Financial Statements exam next week - already panicking!

geek84

Hi Folks

I am in a bit of a dilemma, and have had a few sleepless nights over this -

As you may already know, I am studying level 4 through distance learning. I have gone through most of the 'Osborne' book related to the Financial Statements exam. However, I still do not quite understand the last chapter, chapter 8 fully. I am due to sit the exam next Friday the 23rd.

My problem is this -

1. Do I book half day holiday from work (I have got a full time job) and sit the exam (knowing that I might fail it), but by doing so, get a general idea of the 'difficulty' of the exam, because I think there is a good chance that the same questions will be given when I do the resit (which seems most likely that I will) ?

2, Shall I cancel the exam and go through the whole book again and re-read the pages/chapters that I do not quite understand at the moment.


The problem with option 2 is that I will need to pay a cancellation fee and also the next available exam date might be a few weeks ahead. In the long run, this will delay the time period in which I can complete my AAT qualification.

By the way, ideally I want to complete the AAT course asap and go on the ACCA as soon as possible!

Any advice would be greatly appreciated (which will hopefully stop me from having these sleepless nights!)

uknitty

Chapter 8 is consolidation right ? This one chapter gave me such a headache until I had a "lightbulb" moment using the Kaplan pocket notes .

It is very very likely that you will get a consolidated statement in the actual exam so you have to feel comfortable with this area.

With consolidation questions, they always follow the same format so if you just practice practice practice you can get there. So yeah you will probably need a day off ( if not a couple !) I had three days off before my exam and I really did need it.

I think that FNST is such a broad ranging exam that you could go and sit it once and yet have a resit that is completely different.

From your post you seem concerned about the timescale of completing AAT. If you go and sit an exam your are not ready for, you will have to wait up to 6 weeks to get your results and will not be able to rebook in this time. If you don't get a positive result you will have lost even more time than you potentially could have by just waiting a few more weeks in the first instance....

geek84

Good Morning uknitty

Many thanks for your advice.

uknitty

How are you getting along with your studies ? Have you decided what you are going to do ?

jewels.p

When I did Consolidations I found the Kaplan Book to be better at explaining this than the Osborne Book. I spent ages trying to grasp it with my Osborne Book and it finally clicked after studying the Kaplan Book.

Good Luck :001_smile:

AK002

Sit it.

You may know more than you think you do.

Sulew17

Good luck geek84 for Friday if you decide to take the exam x

Su

Jo Clark

Good Luck Geek

I'd sit it if I were you!

Have you completed the practice CBAs which are available via MyAAT?

All the best.


JC

geek84

Hi Folks

Thanks for your replies.

Unfortunately, having thought about it long & hard, I have changed my exam date to 13th October.

With being at work full time during he day, there was no way I would have been able to digest all the information ready for the exam. Plus I want to do the practive cba's before going into the exam room.

uknitty

Geek84 someone else said that consolidated statements aren't explained as clearly in Osborne as they are in Kaplan and I would 100% agree with that.

I've mentioned "A student's guide to IFRS" by Claire Finch to you before - I can't recommend it highly enough - there are loads of worked examples of consolidated statements and a foolproof step by step technique you can apply to any situation to make sure you do cover all the steps needed in producing consolidated statements.