Accounts Preparation 1

Can anyone recommend a web site with extra study material, I cant get my head around accruals and then transfering to end of year sheets. I have used my AAT book and can remember the answers now! I can only find the basics on the E-Learning.

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  • Daz1865
    Daz1865 Registered Posts: 67 ? ? ?
    I seem to have exhausted all the revision material too. Did you find a helpful website?

    I'm fairly confident, the exam is on Wednesday. Although wish I had more access to past exam papers.
  • sdv
    sdv Registered Posts: 585
    dizzyhorse wrote: »
    Can anyone recommend a web site with extra study material, I cant get my head around accruals and then transfering to end of year sheets. I have used my AAT book and can remember the answers now! I can only find the basics on the E-Learning.

    AP1 is divided into 2 sections

    Section 1 is recording of fixed assets on a Fixed Asset Register. Under NVQ skills tests the first section was (is) all about this.

    Ask your tutor to give you old Unit 5 FRA skills test OR post on this forum as ask students here to e-mail you old FRA skill tests. The other source is Unit 5 work books by osbourne books, BPP work books, and Kplan books. Visit your college library.

    Osbourne Books and Kplan have resources on their website. (may be it's for tutors, but its' worth looking into) for old FRA Units

    For section 2, it is mainly ETB and Bank Reconcilliation statements

    for ETB - again look at the old FRA skills tests But looking at FRA Past Exam papers for FRA Unit 5 section 2 and practice them on an ETB. These will reflect closely to your AP1 exams. You will already have the answers for them.

    The old past papers are available on the AAT website

    For bank reconcilliation statement - see ols PLB or IAC past exam papers

    There is plenty of free resources on the AAT website.

    Good luck with your exams.
  • mge
    mge Registered Posts: 94 ? ? ?
    dizzyhorse wrote: »
    I cant get my head around accruals and then transfering to end of year sheets.

    Although it doesn't help with your question I thought it was worth mentioning that when I took API accruals and prepayments were tested for both expenditure and income. It's therefore important to understand that the accounting entries are reversed when you are dealing with accruals/prepayments for income eg. commission received.
  • shon
    shon Registered Posts: 4 New contributor ?
    • Accruals expenses- Increases expenses creates a liability
    • Prepayments expenses- Reduces expenses creates an asset
    • Accruals income- Increases income creates an asset
    • Prepayments income- Decreases income creates a liability
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