Wednesday FRA Exam!!!
mattyj3nks
Registered Posts: 28 Regular contributor ⭐
What things are you all revising for the FRA exam on Wednesday??
im not sure what parts i should look at.
any thoughts much appreciated!
im not sure what parts i should look at.
any thoughts much appreciated!
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Comments
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Hi
I think im gonna stongly revise partnerships, partic the capital and current account differences...might also focus on bad deb adjustments.
I et stuck on accruals / prepayments cos I dont look at the dates!!0 -
I think that creation and deletion of goodwill may come up! hope not!0
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Not for the feint (or is it faint???) hearted FRAers
Lost the ability to spell. Sorry.
Here's my plan of what to go over again tonight and tomorrow
1. ETB adjustments - accruals/pre-payments, depreciation and provision for depreciation, bad debt and provision for bad debt, disposals, carriage in/out, discounts and how to journal these and record in a T a/c and in the final accounts.
2. Incomplete records - PLCA to find purchase, SLCA to find sales, Cashbook to find Bank.
3. Margin and Mark-up plus how to check stock losses actual against estimate.
4. Weird and wonderfuls - insurance claims, leases and HP, goods for personal use.
5. Partnerships - appropriation account in P&L, Capital and Current A/C's in BS.
6. Changes to partnerships - retirement, death, new partners, plus changes mid-year
7. Regulatory framework, SSAPs, FRAs, concepts such as prudence, matching, going concern, consistency. Financial info needs to be reliable, relevant, material, comparable and understandable.
8. Errors - omission, commission, principle, reversal, original entry or compensating
9. Capital expenditure shown in the BS, Revenue expenditure shown in the P&L
Blimey, now I've written it all down it looks a lot. That is pretty much the whole syllabus though! Please tell me if I missed something obvious.
Time for a lie down in a dark room......
Still looking for the pause button - need about another week before I'll work my way through all the exam papers. Any advice on which papers are the harder ones and I'll do those first.
Ta0 -
more weird and wonderfuls
To weird and wonderfuls add in loan accounts, deducted in BS from Net assets, when business does not pay leaving partner all Capital and goodwill owed to them on their departure.
Plus creation of goodwill account and subsequent writing off of adjusted goodwill if changes occur mid-year.
Dreading partnership change mid-year coming up. Opening bets?????0 -
Past paper to look out for......
I found December 2003 tricky.
I always come unstuck listing the accounts in the trial balance. It's much easier when the accounts names are already in the trial balance for you to just add the numbers!!0 -
Thanks. Finding Dec 04 tricky - no anwers to refer to as file corrupted on aat website and I can't get my TB to balance.
Much clenching of fist and gnashing of teeth.0 -
twinmeister wrote: »Thanks. Finding Dec 04 tricky - no anwers to refer to as file corrupted on aat website and I can't get my TB to balance.
Much clenching of fist and gnashing of teeth.
I've downloaded them all if you would like me to email it across??0 -
Last minute revision!
I am sitting FRA on Wednesday and I kid you not but I only starting revising for it Monday morning - arghh! May sound awful but I just hated it in class so have put it off as long as possible.
Hopefully won't be too bad as I'm one of those people that do well with cramming. Another day of it tomorrow and may just be okay!
Anyone else in a similar situation to stop me feeling so silly?! :blushing:0 -
Only really started revising last Thursday. I haven't really enjoyed FRA either, but it's all starting to hang together more now.0
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i am having a day of looking at FRA today and hoping that it will stick.
im not sure what parts to properly look through though.
i am more dreading the questions that need worded answers
- framework
- accounting concepts
- hire purchase/leasing
if anyone could help me find a way so these explanations stick i would very much appreciate it!!0 -
past exam papers
I'm having a day of going through past exam papers. Know they are supposed to take you 3 hours, but I'm nowhere near this.
How long is everyone else taking?
ta0 -
i'm getting through the past papers in about an hour and a half but that is probably because i've done them so many times even though i always calculate things out i know now were things should go and if something is wrong0
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Just a thought and something I applied to the ECR was to look over the assessors reports for that last two papers (jun 08 and dec 08) check out what has been tested for the first time - odds on it will appear again - I had looked at a couple of things tested for the first time in Dec and they were on yesterdays paper0
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Hi!
