AP1 tips needed

jojo1979
jojo1979 Registered Posts: 75 ? ? ?
Hi all.

I am due to sit my AP1 on 12th April and am struggling to get the hang of it all.

I study in college one day a week. I had quite a bit of time off in October to have my son who is 5 months old now. So i am tryingt o learn all the bits i missed plus revise all the bits i have covered. And to be honest i am struggling to take it all in. And was wondering if anyone had any hints or tips to help.

HAs anyone done this exam yet? Is it very similar to the practice one on this site? Also am strugglingto remember where adjustments go in the p and l and balance sheet. DOes anyone have any ways they can suggest of remembering this.

Sorry for the long winded question, am new to this forum. Thank you for any help

Jo
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Comments

  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Hi Jo

    I sat AP1 in October last year. My suggestions, hints and tips are as follows:-

    Read through all your course material and complete any chapter/unit tasks as you go.
    Logon and complete the practice assessment on the AAT website.
    Ask questions on this forum for areas that you may have concerns over.
    For areas that you have concerns on practice, practice and practice some more with that particular subject/topic.

    Are the P&L (IS) and Balance Sheet (SOFP) the only two areas that you are struggling with remembering?

    What texts are you using at college?

    I'm sure you will be fine come 12 April :)


    Jo
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • sharumba
    sharumba Registered Posts: 33 ? ? ?
    Hi Jo,

    I agree with jo (too many jo's here lol). I am booked in for 21st April for AP1 and have completed the practise assessment online.

    One tip which might help is when you are doing the practise assessment online is take screenshots (print scrn) of each question with your answers and paste into word.

    That way after you have completed it you can then download the answers and compare with your answers. It might help, you never know!

    Anyway keep plodding on and you'll get there.

    Shaun
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Hi Shaun and Jo

    What you could also do is logon to the area where the practice papers are and download the questions and answers - will save you precious time which can be used for revision! Print the questions off, complete them on paper and then check against the solutions.

    I'm not sure if the solutions have workings but it will give you another form of practice/revision.

    Good luck both for your AP1 exam :)
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • jojo1979
    jojo1979 Registered Posts: 75 ? ? ?
    Hi Jo

    Thank you for that, i am trying to do as much as i can when i get chance not that its easy with a baby and sleepless nights.

    I have done the practice assessment and i keep going over it. I have also been through some past papers as well as all my old notes.

    I seem to have got the hang of accruals and prepayments and depreciation and journals but yes it is the profit and loss account and balance sheet that is getting me every time. Remembering where it all goes and which one it goes into. DO you have any tips? Or do you know where there are some good resources?

    Thank you for your reply. How was your AP1 exam? Did you find it like the practice one? WHich one are you doing next?

    Jo
  • jojo1979
    jojo1979 Registered Posts: 75 ? ? ?
    Hi Shaun

    Thank you too for your reply. How are you finding the AP1 revsion? Do you learn at home or college?

    Good luck with your AP1 exam be sure to let me know how you get on

    Jo
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Hello Jo

    I found my AP1 ok but I did put a lot of time into study and revision - that's the key to my success (or at least that's what I think)! :D

    I'll see if I can find anything else for you to study and email it over if you if you like. I'll send you a pm with my email address for you to reply to.

    What resources/texts are you currently using?

    Be in touch soon!
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Hello Jo

    I forgot to say... I can't really recall AP1 exam as it was about 6 months ago... but I do recall it being fairly similar in format to the CBA on the AAT website.

    I think if students have not sat a CBA before it is a good idea to logon to the AAT website or book a practice exam with the centre where you will sit the CBA (if possible) and have a go. It will familiarise them with the layout and feel of the CBA.

    The only thing that is different in the real CBA is that your result does not appear on screen - I remember sitting my first CBA, pressing finish and the CBA closing and returning me to the desktop - I thought I had lost all my work - no one told me what to expect! :)

    I have just finished level 3 this week and am starting level 4 next week so if you have any other queries please feel free to contact me or post a message here as there are lots of very knowledgeable and helpful people here.

