Help me!!

sarahwilson

Are there any revision courses for FRA or can anyone help me. I keep waiting for the epiphany I had with double entry when all of a sudden it made sense, but its not happening:001_unsure:

I don't struggle with the double entry but the questions might as well be in greek in my text book at the moment. Any tips anybody or am I flapping unnecessarily?

taskey

hi sarah

i sat fra 4 times and passed on the last attempt in june. i was ready to give up.

all i can advise is do past papers over and over again, i did that and it worked.

i found all of the past papers were asking 'roughly' the same thing, just the names and amounts varied. but all in all they were still the same things i had learnt.

the hardest bit for me was remembering where things went on the balance sheet, the p&l but once i had done a couple of past papers it did click.

hope that helps

Tracy

sarahwilson

Thanks Tracey, I am really starting to wonder if it will ever sink in:confused1:

taskey

it will, as i say all i did was practice, practice and then some more

Tracy

welshwizard

Profit & Loss account holds:- Income - Expenses

All income
minus ALL Expenses (except purchase of assets which are covered by bank, loans etc and appear in the balance sheet)

Balance Sheet:- Assets - Liabilities = Capital

All Assets (Long Term - cars, land etc) + Curent Assets (Stock, Debtors, Bank, Cash)

MINUS all liablilties

Current liabilities (all things we must pay within 1 accounting period - creditors, non trade creditors, VAT - even loans that will be paid up within the year)

Longterm Liabilities

Loans (outside one year)


All that equals.....

Capital or:

Shareholder capital plus profit (or minus loss) minus any drawings.

Does that make sense to anyone?

sarahwilson

Thats good I'm going to print that off thank you.