We have been advised to revise Disposals as the examiner likes these and especially journals to show the disposal!
Personally I need to look at Accounting Concepts and layout of the balance sheet... and maybe a quick look at the differences between current and capital accounts...
Good luck everyone x0 -
Can anyone be of any help with incomplete records?? :crying:0
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I am dreading this too and my revision has been rubbish so I'm hoping my "flying by the seat of my pants" luck that I usually get holds up.
If it helps anyone, make sure you can absolutely nail the big questions which require a bit of working through as they are always worth loads and loads of marks. I know you need to show competence at everything but if there's 80ish marks available for a section and one long worked question is worth 35, you wanna make sure you know it inside out!!
I struggle with prepayments and accruals, but it helps me to remember which side of the trial balance these balances always go on at this level. DEAD CLIC DEAD CLIC DEAD CLIC!!!! Good luck to you all0 -
I am sitting FRA on Wednesday and I kid you not but I only starting revising for it Monday morning - arghh! May sound awful but I just hated it in class so have put it off as long as possible.
Hopefully won't be too bad as I'm one of those people that do well with cramming. Another day of it tomorrow and may just be okay!
Anyone else in a similar situation to stop me feeling so silly?! :blushing:
I can be silly with you to, I am exactly the same, this was my preferred lesson at first but that soon changed! I started revising late weekend, and I also seem to be one of those people that learns by last minute cramming, but just my luck it will serve me right this time by not passing!
Best of luck! :thumbup1:0 -
I am on distance learning, and I've crammed everything: studying and revision in one month. Exam is tomorrow and I only started revision today. I can't even think straight anymore, so I don't think I'll pass.. The only things I am good at at the moment are ETB, accruals and prepayments and depreciation, that's all I can remember.
Anyway, I hope you lot will pass!!!:thumbup1:0 -
Hi All,
Would someone mind confirming the below for me?
Carriage In is posted in the trading section of the profit and loss account as below:
Opening Stock
+ Purchases
+ Carriage In
- Purchase Returns (if any)
- Closing Stock
= Cost of goods sold
Also, is carriage out then posted into the expenses section of the profit & loss account?
Sorry, i know it's something so simple but I can't find it anywhere in my notes and I am sure thats how I remember it... :confused1:
Anyone got any thoughts as to what they think will come up? I think I have revised pretty much everything now.... good luck everyone!!:001_smile:
Ta0 -
i really hope the accounts are already printed in the trial balance and etb and we just have to add the figures.
i always seem to miss some accounts which cause me major problems!!0 -
Hi All,
Would someone mind confirming the below for me?
Carriage In is posted in the trading section of the profit and loss account as below:
Opening Stock
+ Purchases
+ Carriage In
- Purchase Returns (if any)
- Closing Stock
= Cost of goods sold
Also, is carriage out then posted into the expenses section of the profit & loss account?
Sorry, i know it's something so simple but I can't find it anywhere in my notes and I am sure thats how I remember it... :confused1:
Anyone got any thoughts as to what they think will come up? I think I have revised pretty much everything now.... good luck everyone!!:001_smile:
Ta
I just had a look in my notes. I would put it like that:
Opening Stock
+ Purchases
- Purchase Returns (if any)
+ Carriage In
- Closing Stock
= Cost of goods sold
Yes, carriage out then posted into the expenses section.
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Thanks your a star! :thumbup:
Good Luck :thumbup1:0 -
I'm on distance learning and have only just found this forum, shows how slow I am!!
I've been revising for a few hours every night for the past 2 weeks (god my social life is suffering!) but I still keep getting the same stupid things wrong on the past exam papers - Aarrrgghh :001_unsure:
I keep putting the entries on the wrong side of the current and capital accounts... surely there must be an easy way of remembering which is which!!
Good luck to everyone, and I will certainly be back tomorrow night to see how everyone got on
x0
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