DFS Today

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  • athertonia
    athertonia Registered Posts: 3 New contributor 🐸
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    I sat up last night until 1am and couldn't get to sleep until 3am.

    As at leaving work yesterday I had no idea how to work out minority interest, retained earnings of parent or goodwill arising from acquisition.

    Today, my first IS and BS balanced, my consolidated BS balanced and my cash-flow balanced, which considering at this time yesterday I had never got one to balance has put me in a spectacularly good mood.

    Even the ratios I was able to warble on about.

    Also I hadn't really revised the standards so I struggled to comment on confidentiality in FS,or treatment of intangible assets but as for defining the elements in the BS.

    :thumbup:
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
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    Hi Foxybrown.... thats exactly were I went wrong, by about £40?!
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
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    Results are August 19th I think
  • LouLou143
    LouLou143 Registered Posts: 74 Regular contributor ⭐
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    Its a minor mistake......I think if it was huge then you should worry!!! They must base wrong answers on if its MATERIAL or not!!!! As they kept telling us that in Auditing!
  • Mini-Man
    Mini-Man Registered Posts: 24 New contributor 🐸
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    LouLou143 wrote: »
    Aslong as you made valid points on the ratios that you made....you still would get some points....I am sure I used the wrong profit aswell but I did add under it the my assumption was based on.....blah blah blah......you just did a minor calculation but the examiner will see that overall you are competant....if that makes sense.

    Thats what I am holding out for !

    It would be funny to pass if I am competent for reporting about a non competent ratio. :001_smile::001_smile::001_tongue:

    Maybe I am hitting myself too hard on this one. I just like the feeling of my work being completely correct or know I have not been silly with an answer !

    I guess the examiner may enjoy my own interpretations on what should be measured :thumbup1:

    Mini-Man
  • LouLou143
    LouLou143 Registered Posts: 74 Regular contributor ⭐
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    Have faith on the examiners!!! You never know!!!
  • Bens_princess
    Bens_princess Registered Posts: 11 New contributor 🐸
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    I sat DFS in Dec 06 and I didn't balance...totally thought i'd messed up and i passed! So don't panic folks!
    Easier said that done i know! Im panicking about PEV from Monday.:001_smile:
  • >Michaela<
    >Michaela< Registered Posts: 37 Regular contributor ⭐
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    I thought the exam was 'nice'. Nothing unusual on it, and the theory questions were not too bad neither, although im usely at theory so just warbled on those questions (as I have in every exam I have ever taken!). Everything balanced which I was quite happy about. I hope I did enough to pass but im feeling very happy with it, im so glad the exams are over and I can forget about them until results day!
  • Mini-Man
    Mini-Man Registered Posts: 24 New contributor 🐸
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    LouLou143 wrote: »
    Have faith on the examiners!!! You never know!!!

    I should feel relatively lucky given the fact that many on here at the moment are worried about larger parts of the exam in general.

    I have convinced myself I have now passed (Thanks for the faith in examiners remark, as they do understand that errors are made in exams! and the do not cloud their overall judgement)

    Literally just those 2 Ratios is all I am concerned about.
  • hunter
    hunter Registered Posts: 54 Regular contributor ⭐
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    I think that was one of the best AAT papers I have ever sat, hope PTC is the same on Friday :):):)
  • kyle1
    kyle1 Registered Posts: 31 Regular contributor ⭐
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    having just sat BTC yesterday and DFS today i have been surprised how straight forward they have both been. Starting to think PTC will be horrible on friday as my luck will shorly run out??
  • te170381
    te170381 Registered Posts: 26 Regular contributor ⭐
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    i am so stressed. I couldnot get my cash flow to balance, and now i realise i did not put my tax and interst in!!!!

    I also realise that i put the complete wrong answer for the last question i thought they were asking about r,r,c,u and not the assets - liabilities = equity.

    I feel like crying!! I don't want to resit!!!!

    i got everything else to balance its just those two things!!!!!
  • >Michaela<
    >Michaela< Registered Posts: 37 Regular contributor ⭐
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    te170381 wrote: »
    i am so stressed. I couldnot get my cash flow to balance, and now i realise i did not put my tax and interst in!!!!

    I also realise that i put the complete wrong answer for the last question i thought they were asking about r,r,c,u and not the assets - liabilities = equity.

    I feel like crying!! I don't want to resit!!!!

    i got everything else to balance its just those two things!!!!!