    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • jojo1979
    jojo1979 Registered Posts: 75 ? ? ?
    Hi Jo!

    Awe thank you that would be great. I am just using the notes that have been given out in class and the aat website to be honest. When i first started i was finding it really hard to get into my head but slowly things are starting to click into place.

    Alot of people whos posts i have read on here say that the actual is very similar to the practice so if that is the case i think i may stand a chance as long as i can get my head around these etbs and adjustments in the etb.

    Congratualtions on completing your level three. well done. I hope i wll be saying that by the end of June. Thank you for taking the time to respond and help.

    Jo
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Have sent you a private message here. I have also found a little test of what goes in a P&L (IS) and B/S (SOFP).

    Will send to your email when you reply :D
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • jojo1979
    jojo1979 Registered Posts: 75 ? ? ?
    Hiya Jo!

    Have send you an email

    Jox
  • sharumba
    sharumba Registered Posts: 33 ? ? ?
    Hi Jo,

    I'm learning via bpp distance learning and not finding it too bad at the moment but benefit from working in accounts and payroll. I enjoy (how sad is that) the double entry and practical side of it and must admit i'm not really looking forward to the ECR module.

    Be sure to post how you get on with the exam on the 12th April and good luck

    Shaun
  • janwal
    janwal Registered Posts: 1,189
    Hi Jo

    Have you tried the tests on Osbourne site, I've been using them for level 2 and very useful as you can check your answer after each question.

    Good luck with exam

    Jan
  • guinea pig
    guinea pig Registered Posts: 402
    Jojo - good luck! I study at college, and several of the students have young children, and find it tough with bad nights, getting childcare etc. On the other hand, I work full time, and find it tough because I'm tired, and after a long day in the office looking at a screen & playing with numbers, I need a break! Yesterday looked a lovely day out, but I spent most of it trying to get my head around process costing - I was so tired, and the more I tried, the worse it seemed...however this morning I have looked at it afresh, and its falling into place. I have to keep going back to the good old T accounts, starting with the cash book; which money is coming in? which money is going out? Have you got the Osborne books? if not, see if you can borrow them from a library (your college probably has one?) but make sure that they are the right syllabus.

    Jo-CONGRATULATIONS! that must be great to have finished level 3 - how are you doing level 4? is your college starting straight away? or are you getting on with it on your own?

    Have a good day,
    GP
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Thanks GP

    It was a great feeling to finish level 3 as I left a few years inbetween sitting level 2 (foundation when I did it!) and starting/completing level 3.

    I will be doing level 4 at college and will definitely be here asking questions when I'm not sure on something. When do you start level 4?

    Sun is shining so a lovely day for all... hope all the mums have a lovely mothers day today.


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • jojo1979
    jojo1979 Registered Posts: 75 ? ? ?
    Shaun - Hi. Thank you very much, lets face it i need all the luck i can get at the moment. ALthough i am keeping at it. I will defo let you know how i get on. I did the practice one this morning and passed it so there is hope haha! Its good that you enjoy, i do enjoy doing accounts but it is alot of hard work. Does it help alot that you work in accounts? I started this last year at foundation with no experience whatsoever. I must admit mind it took a while for it all to sink in last year but i got there in the end. Good luck with your studies too and you be sure to let me know how you get on. WHen is your exam?

    Jan - Hi Jan. Thank you so much for recomending the Osbourne tests, i took a look at it over the weekend and it was good practice for me. Had never heard of it before so thank you again. Good luck with your level two.

    Guinea Pig - Hiya. Yes it is hard when you have little time, it must be the same for you with working full time. Thing is if you are like me when you do get fice minutes to spare you just want to chill out. I have to keep reminding myself the more i do the better i will understand it. I dont have the osbourne books no i have been using the kaplan ones but after Jan recommened their website e learning in the week i took a look at it and did the practice questions on there which i found good practice.

