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IAC Exam :(

alicemaylaraalicemaylara Trusted RegularRegistered Posts: 259
Deary me.

Harder than the other past papers im sure! Bankers draft?! i thought it meant bankers overdraft so got that one wrong!

Also the question about the coding, why does it go 10,20,30,40 instead of 1,2,3,4. i just guessed becuase it had to have 4 characters in the code, but im guessing thats wrong too!

A few other things were in it i havent come across. But at least my trial balance balanced and my bank rec worked!

What did people answer for the rec of the petty cash? I struggled a bit!

Also did anyone take 3hr15mins?!?!? i think its a tad long! i was out within an 1hr 1/2.

Im slightly scared of my results now i always make silly mistakes!! so overall :thumbdown:/:thumbup1:!!


  • kevjarvisunikevjarvisuni New Member Registered Posts: 9
    I messed up a bit on this one but I'm hoping not too much...I had a £6 difference with the petty cash...does this sound right?

    I'm really worried though, with the cash book bit I had it correct but then for some stupid reason I moved the plca to the dr. I have no idea why but once I did that I ofcourse did the same with the subs ledger too so thats at least 3 marks lost there!

    I was there until about 4. I think that if the exam wasn't so long I wouldn't have kept changing my answers! Oh well, we'll find out in 2 months!
  • alicemaylaraalicemaylara Trusted Regular Registered Posts: 259
    6 for the difference on the petty cash? oh dear didnt get that, i got £66.50. instead of £75

    Are you talking about the SLCA Rec thingy, cos that was a difference of £6 but had a little guess on the reason why!

    Going back to the petty cash one what reasons did you put for the difference? I put the money was stolen or they had missed a cash voucher or the balance hadnt been topped up right the previous month?!

    Yeah 2 months! EEK!

    Were you not allowed to leave when you had finished?!
  • hanapospishanapospis Well-Known Registered Posts: 111

    I had also 8.5 difference of petty cash book.. and 6 for SLCA.. I put the first option - that the subsidiary Ledger account has been underestated

    going back to the petty cash book i put the reasons for the difference:

    - the cash might have been stolen
    - there might have been a mistake in calculation
    - or some payments might have not been recorded....

    I have also strugled with the banker draft, the coding question and the credit card question..... also with the suspence account I have made some corrections later.. so not sure if have this correct as well.. :crying:

    We will have to wait two months and see...
  • alicemaylaraalicemaylara Trusted Regular Registered Posts: 259
    i put the first answer for the reason on the SLCA too :) We gotta be right!
    Oh good i wasnt miles off with the petty cash one then.
    The suspense account was ok even though they set it out a bit different to the past papers.
    Phew its over we can all relax well done all
  • katsutlieffkatsutlieff Trusted Regular Registered Posts: 459
    I got the same answers on the petty cash £8.50 down

    due to a petty cash voucher being overpaid
    the wrong amount paid out for a voucher
    and someone taking money out without authorisation

    The sales recon, the difference I got was £6, which seemed a strange amount but I checked it a number of times. Answered that one of the accounts had been understated.

    Bankers draft answered that it was similar to a cheque only the funds were available immediately as it didn't need to go though the clearing system!

    The question I really mucked up was a reason for a VAT refund. In explaining more purchases than sales I got my output/input tax the wrong way around!!

    Think the rest of it went pretty well.
  • kevjarvisunikevjarvisuni New Member Registered Posts: 9
    Oh yes I remember £6 SLCA and £8.50 petty cash!not the other way around.
    Reasons for petty cash difference I had:
    money stolen
    added up incorrectly and receipt not yet handed in.

    I compared a bankers draft to a giro but I really had no idea...I still don't know?!
  • keithy1978keithy1978 Feels At Home Registered Posts: 36

    I to thought that coding question was weird. Why would accounts be numbered 10, 20, 30, 40 and not 1,2,3,4. I put that there is less chance of a mispost with a two digit account number as you would have to enter two wrong numbers instead of one. Also I said that new accounts can be added easily if needed as space between 10 and 11. Make any sense??
  • dagradagra Just Joined Registered Posts: 1
    :thumbup: to aat ..great exam /sarcasm

    Seriously i felt a sharp kick in the balls when i opened the second page in section two! What the hell was that??Just feel like they sat around a table and thought "how can we really **** off the students" The worse part is that we need 80% which is a killer when they tricky,very tricky questions!! Can anyone confirm that the pass mark is 80% in each section?:confused1:

    The question about the will the TB balance or not was hard!!The worse part that 2 questions had two very similar answers!!

    Just think that we didnt deserve that.. a low blow in my opinion from aat!:crying:
  • jp27jp27 New Member Registered Posts: 9
    I think I have done OK, but it seems that we have all struggled on more or less the same things. the VAT refund thing got me, as did the petty cash reasons. the other thing I struggled with was the cash book, (never been good with it!) and what side to post in the mainledger. I think I put the majority of stuff in the DR, but maybe should have been the other way? It's really annoying that nobody seems to know the pass rate, because you should be able to more or less work oout what you got right and wrong, saving 2 months of worry!!!

    Can I ask - If you fail will you re-take the exam, or just move onto the next level. With my provider (Premier), they sy you dont need to pass to do the next level, you just need an understanding of how it works.
  • KezzaKezza Settling In Nicely Registered Posts: 18

    Yes, i also think it was harder than previous years, I could not beleive it when I opened the paper, the 2nd section was so much different to what I had been practising on previous years papers, but I'm just glad it's all over now and I can have my evenings back for a few weeks!

    I was stumped by the coding, (10, 20, 30) I also put that it would be harder to make a mistake with finding them that way. Suspense account too I found a bit tricky, definitely got that one wrong. There was also something about a "batch system" or something, I have no idea what that was at all, I have never heard of it!

    Overall, I really think it could go either way with me, I don't feel confident I have passed but I don't feel like I have totally messed it up either, will just have to wait and see! I have been told it's a 70% pass rate. Also, from my knowledge you do have to pass, but you can start the next level but you will have to retake your exam in December.

  • jp27jp27 New Member Registered Posts: 9
    Wouldn't you have thought that someone from the AAT would tell us what the pass rate is? Surely somebody moderates the threads, and could see that loads of people are asking!
  • Veggie SausageVeggie Sausage New Member Registered Posts: 8
    I didn't find the exam too bad apart from the coding question which I totally guessed. I thought it might be so that if motor vehicles was 10 then bikes could be 11, cars 12, etc. Still don't know if that was right though. Seems like everyone had problems with that question!
  • mullmull Just Joined Registered Posts: 3
    i put that about the coding question too, i said you could have more than one motor car so you could havea few accounts with different codes
  • bonniebonnie Settling In Nicely Registered Posts: 30
    Yeah, I put something like if a care is 10 then a red care could be 12...
    The bankers draft I got right I think - I put it was a cheque the bank wrote on behalf of a customer? Is that right? I sort of guessed...
    Yes, this paper was much much harder than the mocks...
  • groovychickgroovychick Just Joined Registered Posts: 1
    Pass mark

    Hi at present there will not be a pass mark. It is based on the hardness of the paper which is judged by us the students. Basically if we all messed up a particular section, some messed up on other bits but not others etc etc the mark will be adjusted. Each exam PLB, IAC will have a different pass rate so we will not know what it is until the results come out.
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