Financial Performance / PEV Cbt

sarah n
sarah n Registered Posts: 17 Dedicated contributor ? ? ?
Hi, has anyone sat the online Financial Performance exam yet? Is it pretty much the same as the online practice one? Are there any tricks in it?! I'm struggling with the variances and have my exam next week so was after some feedback from anyone else who has already sat it. Thank you.

Comments

  • LucyN
    LucyN Registered Posts: 23 Dedicated contributor ? ? ?
    Hi,

    I sat my Financial Performance in December, I found it was a lot more in depth than the mock one on the AAT website. It was basically along the same lines, but more questions and a slightly more complex way of wording things.

    I did pass it though even though I felt at the time it was the worst exam ever, I hate variances as well, evil things!

    If I were you id practice them quite a bit and one you are completely confident with them then im sure you will find the actual one fine!

    Good luck x
  • sarah n
    sarah n Registered Posts: 17 Dedicated contributor ? ? ?
    Thank you for getting back to me! I know im absolutely dreading this one over the others to be honest. Suppose i'll just have to keep practicing those dam variances! The aat do have a way of complicating things with the way they word questions dont they. Well done on your pass, no doubt i'll be resitting this one! ha. x
  • Paisley
    Paisley Registered Posts: 93 ? ? ?
    Hi Sarah

    I sat Financial Performance in January, which was my first one. I agree with Lucy, it was along the same lines with a bit extra.

    I found calculating the variances okay. The one thing I learnt from sitting that CBA was to practice over and over answering the written questions (like the emails in section 2) whilst timing myself.

    I did that for my next one, which was Budgeting and felt more prepared.

    Good luck for next week!
  • sarah n
    sarah n Registered Posts: 17 Dedicated contributor ? ? ?
    Hi could any one explain the way you work out the Fixed Overhead Capacity Variance? This is the main one i cant get my head around & my exam is at the end of the week.

    Also does anyone know of any useful ways in rememebering all of the variances? I keep practicing them but there not all sticking?!


    Thanks guys x
  • Matt444
    Matt444 Registered Posts: 36 ? ? ?
    Hi Sarah,

    When calculating the fixed overhead capacity you are comparing the budgeted hours to the actual hours and calculating the variance based on the budgeted overhead absorption rate (BOAR). Where the actual hours exceed budgeted hours you will have a favourable variance as you have exceeded the budgeted capacity ie worked longer. I calculate the variance as below:

    Budgeted hours x
    Actual hours x
    Variance in hours x/(X)
    x multiplied by BOAR to workout the variance

    It might help to do the PEV past papers (especially tasks 1.1 and 1.2). I found it very helpful in revising variances before my FNPF exam in december that I passed.
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