    Jo
  • kirstym01
    kirstym01 Registered Posts: 43 ? ? ?
    Goodluck with AP1 Jo! I done it last month and passed and it was very similar to the practise one except I had depreciation, part exchange and disposals which completely threw me! But I worked through it ok! I also had all accruals, no prepayments, that confused me a bit too :/ I think you will be ok if you have passed the practise cba ok, it is hard doing it with young kids, I go to college 1 day a week too and I've got 2 young children, and like you done foundation last year with no experience in the subject at all.... but thankfully its all going swimmingly!

    Have you got the hang of the IS (P&L) & SOFP (B/S) yet? I found the PIES and BALS thing really handy to remember......

    I've got cash management cba tomorrow, feel quite confident about that one, fingers crossed there is nothing out of the ordinary in there!!
  • janwal
    janwal Registered Posts: 1,189
    kirstym01 wrote: »
    Goodluck with AP1 Jo! I done it last month and passed and it was very similar to the practise one except I had depreciation, part exchange and disposals which completely threw me! But I worked through it ok! I also had all accruals, no prepayments, that confused me a bit too :/ I think you will be ok if you have passed the practise cba ok, it is hard doing it with young kids, I go to college 1 day a week too and I've got 2 young children, and like you done foundation last year with no experience in the subject at all.... but thankfully its all going swimmingly!

    Have you got the hang of the IS (P&L) & SOFP (B/S) yet? I found the PIES and BALS thing really handy to remember......

    I've got cash management cba tomorrow, feel quite confident about that one, fingers crossed there is nothing out of the ordinary in there!!
    Good luck with your cash management CBA Kirsty, sure you will be fine

    Jan x
  • kirstym01
    kirstym01 Registered Posts: 43 ? ? ?
    Thanks Jan :) its not til 3.15pm so I'm cramming in some last minute revision, really do feel quite confident about this one though! The only thing that I keep getting stuck on is the gilts etc.... hope I don't get too much about them!
  • BeccaLouJ9
    BeccaLouJ9 FMAAT Posts: 896 Regular contributor ⭐ ? ⭐
    Jumping on the thread at the end... I had the same thing that I was stuck on and worried about GILTS the whole time I was revising- came to the exam and it didn't even ask about them!!

    Good Luck!

    B x
  • kirstym01
    kirstym01 Registered Posts: 43 ? ? ?
    Ahhhh thanks Becca! hopefully I don't get anything in mine either :/ I'll let you know how I get on later, if you don't hear from me by later tonight it'll probably mean I've failed! lol x
  • jojo1979
    jojo1979 Registered Posts: 75 ? ? ?
    HI Kirsty

    First of all, good luck for your cash management this avo. I have mine in three weeks so you will have to let me know what it is like. Let me know how you get on too.

    Argh your ap1 sounds quite a bit different to the practice one? I just see the page and panic, thats my problem and the more i look at it the more i confuse myself. Am trying to cram in as much as i can but its not easy on your own with two children although i am not using that as an excuse.

    Whats the PIES and BALs thing you talk about? Is this a way i can remember P&L and BS?

    Must brush up on disposals, depreciation and ETB. Im so dreadin this exam next week :-(.

    All the best of luck again for this avo

    JO
  • kirstym01
    kirstym01 Registered Posts: 43 ? ? ?
    Thanks Jo, I PASSED!!!!!!!!! Actually can't believe it! I thought that was so much harder than the AP1, think I had a lot wrong so must have been pretty close to the 70% pass mark! I didn't get off to a good start when I had a question about turning things into liquid.... as I hadn't seen this in any of the practises I was completely stumped!! And I thought the layout was much different to the practise ones we had done, although to be fair we had only done paper ones as the AAT one isn't working.

    So, celebration tonight it is then!!

    I'm sure you will be ok in AP1, they obviously have to test your competence so have to throw in some tricky questions, I always feel a bit victimised though as I'm convinced I get ALL the hardest questions!!

