Practice Computer Based Exam - FRA

Hello everyone,

Has anyone done this yet ?

Ive just failed for the 2nd time now. I think the main thing that i amstruggling with is the wording.

For example:

A question about a rent account gives you a figure for the year that has gone through the bank...What is through the bank?
Also, it has the option to put in "rent for year" ... what would be classed as on the paper version ? balance c/d ?

Im so used to the wording from books and paper based exams.


Any help would be most grateful...Just the wording is throwing me off.

Thanks

Comments

  • OlympicRudi
    OlympicRudi Registered Posts: 55 ? ? ?
    Esentially there is a difference between what you pay from the bank & the rent you were actually charged relating to the current year. ie. In this case you prepayed for some of this years rent last year & payed for some of next years this year.

    See the word attachment for the full answer but,

    Balance b/d = 750 = Payment you made last year relating to this years charges.
    Bank = 6250 = Total rent you actually payed from bank account in this year
    Rent For Year = 6000 = balancing figure showing rent charged to you relating to this year.
    Balance c/d = 1000 = Prepayment made this year for next years rent


    Just for extra clarifation, Rent For Year is charged to the profit & loss account at the end of the year. Because of the accruels concept the P&L only includes income & expeses relating to the current period. This is to illiminate the distortions between the period in which a payment is given/received & the period in which the income/expence was actually incurred(Which is which period it should be charged to).
  • mini_schnauzer
    mini_schnauzer Registered Posts: 347
    steveJ wrote: »

    "a figure for the year that has gone through the bank...What is through the bank?"

    This is what has actually/physically been paid - but it does not mean that it all relates to that financial year. That is why you have prepayment adjustments as explained by OlympicRudi.
  • steveJ
    steveJ Registered Posts: 694
    That has really helped. I was getting confused with the wording. That makes much more sense.

    Cheers

    Now lets gve it another go !!!!!!
  • steveJ
    steveJ Registered Posts: 694
    Could anyone possibly get the answers for the practice FRA Computer based exam ?

    Im still failing it and cant understand why...

    Any help with this would be soooo helpful...


    THANXXXX
  • OlympicRudi
    OlympicRudi Registered Posts: 55 ? ? ?
    steveJ wrote: »
    Could anyone possibly get the answers for the practice FRA Computer based exam ?

    Im still failing it and cant understand why...

    Any help with this would be soooo helpful...


    THANXXXX

    It's kind of bad timing for me, but if I have a spare hour or two later in the week I'll make some answers.

    Maybe you should try the paper based past papers, which have answers & see if there are any major places you are going wrong?
  • steveJ
    steveJ Registered Posts: 694
    Thanks Rudy,

    Im fine with the paper based exams....Ive done two so far and got nearly everything right. When i start the computer one my brain goes to mush !!! LoL...

    I think they need more CBE practice per unit.

    If i could get the answers i could work back through the questions...

    Any help would be great
  • OlympicRudi
    OlympicRudi Registered Posts: 55 ? ? ?
    steveJ wrote: »
    Thanks Rudy,

    Im fine with the paper based exams....Ive done two so far and got nearly everything right. When i start the computer one my brain goes to mush !!! LoL...

    I think they need more CBE practice per unit.

    If i could get the answers i could work back through the questions...

    Any help would be great

    I'm busy until wednesday with my final skills test & Job interviews, but after that it'd be a nice break to redo the FRA test.

    Maybe you could post the answers you get & I'd probably be able to do a quicker check. I'll PM you my email & you can email me screenshots(If you know how to do these?) if you wish. I can spot mistakes far faster doing it that way & would probably be able to tell you where you are going wrong straight away.
    Since you are getting the paper based one right & computer based ones wrong, it's possible you just enter the figures in the wrong way(Number of decimal places, nagatives etc.)?
  • jo21977
    jo21977 Registered Posts: 22 Dedicated contributor ? ? ?
    We were also getting them wrong in the practice paper.

    Our tutor's got us to write the T accounts out and follow the process as with the paper version. Following their advices and completing them in the exam on scrap paper really helped and most of us passed.

    Good luck!
  • steveJ
    steveJ Registered Posts: 694
    jo21977 wrote: »
    We were also getting them wrong in the practice paper.

    Our tutor's got us to write the T accounts out and follow the process as with the paper version. Following their advices and completing them in the exam on scrap paper really helped and most of us passed.

    Good luck!

    That might be the best idea for me. Write them outon paper at the exam then enter it on to computer.

    Have you got any more advice on revising ??
  • OlympicRudi
    OlympicRudi Registered Posts: 55 ? ? ?
    I did section one. Will upload them when I get home as I can't do it here.
  • OlympicRudi
    OlympicRudi Registered Posts: 55 ? ? ?
    Oh & look at the paper based december 2007 past paper, as a lot of the questions are the same.
  • steveJ
    steveJ Registered Posts: 694
    http://img59.imageshack.us/img59/9359/12b12c.jpg

    Isnt rent meant to be debit ???
  • OlympicRudi
    OlympicRudi Registered Posts: 55 ? ? ?
    steveJ wrote: »
    http://img59.imageshack.us/img59/9359/12b12c.jpg

    Isnt rent meant to be debit ???

    Yes, sorry was kind of rushing through it & didn't check it over yet.

    Fixed the rent now though.
    http://img532.imageshack.us/img532/9359/12b12c.jpg

    Really shows you have to double check things. Simple mistakes are easy to make.
  • steveJ
    steveJ Registered Posts: 694
    Finally PASSED the practice exam !!


    I had the right idea, but was using the wrong wording !!!!!
    Damn these computers....

    Anyways thanks for everyones help and now ive just gotta do it for real on Saturday...


    Possibly starting ECR Monday ????
  • sharonj
    sharonj Registered Posts: 166 ? ? ?
    Good luck for Saturday Steve, I'm sure you'll be fine. I'm doing professional ethics at the mo, want it to be over so I can move on to something else. It's got to be done though.
  • OlympicRudi
    OlympicRudi Registered Posts: 55 ? ? ?
    sharonj wrote: »
    Good luck for Saturday Steve, I'm sure you'll be fine. I'm doing professional ethics at the mo, want it to be over so I can move on to something else. It's got to be done though.

    Yeah I hated that. At first I had the Kaplan books(Which I found awful), buit switched to Osboiurne(Which was great).

    Good luck :)
  • steveJ
    steveJ Registered Posts: 694
    sharonj wrote: »
    Good luck for Saturday Steve, I'm sure you'll be fine. I'm doing professional ethics at the mo, want it to be over so I can move on to something else. It's got to be done though.


    Yeah hopefully be joing you soon shal. When you looking to take the exam ?

    And thanks for all your help Rudi...

    Ill let ya both know how i get on Saturday....


    FINGERS CROSSED
  • sharonj
    sharonj Registered Posts: 166 ? ? ?
    I've got to do a skills test for professional ethics, don't know when I'm gonna do it, within the next couple of weeks probably. Need to get it done and move on to unit 31 and ECR. Then onto unit 15 after June exam (prob gonna take ECR by CBE). This is why I really REALLY need to concentrate and try and get professional ethics done. Gonna work on it tonight, even though I'd rather just watch telly.....I'm gonna be good.

    Fingers doubly crossed Steve, I'm sure you'll be getting good news on Saturday.
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