PEV Exam - what did you think?
Comments
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The paper was pretty standard, a lot or writing, however the final task -I've studied hard for this exam, covering everything, why on earth have they included unit 6 costing? I've spoken to other people in my class and they feel the same. Discounting isnt even in the textbook for this unit, we havent covered it in class and now I'm very worried that not passing the final task will fail me on that section. :thumbdown: bad choice AAT.
Dude. I feel the same way. My friend was so confused with that particular question that he didn't even attempt to answer it.
The embarrasing think is that I have to tell my company that i have failed . Is not that I am stupid but give us question that we have prepared. I think that AAT are cunning as they want us to fail the exam so we could invest more money to them.0 -
I used Material Stocks / Material costs
But i think you can do it with COS as well get marks for both methods0 -
Yeah they sound about right to me - well to what I got anyway!. This was a resit for me and I completely flumexed the first section up. I've done loads of revision on variences and all of a sudden they just disappeared out of my mind! I dont know what went on.
So now I just know that I will be resitting AGAIN..i'm bored with this now!!!
As for the discounting...:thumbdown:0 -
I agree this was very unfair, I got so stressed when i read this question that could hardly concentrate on rest of section and started to really panic that i could fail if did not do well in the rest of section. Something to be said for not reading whole of paper first i think?purelimituk wrote: »Dude. I feel the same way. My friend was so confused with that particular question that he didn't even attempt to answer it.
The embarrasing think is that I have to tell my company that i have failed . Is not that I am stupid but give us question that we have prepared. I think that AAT are cunning as they want us to fail the exam so we could invest more money to them.0 -
Yeah they sound about right to me - well to what I got anyway!. This was a resit for me and I completely flumexed the first section up. I've done loads of revision on variences and all of a sudden they just disappeared out of my mind! I dont know what went on.
So now I just know that I will be resitting AGAIN..i'm bored with this now!!!
As for the discounting...:thumbdown:
I know what you mean Katylou, this is a resit for me too, and I pray i dont have to resit this one again as il be going out of my having to do these past papers AGAIN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0 -
I think every one feels the same about the last page on section 2.
Hopefully these posts will be read and when the papers are being examined all the complaints will be taken into account when they mark us.
If i have to resit in June I will be furious because i know it will be because of that last page. !!!!!
I was the only person sitting the exam this morning and I finished with 5 minutes to spare, I would have liked there to have been other people sitting the exam with me I am sure they woud have been there unitl the end too.0 -
I was there right untill the end too, the longest any paper has taken me and i could have stayed longer as did not have a chance to read back through my answers. Can only hope have done enough in rest of section to pass?!Tracy Keeley wrote: »I think every one feels the same about the last page on section 2.
Hopefully these posts will be read and when the papers are being examined all the complaints will be taken into account when they mark us.
If i have to resit in June I will be furious because i know it will be because of that last page. !!!!!
I was the only person sitting the exam this morning and I finished with 5 minutes to spare, I would have liked there to have been other people sitting the exam with me I am sure they woud have been there unitl the end too.0 -
Last year when I sat the ECR i was out after an hour. I even jocked with the adjudicater ? that I would be out after two hours, how wrong was I .
I was sat staring at the paper when I atttempted the last page I don't have a clue about the discounting so I just answered without taking them into account.
I feel very confident about all the other questions so fingers crossed we have all done enough to achieve a pass. I'm sure when they see the answers for that last point it will be taken into account the majority of people who didn't answer so well !!!!!0 -
Another thing that I noticed came up that I havent seen since Intermediate level, was the "Just in time process" that was part of one of the memos in section 1 - I wonder if this paper is a little out of date?!0
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yes, i remeber that did you take this into account for any of your varinances?Another thing that I noticed came up that I havent seen since Intermediate level, was the "Just in time process" that was part of one of the memos in section 1 - I wonder if this paper is a little out of date?!
I used higher quality materials for diff in price and usage, and used the no of orders being less for the diff in labour rate (no overime) and also efficiency not using capacity budgeted for but did not use the just in time think for any varriances??0 -
I feel exactly the same because I KNOW I don't have a hope of getting any marks for 2.3 (unless they feel sorry for me) I spent an hour trying to work out what to do and didn't get time to check any of the rest of my answers. Reading the posts I think I have the same answers as most others seem to. Self-taught this unit to get ahead and feel like I've totally wasted my time. At least we all seem to be in the same boat - maybe they'll "discount" the question!