    The PIES and BALS is something someone at college taught me.... P = Profit/Loss (Income Statement), I = Income, E = Expense S = Stock (Inventory). From this, you can tell anything that is an income or expense must be in Profit/Loss, and as stock appears in both P&L and B/S this is where the S comes from!
    B = Balance Sheet (SOFP), A = Asset, L = Liability, S = Stock, and the same, anything that is an Asset or Liability must be Balance Sheet. And S is stock again as it appears on both.

    Hope this has helped you a bit and not confused you more :s, pm me if you want me to explain it further. It certainly helped me through! And also a few of us from college made a load of flash cards and put if they were Dr/Cr and whether they were asset/expense/liability/income. That helped a lot too.
    Goodluck I'm sure you'll fly through it xx
  • janwal
    janwal Registered Posts: 1,189
    Congratulations Kirsty!!!

    Have kept that useful info for when I get onto level 3

    Jan
  • jojo1979
    jojo1979 Registered Posts: 75 ? ? ?
    Congratulations Kirsty. Well done. Bet you are glad it is over now though. I am certainly dreading mine in three weeks time.

    WHich one are you doing next? Or is that you finished now?

    Oh my goodness yes that is fab, been looking at ways to remember things, i will definately remember it thinking of it like that.

    DO you have any other querky ways of remembering any of the other topics?

    BBig celebrations for you tonight i hope.

    Turning things into liquid? oh my goodness i hope that doesnt come up in mine i havent covered anything like that.

    AM really glad you passed though congratulations again.
    Jo
  • kirstym01
    kirstym01 Registered Posts: 43 ? ? ?
    Thanks Jan, still feeling chuffed with myself!

    I had a whole page on gilts/certificates of deposit and local authority bills too.... of all the things I was most worried about getting!!

    At least I can sit back and relax for a few weeks now til spreadsheets on 3rd May! x
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Congratulations Kirsty!

    Good luck with SPSW :)

    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • kirstym01
    kirstym01 Registered Posts: 43 ? ? ?
    Thanks Jo & JC :) What is the spreadsheets one like? Is there anything out of the ordinary in there? I'm not so confident with spreadsheets so hope I pass that one!!

    Jo - your welcome for the advice, I know it helped me no end with the etb but once I got the hang of where it all went I didn't need to think twice about it. Don't think I've got any more quirky tips though I'm afraid! I will keep my ears open though, I'm always after ways that makes my life easier!
    We're no where near finished, still got 5 to do before June, I feel stressful times ahead! Our lecturer was away for a few weeks which has put us behind a lot and I feel like we've wasted a few weeks on the people that jumped level 2 and came straight to level 3 as we've had to go over quite a few of the bits we covered last year that they obviously missed. Never mind, its been good revision for us too! We've got Spreadsheets 3rd May, Costs & Revs 9th May, AP2 18th May then Indirect tax and Professional Ethics in the second and 3rd week of June. I'm going to have to miss the AP2 as its the day we fly back from ibiza.... whoops!! hopefully they can slot me in to take it sometime soon after!

    I'd try not to worry too much about AP1 Jo, just remember its a 70% pass rate so it gives quite a wide margin for errors!! x
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Hello Kirsty

    You may like to read this thread http://forums.aat.org.uk/showthread.php?t=30327&highlight=spsw which has some tips for the SPSW module.

    Don't forget that the 70% pass mark is not overall but 70% in both section 1 and section 2 of the CBA :)

    If you have any questions about SPSW feel free to contact me.

    Best wishes.

    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • kirstym01
    kirstym01 Registered Posts: 43 ? ? ?
    Thanks JC, I did just have a quick read of that thread before you posted the link, I'm sure I'll be ok once I get stuck into it!

    Of course its 70% on each section not on the whole cba, thats my bad mistake!!! It still leaves a wide margin for error though doesn't it? x
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    kirstym01 wrote: »
    Of course its 70% on each section not on the whole cba, thats my bad mistake!!! It still leaves a wide margin for error though doesn't it? x


    Possibly - I guess it could depend on how the marks in each section of the CBA are distributed - I'm not sure how the marks are allocated across the questions within the CBAs it was just something that was mentioned at college today.
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
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