Study Overload
Comments
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On my way too; Already got the wine, cheeses & biscuits, just needing that 'lightbulb' moment for DFS:(0
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It's going to be busy at Vic's house. Do you think anyone will get any study done while we're there with all the wine, cheeses, biscuits and dvd's?0
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Sorry can't be there - gone shoe shopping, hoping to bump into Monsoon - in anticipation of tonight's *BIG WIN ON THE LOTTERY*
PS - I lied - I'm sitting in doing past PEV papers at the moment - and getting it all hopelessly (SP?) wrong ..... aaargghhhhhhh!FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
Sounds familiar, I keep making stupid small mistakes on DFS things that I really should know. Or do it all wrong, because I'm thinking about what I did wrong the previous time, so I won't make that mistake again and instead do everything else wrong.
Then I get by some theory question and I just sit here thinking, I know this, but not a clue how to write it down, to just skip the question in the end.
I'll probably go for a break to the shop, get myself loads of chocolate and cheese and biscuits (I blame Andypandy for putting that in my head) and then spread it all out on my desk and reward myself for a question answered correctly with whatever has my fancy....0 -
Going on previous years' experiences, Reeces peanut butter cups are a good revision aid.0
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Back again - on a break (again?)
Sitting here with some salmon pate (I made!) on toast. YUMMY!FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
Yummy, I got crackers on cheese now!0
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bagul with cream cheese and strawberry0
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I'm happy! I just managed my reconciliation from operating profit and my cash flow statements with no mistakes or going back.
yay!
Do I get a cookie now?0 -
why o why cant i remeber fixed overheads
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and why is the clock 3 hours behind0
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why o why cant i remeber fixed overheads
If it's any consolation I'm struggling with fixed overheads too!
I'm using this:
Variances
Material Price Variance - Basically the difference between the price they paid for what they used, and the price they should have paid (using the standard/Budgeted Cost) for the actual quantity.
ie. A nail (Hammer and Nail!!) Standard Cost is £3, they bought 4 Nails for £10. The Material Price Variance is then - (4x£3) - £10 = £2 Favourable. It's favourable because they paid less than they should have
Material Usage Variance - Basically the difference of how much material/units they should have used and how much they did use, you then times this by the standard cost per unit.
ie. A Box of Nails Should Contain 100 Nails, in production of making 1 box they used 110 Nails, the material usage variance is (100-110) x £3 = £30 Adverse. This is adverse because they used more than they should have. Remember to multiply the difference by the STANDARD cost of the unit.
Labour Price Variance - Basically the same as Material Price Variance, the difference between how much labour should have cost and how much it did.
ie. A employees standard labour rate £5, they spent £16.50 on three labour hours. The formula is (3x£5) - £16.50 = £1.50 Adverse, it's adverse because they spent more than they should have
Labour Usage Variance - Basically The same as material usage variance, how many hours they should have spent on labour, and how many they did. At the Standard Rate!!
ie. An employee makes 10 boxes of nails in an hour, 50 Boxes of nails were made in 7 hours. It should have taken the employee 5 hours, therefore the formula is (5-7) x £5 (Standard Cost) = £10 Adverse (Because they spent more than they should have!
On to fixed overhead variances,
Fixed Overhead Expenditure Variance
Budgeted Costs of FO - Actual Costs of FO - Nice and Simple!
ie. Budgeted Costs for Fixed Overheads were £100,000, they actualy spent £108,000. Therefor 100,000-108,000= -8000, it's adverse because more was spent than planned.
Fixed Overhead Volume Variance
Absorption Rate x (Standard for Actual Output - Budgeted Output)
The absorption rate in normally stated in the exams, it is important to look whether it's units based or hours based, and then the bits inside the brackets will be the same, the formula's below work on the same principal.
Fixed Overhead Efficiency Variance
Absorption Rate x (Standard for Actual Output - Actual Taken)
Fixed Overhead Capacity Ratio
Absorption Rate x (Actual Taken - Standard Hours for Budgeted Output)
The best tip for fixed overhead is to make sure that the Capacity Ratio + Efficiency Ratio = Volume Ratio (Remember one, or both the numbers might be negative)
Hope it helps you too!
AnnaFMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
oi you lot stop mentioning food. I always snack when revising but am meant to be dieting so am attempting not to grrrrrrrrrrrrrrrrrrrrr
I personally find small bitesize snacks are preferable like the almonds ive just remembered are in the kitchen. Hopefully the calories will burn off with the exam stress
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oi you lot stop mentioning food. I always snack when revising but am meant to be dieting so am attempting not to grrrrrrrrrrrrrrrrrrrrr
I personally find small bitesize snacks are preferable like the almonds ive just remembered are in the kitchen. Hopefully the calories will burn off with the exam stress
What's are calories? I can't find them anywhere in my study notes????? Are they under ratios or variances?????FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
They are probably under rations, did you look there yet?0
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Well that's just not on, back to your books young lady!
I've done enough studying for today - I've done a PEV paper, in between coffee breaks, forum breaks, scooby snack breaks, and it's taken me nearly all day.
God only knows how I'm going to do one in 3 hours by next Monday!
On the plus side I didn't do too badly (but it was nice to have the answers to look at afterwards!)FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
Fair enough, good on you! Glad you didn't do too badly.
I'm working my way through section 2 of the DFS exams. I can calculate the ratios, I can comment on it, but I can't make it just as pretty as the model answers....
Also my bf made his first working minigame, so testing that out in between for a laugh and mainly distraction!0 -
Also my bf made his first working minigame, so testing that out in between for a laugh and mainly distraction!
I thought you were talking about a brought forward figure, not a boyfriend! It took me three reads to make sense of your last sentence, as I thought that the brought forward figure had given you a migraine! FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
No, sorry, I just thought that since we're still living in the accountancy terms (ratios/ rations) I'd give you another one to think about. I suppose it worked.I thought you were talking about a brought forward figure, not a boyfriend! It took me three reads to make sense of your last sentence, as I thought that the brought forward figure had given you a migraine!0 -
well ive just done my first exam in pen and grrr at me crossed out correct answers and over all the paper looks a total mess gimme back my rub out pen pweaseeeee AAT 0
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well ive just done my first exam in pen and grrr at me crossed out correct answers and over all the paper looks a total mess gimme back my rub out pen pweaseeeee AAT
Is it about time you changed your signature line?
Of all the things I'm not allowed, it's my rub out pen I miss the most!FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0 -
Think I'll change mine too!FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire0
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O.o
Do you think it will help?0 -
Since we're all updating our sig's I decided to give it a go as well...0
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