Financial Statements CBA

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Kirstytev
Kirstytev Registered Posts: 16 New contributor 🐸
Hi

Has anyone sat the above recently? How did you find it? I have mine on Wednesday

Kirsty

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  • JohnC
    JohnC Registered Posts: 12 Regular contributor ⭐
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    Got my re-sit tomorrow (Tues) failed it first time round quite miserably I think, more preared this time round although the IAS's are a pain
  • jenny3549
    jenny3549 Registered Posts: 472 Dedicated contributor 🦉
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    Hi Kirsty,

    Had mine 3 weeks ago so waiting for the result (I hate this!). Can never really tell how I've done with the CBAs. Much preferred the paper based exams.

    Overall it wasn't too bad but I got a bit thrown by the IAS (typically none of the stuff I knew really well came up) and I can never be sure how I do on the written tasks. The calculations were ok though I know I messed up one of the ratios so..... who knows....

    Good luck tomorrow!
  • geek84
    geek84 Registered Posts: 568 Epic contributor 🐘
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    Hi

    I have got my financial statements exam next week. Could someone be kind enough to give me an idea of which IAS's to mostly concentrate on - there seems to be about 20 of them, and I don't know whether I need to learn them all by heart!

    By the way, how long is the exam?

    Thank You.
  • Miffy3QE
    Miffy3QE Registered Posts: 25 Regular contributor ⭐
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    I have my re-sit on Thursday this week, having failed in June. Only this section prevents me from completion on Technician Level 4, so I have really stuck at my revision, but it's more how you feel on the day....last time I sat this, the tutors were doing a noisy protest outside the college, and it really threw me as I just couldn't concentrate.........BAH!!!!!!! Hope your resit went well, fingers crossed for me tomorrow!! :D
  • lauramoody92
    lauramoody92 Registered Posts: 3 New contributor 🐸
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    Fnst

    Did anyone else get a question in which there was a profit on a disposal of fixed assets (the first question - statement of financial position)
    i've had a look through all of the past papers back to 2003 and can't find an example of it anywhere!
  • niccham79
    niccham79 Registered Posts: 16 Dedicated contributor 🦉
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    Hey Laura,
    Yeah I think i did last time - remind me of the question and i'll see if I can help..
    Nic
  • lauramoody92
    lauramoody92 Registered Posts: 3 New contributor 🐸
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    Hi Nic,

    It gave you a trial balance with all the figures and there was a line in the TB called 'proceeds'
    it gave you extra information and said the proceeds relate to a disposal of a vehicle with a carrying amount of X amount so you worked out the profit on disposal as Y amount.
    the only place i could put it was as a deduction of distribution costs which i thought was a bit odd having never come across this before.
    However, i work at a college, and have just spoken to one of the accounts teachers here and she said that should be right if it was a delivery vehicle as it related to distibution costs!
    Shook me up a bit as i'd never come across it before though!
  • niccham79
    niccham79 Registered Posts: 16 Dedicated contributor 🦉
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    yeah that definitely sounds a bit odd but if it's the only place it could go then I guess that kind of makes sense but that definitely would have shook me up too! (wasn't the same question I had but I have had some very odd questions in that exam!)
    x
  • Miffy3QE
    Miffy3QE Registered Posts: 25 Regular contributor ⭐
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    Financial Statements

    I had my re-sit on Thursday 6th......I wasn't very confident going into the exam, but found I managed to balance all SFP and SCI's which I didn't manage in my original exam in June.
    I hope the ratio analysis and report writing section were ok, as I finished well inside the time given by the CBA.
    Although there aren't many CBA to practise, I feel as well as doing practise papers, you need to have a CBA technique as well, as all the scrolling and format can eat away at your timing if you aren't careful.....this happened to me in June, yet not at the resit.
    Fingers crossed this is the last time I shall have to do this exam!
  • Dsindle
    Dsindle Registered Posts: 39 Regular contributor ⭐
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    I have sat this exam 3 times now, its a real drag as i have passed every single exam first time, and this is the last one left! Which i odd as this was my best subject, i hated Budgeting and FNPF, but i probably revised harder as i found the subjects harder?!?! Im now two weeks in after doing my second resit and checking everyday for results....grrrrr.....the worst thing is, i think i probably get 100% in the first part and then 69% in the second....cant wait until this is over!

    Good luck to the rest of you, we WILL get there!!
  • Miffy3QE
    Miffy3QE Registered Posts: 25 Regular contributor ⭐
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    Scoring in DFS

    So do you mean it's 70% overall score, or at least 70% in part one, and the same in part two which THEN means you've passed? x
  • uknitty
    uknitty Registered Posts: 591 Epic contributor 🐘
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    You need to get 70 % in parts one and 2 to pass. Its a real tough one !
  • Dipak Thanki
    Dipak Thanki Registered Posts: 135 Dedicated contributor 🦉
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    Miffy3QE wrote: »
    I had my re-sit on Thursday 6th......I wasn't very confident going into the exam, but found I managed to balance all SFP and SCI's which I didn't manage in my original exam in June.
    I hope the ratio analysis and report writing section were ok, as I finished well inside the time given by the CBA.
    Although there aren't many CBA to practise, I feel as well as doing practise papers, you need to have a CBA technique as well, as all the scrolling and format can eat away at your timing if you aren't careful.....this happened to me in June, yet not at the resit.
    Fingers crossed this is the last time I shall have to do this exam!

    Looks like you had a good exam! Well done!

    What sort of written questions did you have? Mainly I am worried about task 2.3.
  • Miffy3QE
    Miffy3QE Registered Posts: 25 Regular contributor ⭐
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    Financial Statements CBA

    I was given a scenario in my written part of the exam which is basically testing your Ratio Analysis knowledge.......I had to advise a girl to invest in a company, or not....based on last years' performance against this years performance.

    This is similar to every 'past paper' section 2 question which I used as revision tools, so I had experience of writing this kind of answer.

    Good luck!
  • Dipak Thanki
    Dipak Thanki Registered Posts: 135 Dedicated contributor 🦉
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    Miffy3QE wrote: »
    I was given a scenario in my written part of the exam which is basically testing your Ratio Analysis knowledge.......I had to advise a girl to invest in a company, or not....based on last years' performance against this years performance.

    This is similar to every 'past paper' section 2 question which I used as revision tools, so I had experience of writing this kind of answer.

    Good luck!

    I am comfortable with explaining the ratios and what they mean. Just worried about the question on the framework!
  • emma89
    emma89 Registered Posts: 27 Regular contributor ⭐
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    I have my 2nd resit tomorrow! does anyone think it was really hard? ive revised the ias' and formulas so much theyre drilled in my brain but still slightly worried that i havn't revised enough!
  • salih
    salih Registered Posts: 81 Epic contributor 🐘
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    Can someone help me please i forgot how to do this should of wrote down the formula but i didnt because i said to myself its easy but i forgot in the online practice paper 1 in section 1.5 How do you get -290 in the cost of sale for total intercompany adjustments ?
  • Nps
    Nps Registered Posts: 782
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    100 is the inter group sale of the inventory, and the other 190 is the unused part of that inventory.
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