't balance, it still shows you have an understanding of whats happening.

    Disposal of fixed assets/part exchange got me for ages but I just practiced the T-Accounts over and over and I bet it won't come in it now!!!

    I think the best advice is don't panic and keep practising.

    GOOD LUCK EVERYONE

    L xx
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re: Ready For Exams?

    I've been doing past papers for a few weeks now, and I managed to get through my simulation last week too - which was a real relief!!

    Has anyone else noticed the amount of partnership/goodwill stuff that's been in the Accounting Technician the last few months??
    I get the feeling there will be an exercise in the exam regarding a partner joining or leaving - and probably appropriating the goodwill as well as the profits etc.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Ready For Exams?

    I have a feeling there will be a lot on partnerships and the addition of a new partner and good will!!!! This is my weakness though so I'm a bit worried!!! Does anyone have any inclination for what will be on the costing paper?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Ready For Exams?

    Hi

    Our lecturer said he thinks a stock card as always with process costing somewhere possibly with abnormal gains and normal loss and abnormal loss.

    He said to remember that it can be a theory question too as oppose to a t act.

    He really does not think WIP will be in it.

    I think you may be right re the partnerships as I sat FRA at xmas and we expected it and it didn;t really come. i found that with that to keep practicing is really only way to sink in. I just had to do that with Process costing.

    Have you tried the quiz on Osborne books website, can be quite helpful as a change of tactic for revision.

    Good luck all ... we are all nearly there until xmas!

    S :)

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