    What is r,r,c,u? (being blonde) I never mentioned assets-liabilities = equity (oops) and im sure if your theory is there on the cash flow that should stand for something.
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    Its amazing what stupid mistakes we make under exam conditions isnt it. I practiced like mad and managed to balance everything on the practice papers.... got in an exam and went completely to pot....I dont want to resit either!
    Got headache now!
  • GoldenRetreiver
    GoldenRetreiver Registered Posts: 64 Regular contributor ⭐
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    Hi what is r r c u?
  • te170381
    te170381 Registered Posts: 26 Regular contributor ⭐
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    its that jargon about, relevant, reliable, e.t.c that characteristics and not the elements!

    I got so worked up about my cash flow that everything else went to pot after that!!
  • immense
    immense Registered Posts: 97 Regular contributor ⭐
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    I feel it was ok - nothing out of the ordinary!! I didn't get cashflow to balance, but put notes on bottom as to what I knew it should be, where it was wrong and how much I was out by - so hopefully I shall get some credit for that!! I think some of calc's in section 2 were wrong, but argued them in my report - so should only lose 1 lots of marks!!

    2 MINUTES TO GO!!
  • te170381
    te170381 Registered Posts: 26 Regular contributor ⭐
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    i have such a head ache, i need to revise for pcr tomorrow but all i can think about is dfs!! and how ive fluffed it!!!!
  • immense
    immense Registered Posts: 97 Regular contributor ⭐
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    It's 3pm!! lol!!
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
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    Hi what did everyone get as the profit for the cash flow statement?
  • GoldenRetreiver
    GoldenRetreiver Registered Posts: 64 Regular contributor ⭐
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    Hi I answered the last question saying the elements were were made up of balance sheet, income statement, cashflow statement etc. Then went onto describe what they were all about - threw in the assets - liabilites = equity thing - hope that will be ok. Never mentioned relevant, reliable etc. Got everything else to balance just hope that last question wont fail me :(
  • LouLou143
    LouLou143 Registered Posts: 74 Regular contributor ⭐
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    GoldenRetreiver wrote: »
    Hi I answered the last question saying the elements were were made up of balance sheet, income statement, cashflow statement etc. Then went onto describe what they were all about - threw in the assets - liabilites = equity thing - hope that will be ok. Never mentioned relevant, reliable etc. Got everything else to balance just hope that last question wont fail me :(

    They wanted you to write the assets - liabilities = equity. This is what the balance sheet is - so you done fine.
  • mjp
    mjp Registered Posts: 8 New contributor 🐸
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    after PEV thought DFS would be as horrid but there was a silver lining all pretty straight forward and no new bits thrown in since change to IAS. Time for ME at last !!!!!!
  • kyle1
    kyle1 Registered Posts: 31 Regular contributor ⭐
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    cant remeber exactly something around 7000
  • GoldenRetreiver
    GoldenRetreiver Registered Posts: 64 Regular contributor ⭐
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    Does that mean I can a drink now?
  • sebastianforbes
    sebastianforbes Registered Posts: 172 Dedicated contributor 🦉
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    i said that the elements were...

    assets
    expenses
    income
    liabilities
    equity
  • mehmet
    mehmet Registered Posts: 113 Dedicated contributor 🦉
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    The elements actually are:
    Income,
    Expenses,
    Assets,
    Liabilities, and
    Equity.

    In part b) you had to give the Framework definition for assets, liabilities and equity.

    I'd be surprised if getting this(or any of the other short answer questions for that matter) would fail your exam. You do have to attempt them, and I suppose getting them right gives you extra marks to go against any you lost in the major questions.
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    I wrote that the elements are Assets liabilities and equity. the went on to desribe each of them.Relible relevant etc arent the elements. Cant remember cash flow profit fig it was the figure given before int and tax, sorry gone blank...OH! the stress!!
  • Becks2214
    Becks2214 Registered Posts: 8 New contributor 🐸
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    Thats what i put Sebastianforbes
  • LouLou143
    LouLou143 Registered Posts: 74 Regular contributor ⭐
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    confused!! wrote: »
    Hi what did everyone get as the profit for the cash flow statement?

    on the first bit task 1.6.....added depn, less gain on asset, less inventories, add trade receivables, less trade payables, less tax, less interest.....I think...can't remember if there was a decrease in payables or not!!

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