OMG Variances

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jewels.p
jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
OK its that time again. Just started looking at variances for MAC and am like what?!!!!!!

(Sounds like dejavu from when I started DFS) :lol:

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  • Paul24
    Paul24 Registered Posts: 578 Epic contributor 🐘
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    Which ones are you struggling with?
  • jewels.p
    jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
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    All of them! :lol:

    Havent really got into it yet just having a look just now but they look complicated. Is there an easy way of remembering them or is it just a case of redoing and redoing them till you get it?

    I am using the Osbourne Book and wondered if it would be worthwhile getting the Kaplan Book for MAC as I borrowed the Kaplan one for DFS and it helped me a lot.
  • Paul24
    Paul24 Registered Posts: 578 Epic contributor 🐘
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    Yes its practice and really understanding them as opposed to just learning them, hope that makes sense, even though its not a quick fix solution!
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    we did the should have did do - and totally agree with paul practise practise practise
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Is MAC the one with standard , budgets and actual variances?
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
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    Hmm i've just sat a CA exam that is the double of MAC (apart from harder)

    I felt like crying lol
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    MAC is Variances, Budgets, Forcasts, Ratio Anaylsis, and totally over my head its NVQ 2 exams to one for diploma
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    A-Vic - what? The 2 costing modules from NVQ4 are now ONE module under diploma?!?!?!
  • jewels.p
    jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
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    Monsoon wrote: »
    A-Vic - what? The 2 costing modules from NVQ4 are now ONE module under diploma?!?!?!

    I think if you are doing Diploma it has always been one exam being MAC and NVQ Route it is PEV and PCR. I dont understand it myself how everything covered in PEV and PCR can be covered in one subject Diploma Route. Can anyone help with this?
  • Lou1234
    Lou1234 Registered Posts: 210 Dedicated contributor 🦉
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    It is a case of understanding what each variance actually is as Paul24 said.

    I also wrote them out on index card things and carried them round with me to test myself on the go!!
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    Monsoon wrote: »
    A-Vic - what? The 2 costing modules from NVQ4 are now ONE module under diploma?!?!?!

    Yep has always been that for diploma as far as i knew - as for new qualifaction am not to sure
  • jewels.p
    jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
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    Hope that doesnt mean we have to fit six hours of exams into three? Dont know how it works.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    jewels.p wrote: »
    Hope that doesnt mean we have to fit six hours of exams into three? Dont know how it works.

    No in NVQ they go into a lot more detail in MAC (not that i think ive passed) but its more broadly covering all the aspects
  • jewels.p
    jewels.p Registered Posts: 1,774 Beyond epic contributor 🧙‍♂️
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    A-Vic wrote: »
    No in NVQ they go into a lot more detail in MAC (not that i think ive passed) but its more broadly covering all the aspects

    That doesnt seem fair does it?
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    Wow I didn't know that. The 2 NVQ modules seemed pretty distinct.

    Anyway, back to the variances, I struggled with them loads but they finally clicked into place. The ones I'm thinking of are the ones with Standard Cost, budgeted cost, acutal cost and the comparatives between them. The trick for me was to really understand the difference (took ages for the penny to drop between standard and budgeted I think). I really didn't understand it properly and nearly didn't take the costing exam because of it. In the end I had to work out formulae, memorised them, then took the exam question, worked out which piece of info related to which part of the formula and applied them. Ideally you'd understand it, but if not, this method worked for me, so even if you don't understand it there is hope!.

    Good luck all.
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