) 0 -
I know someone at my work who sat the ECR today and said that it was awful and full of questions not in the text book or never asked before. She said it was nothing like any previous papers. I heard talk of a new examiner? Am now really worried about PCR on Thurday and we could be instore for thier?? Shoulr really be revising now but having glass of wine instead. :001_smile:0
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This was my 3rd time, and I was much more prepared today. I didn't fair too bad, got a bit mixed up in the explain to an AAT student the variances. Can anyone tell me what question we had to explain how variances affected the P&L (I didn't even answer a question on this I don’t think) Cheers and lets hope that’s the end of the AAT for me and onto CIMA.0
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it was in section one just after we had calculated all the varriances, we did not heve to reconcile as normally do just asked how varriances can affect the profit or loss? I answered quite simply that adverse varriances reduce profit anf favourable ones increase it?This was my 3rd time, and I was much more prepared today. I didn't fair too bad, got a bit mixed up in the explain to an AAT student the variances. Can anyone tell me what question we had to explain how variances affected the P&L (I didn't even answer a question on this I don’t think) Cheers and lets hope that’s the end of the AAT for me and onto CIMA.0 -
i just answered really simply too that favourable increase profits and adverse will reduce them? hope this is right.purelimituk wrote: »Damn!!!!! I worked so hard on this exam and I was confidence that I will sail through the exam without any hurdle. But the section 2.3 really knocked me over.
Also reading through this thread I have realised I have messed up on the variance section. The variance question about how does the variance effect P&L account. As for this question I just briefly explained about adverse and favourable. I could shoot myself!!! Looks like a resist in June!! AAAArrgghhh
:mad2:0 -
x-lauren-x wrote: ȣ7 per hour x 3hrs per solar panel x 5000 solar panels wasnt it???
210 x 5000 = £105000
For labour
Agreed. Then discount that by the discounted rate each year, add up the 5 years and compare to the total costs.I agree this didn't calculate - November worked out to £11.90 not £12 - Dec was £12 and I got £12.10 & £12.20 for Jan & Feb - Just hope its right?
I did the same, but put a note saying that Nov figure didn't fit the formula, so may be due to a seasonal variation - any speculation is good in the absence of facts!Something in the region of £1.9m. I took out the old net profit figure and replaced it with the new one.
Agreed, 1.94M - original figure less the cost of producing 1000 extra units (to allow for waste) - £60 each materials, £14 each labour.King of the Mountains wrote: »Yeh. it's in unit 6!! I think it was mean to put that in, right peeved. It wouldn't have mattered how long I revised, I still wouldn't have gone over that.
I see lots of people upset about this, but shouldn't we be able to deal with the material we've previously learned? Would we have any justification in complaining if we were asked to complete a VAt return? I understand the surprise, I just don't think we're entitled to complain - we're only a few months away from a professional qualification....On the question where you had to show the total material variance split into price and usage for the student mine didn't balance?!!! was it supposed to? Did anyone else have trouble with this?
Yes, it should have balanced.Can anyone remember what they got for thier performance indicators?
I got the following:
56.33% 60.33%
23% 20.33%
£60.00
£14.00 £35.00
£13.33 £24.00
20.56% 16.01%
41 days 73 days
I wrote it down on scrap paper!!?:
I agree with all of these, although I rounded the days down as they didn't *have* 41 days, but they did have 40...I reconciled them as follows:
TotalVarriance 0.5X2100X£25 = £26250 - £29900(actual) £3650A
Price 1150 x (26 - 25) = 1150A
Usage (1150 - 1050) x £25 = 2500A
Don't know if this is right or not just made it up??
Agreed.purelimituk wrote: »My friend was so confused with that particular question that he didn't even attempt to answer it.
The embarrasing think is that I have to tell my company that i have failed . Is not that I am stupid but give us question that we have prepared.
Again, really sorry to seem harsh, but not to attempt the question should be a little embarrassing. What did your friend have to lose by having a go at it? Plus, if it *IS* in Unit 6, then to (hopefully not) fail because you didn't retain the knowledge of previous years doesn't bode well for all these years of CPD we're going to be doing....
Hope it works out for you anyway.0 -
Tracy Keeley wrote: »Has any one else covered Discounting Factors ?
Our Tutor did briefly cover it this year
On the question where you had to show the total material variance split into price and usage for the student mine didn't balance?!!! was it supposed to? Did anyone else have trouble with this?
Total= (budgeted Materials / units) x actual units, then use this against the actual cost, IIRC, £3350.
You need to adjust for the units. Mine did work.0 -
I just can't remember answering this one, I am sure I couldn't have missed it but I am sure I never answered it. I would have been able to answer it no problems at all. Let’s hope my attempts at the other questions have helped me get the marks I needed.0
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With the discounting question, did you take the 300,000 then discount the 30k costs each year, then add on each years discounted costs to the 300,000 to get your net present value. Also deducted 50,000 discounted in year 5. Did the same with the labour. Disounted the 105,000 each year then added up total for 5 years and compared this to the discounted cost of machine. Got 390,700 for machine discounted and 559,650 for Labour so advised to vuy machine as would be saving more than cost? This seemed logical at time but by then only had 5 minutes to spare and had to try and remember the Nep Present Value/discounted cash flow from ECR last December??Agreed. Then discount that by the discounted rate each year, add up the 5 years and compare to the total costs.
