FRA simulation

Chellby80Chellby80 Feels At HomePosts: 25Registered
I'm sitting my FRA simulation in a few hours, and my mind is just blank! Im having trouble remembering what to post where in the ETB, has anyone got an easy ways to remember if things are Expenses, Income, Assets or Liabilities in the P&L or BS?! :confused1: Really not looking forward to it at all!! Also, if anyone has already sat it, any advice?! Thanks x:

Comments

  • Paul24Paul24 Experienced Mentor Posts: 578Registered
    Debits Expense Asset Drawings

    Credits Liabilities Income Capital

    DEAD CLIC

    Dr Cr
    Assets Liabitilies (Balance Sheet)
    Expenses Sales (Income Statement)

    ALES
  • Chellby80Chellby80 Feels At Home Posts: 25Registered
    Thanks, I know the Dead Clic rule, didn't know Ales tho, will remember that for the June exams! Completly fluffed the simulation tho, never mind! Will resit it next week!
  • blobbyhblobbyh Font Of All Knowledge Posts: 2,415Registered
    Can I ask the OP how long you've been studying FRA for? No disrespect but if you haven't yet managed to nail the relatively simple ETB with one month to go for the June exams, you're really gonna have to really put some hours in now for you to further understand the component parts of the P&L and Balance Sheet.

    I very rarely used acronyms when learning since it's better to understand the entries in their correct formats and why they go there rather than having an over reliance on memorising numerous little sayings.
  • Chellby80Chellby80 Feels At Home Posts: 25Registered
    I have been studying since September, I have passed my unit 6 simulation and find out the results tonight for Unit 5. Trust me, I have put in many hours revision for unit 5 but I have troubles remembering some of the basic stuff, give me the tricky questions and I'll nail them, but the simple stuff throws me every time! I was just wondering if anyone had any ways of remembering things. Everyone studies different ways, I find it easier to think of acronyms.
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