Am I learning a new language?
SusieQtips
Registered Posts: 65 Regular contributor ⭐
I have just started level 4 on the QCF standards and I feel like I am learning another language. I've just spent 2 years getting my head around debits and credits and profit & loss and balance sheets and now they've suddenly become Income Statements and Statements of Financial position. The accounting equation that was drummed into us for 2 years Assets-Liablities=Capital, is now suddenly Assets-Liabilities=Equity. Has the definition of an asset always been 'a rescource controlled by the entity, as a result of past events from which future economic benefits are expected' or was I asleep during some of my lessons last year?
Has this all changed because I am doing the QCF or did the language always change at Technician level?
I've managed to scrape through all my exams up to now, but after 1 week of this I'm panicking as to whether I can learn what needs to be learned as well as learning this 'posh language'. Is anyone else having problems or am I just thick?
Has this all changed because I am doing the QCF or did the language always change at Technician level?
I've managed to scrape through all my exams up to now, but after 1 week of this I'm panicking as to whether I can learn what needs to be learned as well as learning this 'posh language'. Is anyone else having problems or am I just thick?
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Comments
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Income statements etc are the new terminology in international accounting standards.
The accounting equation is the same meaning, just different words.
The definition of an asset hasn't changed as far as I remember but then for the last 4 years I only did international standards so perhaps I didn't remember the UK definitions!
You're not being thick, it's just something to get used to. You will remember everything I promise, you will do it so many times it will become second nature!!0 -
Glad it's not just me!! I've spent ages already trying to learn these new definitions, and that before I even start on learning Personal Tax stuff. Been at college tonight, so I'm going to try learning some of the tax calculations tomorrow night. It seems so hard this year already!!0
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Bluewednesday.
What do you mean same meaning different words, it's the different words that I don't understand!!! You've promised I will remember everything, so I hope you are right and not just trying to make me feel better.0 -
keane155
You've made me feel tons better, glad it's not just me and someone else is suffering aswell. It sounds like you are doing the same 2 units as me. We are doing Limited Companies and Personal tax, i'm liking the personal tax but then have only had 2 lessons.0 -
Assets = Equity + Liabilities, before it was Equity = Assets - Liabilities.
Same items, different order.
Income statement and Statement of financial position just have changed names recently. It's nothing personal to you, it's just the international standards all of a sudden.
The definitions for assets and such have not changed, but before you were not required to know them as such, but more have a general understanding of what an asset is.
Believe Blue when she says you will learn it. You will get used to it and yes, it takes a while, but you will really get there!0 -
Aaah!! Rinske,that's just what I needed to hear. I'm a lot older than the others in my class and I don't seem to grasp things as quick as the young ones. It takes a long time for things to sink in, but I usually just manage to grasp things in the week of the exams. It did feel personal, as there had been no other posts on here about the new International standards so I assumed everyone else was ok with it. There may be quite a few posts from me over the next 34 weeks, it's reassuring to read these comments from you and to know there are people out there to help, but did you have to confuse me with the Assets=Liabilities+Equity?0
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SusieQtips wrote: »keane155
You've made me feel tons better, glad it's not just me and someone else is suffering aswell. It sounds like you are doing the same 2 units as me. We are doing Limited Companies and Personal tax, i'm liking the personal tax but then have only had 2 lessons.
I've also done two lessons on each of the units, I don't really like personal tax so far, but that's probably because I've been concentrating more on the Limited Companies unit. I started learning definitions in my lunch hour at work today, because I thought that if I try and learn most of it as I go along then it would probably make it easier - but couldn't remember half of them when it came to remembering them at college. Intermediate was so much easier!
Thanks Rinske and Bluewednesday - it helps to know that we will get there with learning the things, it seems like there is so much at the moment to learn and we have the first exam in 9 weeks!
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omg nine weeks0
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Don't want to worry you keane155, but you have 2 exams in 9 weeks, now that does sound scary doesn't it? Can't believe we are attending the same college!0
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SusieQtips wrote: »Don't want to worry you keane155, but you have 2 exams in 9 weeks, now that does sound scary doesn't it? Can't believe we are attending the same college!