I did the same, but put a note saying that Nov figure didn't fit the formula, so may be due to a seasonal variation - any speculation is good in the absence of facts!
Agreed, 1.94M - original figure less the cost of producing 1000 extra units (to allow for waste) - £60 each materials, £14 each labour.
I see lots of people upset about this, but shouldn't we be able to deal with the material we've previously learned? Would we have any justification in complaining if we were asked to complete a VAt return? I understand the surprise, I just don't think we're entitled to complain - we're only a few months away from a professional qualification....
Yes, it should have balanced.
I agree with all of these, although I rounded the days down as they didn't *have* 41 days, but they did have 40...
Agreed.
Again, really sorry to seem harsh, but not to attempt the question should be a little embarrassing. What did your friend have to lose by having a go at it? Plus, if it *IS* in Unit 6, then to (hopefully not) fail because you didn't retain the knowledge of previous years doesn't bode well for all these years of CPD we're going to be doing....
Hope it works out for you anyway.0 -
I see lots of people upset about this, but shouldn't we be able to deal with the material we've previously learned? Would we have any justification in complaining if we were asked to complete a VAt return? I understand the surprise, I just don't think we're entitled to complain - we're only a few months away from a professional qualification....
Couldn't agree more there.! :001_smile:0 -
With the discounting question, did you take the 300,000 then discount the 30k costs each year, then add on each years discounted costs to the 300,000 to get your net present value. Also deducted 50,000 discounted in year 5. Did the same with the labour. Disounted the 105,000 each year then added up total for 5 years and compared this to the discounted cost of machine. Got 390,700 for machine discounted and 559,650 for Labour so advised to vuy machine as would be saving more than cost? This seemed logical at time but by then only had 5 minutes to spare and had to try and remember the Nep Present Value/discounted cash flow from ECR last December??
Did what you described, but got about £450k for labour (105k discounted each year). Still said that it was financially beneficial, alhtough noted that this only happened in year 5 and that this saving was at risk of inflation changing the discount factors, sales dropping, and waste remaining zero throughout the life of the machine (which is a touch idealistic to say the least, although I left that unsaid!).0 -
I managed to account for all the factors in section 2.2 (the last question) but did you need to calculate the cost of labour for the remaining two hours? Think the question said 5 hours, 3 hours were saved at £7 per hour for 5000 units, Therefore the remaining 2 hours at £7 is still a cost that you needed to consider on the running cost side?0
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Good, happy that i did enough as was a bit unsure what to do. Knew the therory but when it came to doing it and at this stage in the exam paper my brain was dead!!Did what you described, but got about £450k for labour (105k discounted each year). Still said that it was financially beneficial, alhtough noted that this only happened in year 5 and that this saving was at risk of inflation changing the discount factors, sales dropping, and waste remaining zero throughout the life of the machine (which is a touch idealistic to say the least, although I left that unsaid!).
Onwards and upwards PCR here i come!!0 -
I managed to account for all the factors in section 2.2 (the last question) but did you need to calculate the cost of labour for the remaining two hours? Think the question said 5 hours, 3 hours were saved at £7 per hour for 5000 units, Therefore the remaining 2 hours at £7 is still a cost that you needed to consider on the running cost side?
Good point - that would tip the balance the other way.0 -
Did not even think about this one. Too busy worrying about how to calculate the discounted cost?I managed to account for all the factors in section 2.2 (the last question) but did you need to calculate the cost of labour for the remaining two hours? Think the question said 5 hours, 3 hours were saved at £7 per hour for 5000 units, Therefore the remaining 2 hours at £7 is still a cost that you needed to consider on the running cost side?0 -
Something in the region of £1.9m. I took out the old net profit figure and replaced it with the new one.
Re task 2.2
I remember that the operating profit given for the first scenario was £414,000
but I think after calculating all of the adjustments I got my new operating profit to something like £386,700 ish but im not sure.... can anyone remember what they got?0 -
Re task 2.2
I remember that the operating profit given for the first scenario was £414,000
but I think after calculating all of the adjustments I got my new operating profit to something like £386,700 ish but im not sure.... can anyone remember what they got?
£340000 - the only change is the material & labour cost of producing 1000 extra units to allow for waste. Material was £60k, labour was £14k, therefore op profit is down £74k0 -
Eeek I think I might have added the production overheads in there too
£13.33x10000 -
Infact I actually re drafted the profit and loss account with my adjustments basing it on 10,000 units instaed of 90000
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The fact that I did something different doesn't make you wrong.
(although I think the word before "production" might have been "fixed"...)0
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