Unit 11 frustrations : (

lewpylew

I have now failed Unit 11 twice and it feels like I am never going to pass it : ( I have taken this afternoon off to study but I am just getting more and more frustrated and don't know where to begin.

Can anyone help me by pointing me in the right direction of where to begin...... I have the BPP book and am trying to self-teach myself but all my notes are in a mess and I am looking at them struggling to remember anything. I so want to do this and maybe I'm just tired and having a bad day x

Primble

i have failed it 3 times! try a different book. it might explain things better. i passed btc and mac after trying different books

zakira

I would advice you to practice the exam questions a lot.

Keep writing out the financial statements. So you became really good at them. Just repeat, repeat, repeat. I think that the main thing about this unit is the memory. Learn the basic staff. Which you probabily know because you have done the exam twice. So just practice writing out the balance sheet, consolidation ac, and the cash flow ac etc. Then you should pass. And when you do the exam write the figures out in pencil and then if they balance then check and write then out in pen. ALWAYS CHECK THE FIGURES...

Thats what I did... I also memorised all the IAS... and the definition of liabilities, asset and all the other things, word for word. But practicing the writing of the financial statements is the main thing. I think that they will pass you if you do that and get all the meanings wrong..

zakira

Oh and use the Osborne Book, they explain thinks in a easy to understand way..so it good.

katz568

Lewpy I have the osbourne books sitting here if you want to borrow them? They are last years so you may have to adjust them for the latest FA but they may have something to help in them that the BPP don't.
PM me if interested and i will get them in the post ASAP
Katrina

lewpylew

Thanks everyone : ) I think I will give the Osborne books a try as I am just getting more & more frustrated and going round in circles!!

I can do this and will not give up. It's my birthday in may so have given myself a deadline(which may be flexible if needed) to do the CBA and pass x

Steve Collings

Unit 11 is hard! You have probably had this drummed into your head so many times, but the only way around this paper is to practise past papers until you can't face them anymore!

When I have taught students this paper there are three lots of advice I have given to them:

1. You must buy this book. It's a tutor in book format.
2. You must not get bogged down in the IFRS/IAS as you will only be asked about a couple of them in their entirety.
3. You must believe you can pass this paper. Self-belief is a huge contributory factor to success.

The rest come with practise. Use the book I have recommended as a reference material when practising topic areas. For example, if you are doing a consolidation, follow Clare's advice in the guide. Don't confine all your studies into a BPP/Kaplan text book. Examiners expect candidates to undertake a much wider coverage than just text book questions and this will also put you in good stead if you progress on to the chartered qualifications.

Best wishes
Steve

AJ786

Peronally for me this was the easiest unit, the Osbourne book is the best and dont get tied down on the IAS, tbh I never bothered with them, just do exam paper after exam paper, all the exam questions every year be in more or less the same order, just take a short break from unit 11, forget about the past and restart it with a clear head.

Btw what questions do you tend to struggle with?

Good Luck

keane155

Hi lewpylew,

I would also recommend Clare's book. I bought a copy after reading recommendations on here and I am really glad that I did. I really struggled with consolidations and this book is great at explaining a really good way at remembering how to do it. There is also explanations of all of the IAS's and IFRS's and stuff on how to remember how to do cash flows and the other financial statements.

Which parts are you finding the most difficult?

You will pass this unit! If you are getting really tired and frustrated take a couple of days off from studying and go back to it in a few days with a clearer mind.

Emma

aliclair

I failed DFS again, first time passed section one failed section two and this time failed section one but passed section two. I was really annoyed with myself as I had practiced past exam papers over and over and over again, I had consolidated balance sheets down to a T but then the exam through in a consolidated income statement which didn't appear on any past papers.

Oh well will practice all over again for the June sitting and hopefully pass!

Good luck to those resitting this as well.

sdv

lewpylew wrote: »

Can anyone help me by pointing me in the right direction of where to begin......

You already have the in put for Unit 11 DFS

My approch would be to concerentrate on the past exam papers.

Section 1

Preapare IS and SOFP - this is an extention of work covered at Intermediate Level. The main diffesrence is that IS and SOFP is in a statement form and the details are in thee supporting notes. Practice at least 10 of these questions. All in one Go! you will find that it will take you to do the first question over 70 minutes, but as you work through the timings WILL come down. Your target time should be 45 minutes.

For this question You MUST have an understanding of ACCRUAL/PREPAYMENTS, Depreciation and bad debts.

and Ofcourse - Journals for Tax payable/Tax paid, Interest payable/ Interest paid

2. Cash flow statements - YOU will be tested on this. The good thing about this question is that you know the ANSWER even before you start the question (the difference between opening cash and closing cash in SOFP)

again practice 10 past exam papers question, all in one go. your target to complete this type of question should be 20-25 minutes

3 Consolidated IS/SOFP. You will get tested on these. targedt time 20-25 minutes

very likely that the question will be on SOFP - MUST understand the 5 workings and apply them on the consolidation.

for IS consolidation it is very straight forward expect for UNREALISED Profit calculations.

Again practice 10 question all at the same time -one after the other........until you hit your expected completion time

SECTION 2

This all about communicating the understanding of the ratios

three points to cover on any of the ratio

1 - write how the ratio is worked out and based on your calculation what has actually happed. - stating the fact

2 why it happened? - basically expressing that analysis of the ratio formula. what has changed to give a good or a bad ratio.

3 write What is the effect of that calculation on the company? - express your understanding of the raio.

to abosolutely seal the deal

4 wrire about - what is your recommendation to improve the ratio. how can it be acheived.



whilst doing the last 10 past exam papers you will also need to read and actually write your answers about the theory bits.....


IASs are tested on the first section and you do need to write something on it. BUT assuming the worse, that you didi not know you IASs, you can still easily cover 70% of mars from the 3 number crunching exercises.


Section two theory, needs more work on it. - Again it is straight forward but you will need to read and write on the past exams paper questions.



in conclusion!

Practice, Practice Practice

PAMDILL

I bought Claire's book back when I was doing Unit 5, it was invaluable for Unit 11 along with the Osborne books.

jewels.p

I was using the Osborne Book when doing DFS and was getting nowhere. I then borrowed the Kaplan Book from one of my buddys on here and found it a lot easier to understand. I think everybody finds different books easier. The Kaplan Book definitely helped me on Consolidations. I found it explained it a lot more clearly than the Osborne Book.