Don't say that lol, if I just think there is one exam then it don't sound as scary lol. I really need to start on the personal tax stuff I don't understand any of it lol. It is a bit funny we are both at the same college - I never thought I'd see anyone on here from the same one.0 -
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SusieQtips wrote: »I have just started level 4 on the QCF standards and I feel like I am learning another language. I've just spent 2 years getting my head around debits and credits and profit & loss and balance sheets and now they've suddenly become Income Statements and Statements of Financial position. The accounting equation that was drummed into us for 2 years Assets-Liablities=Capital, is now suddenly Assets-Liabilities=Equity. Has the definition of an asset always been 'a rescource controlled by the entity, as a result of past events from which future economic benefits are expected' or was I asleep during some of my lessons last year?
Has this all changed because I am doing the QCF or did the language always change at Technician level?
I've managed to scrape through all my exams up to now, but after 1 week of this I'm panicking as to whether I can learn what needs to be learned as well as learning this 'posh language'. Is anyone else having problems or am I just thick?
i was the same at the beginning, especially english is not my first language, so it makes it even harder. but now i am used to it now, it's not that bad at all.
good luck!0 -
lol takes a bow - but serously nine weeks it only feels like a very short amount of time - am gonna break my usual and start an exam paper a week this weekend
I am nowhere near exam papers yet. Like I have always said it seems such a short space of time between Aug results and Nov exams! Aaaagh (panics even more)0 -
Panicking only makes it worse, so stop that now!I am nowhere near exam papers yet. Like I have always said it seems such a short space of time between Aug results and Nov exams! Aaaagh (panics even more)
Keep breathing, keep breathing...
oke, now just realize that in nine weeks time you got an exam and that means you still got nine weeks to prepare for it!
Nine weeks of 15 hours study a week is 135 hours of studytime. That's a lot and that should be enough!0 -
Panicking only makes it worse, so stop that now!
Keep breathing, keep breathing...
oke, now just realize that in nine weeks time you got an exam and that means you still got nine weeks to prepare for it!
Nine weeks of 15 hours study a week is 135 hours of studytime. That's a lot and that should be enough!
Hey Rinske it's TWO exams not one! Panicking even more now! lol0 -
i feel better knowing in is nine weeks lol. i know it will soon go but it seems a while away for me0
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Hi Guys,
Thought it was just me finding all the new 'wording' difficult to grasp. i too started college 3 weeks ago at Level4. I am enjoing personal tax but spending most of my time studying Limited Company accounts. I try to read a chapter on each week so the lessons arnt so daunting. It is getting easier and i will start practice papers soon. I think my first exam is December 2nd, dont know which one it is or what day the other one is on.
Good luck with the studying everyone, will be worth it in the end x0 -
i feel better knowing in is nine weeks lol. i know it will soon go but it seems a while away for me
3 each for the third time. i'm getting closer to passing each time although the first time was a bit pointless even putting in for as i wasn't putting the time in. wedding planning and flat furnishing was much more fun along with visiting dying nan (not so fun).
did think about only doing two but with june being the last sitting on old standards i didn't want to leave one until then and then fail it again. i aim to pass these this time then its just audit and unit 10 to do which should be fine. the new books i have help make everything a lot clearer so am feeling confident0 -
Glad to hear that you are feeling confident now! It helps so much and saves a lot of time worrying and stressing, which you can use to study instead!0
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I think that's what I am wasting too much time on just now..........Stress and Worry! I just feel like I should be a alot further on than I am if I have any chance of passing these exams. Only 8 weeks and I feel like I am only starting the subjects although I started in August. Every day when I study and try something without my books I just dont have a clue.
Just ignore me I just wanted a moan :sad:0 -
jewels.p
Isn't this normal? That's how I've felt since I started AAT.0 -
SusieQtips wrote: »jewels.p
Isn't this normal? That's how I've felt since I started AAT.
i keep waiting for someone to say opps you didnt even pass the first level we got it wrong lol0 -
=SusieQtips;210251]jewels.p
Isn't this normal? That's how I've felt since I started AAT.
Yeah if I think about it you are probably right! :laugh: I just find it a lot harder trying to master two subjects than one as it is hard dividing the time between them. That is probably why I am panicking. I think it would be different if I found one of them easy but that just isnt happening!0 -
Have been going over most of the limited companies accounts stuff that we have done so far and it is starting to make a bit of sense! Hopefully the personal tax stuff will do soon too. I've been concentrating more on limited company stuff though as I prefer it to tax.0
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phew, I thought it was just me!! I feel like I need to go right back to basics after spending all of last term on costings!0
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