Financial Perfomance Variances

stephleedzstephleedz Well-KnownPosts: 179Registered
Hi everyone,

I am in quite desperate need of help. I am getting to grips with the actually formulas for Material, Labour and Overheads...my problem is understanding which numbers to use to actually work out the formulas. It doesn't seem to matter how many times I do the questions over and over again I am Just not getting it...or I'll get part of it but not all of it. I know from a friend the exam asks questions on all variances which is really quite worrying!

Please please can someone anyone help

Thank you very much in advance

Steph

Comments

  • readerreader Experienced Mentor Posts: 1,039MAAT, AAT Licensed Accountant
    My advice would be to keep re-reading your fixed over head variance notes and keep studying worked examples. Eventually you'll get it.

    Is there a particular question you are having trouble with?
  • stephleedzstephleedz Well-Known Posts: 179Registered
    Thank you for replying.

    After arriving home on 27th from visiting family up north I sat and cried as it was exactly 2 weeks until my exam. I then sat down went back to my original class notes and re write my flash cards and it finally clicked!! I have gone through the revision kit Kaplan provided for me twice (nearly), feeling some what better with a week and 3 days to go before the big day. I am trying my best to get the calculations down to a T before a go through the written questions...of which I have given myself a week to focus on.

    Fingers crossed it all goes ok.

    Can I ask have you done the FNPF Exam? If so when and can you remember what sort of questions you were asked?

    Thanks again for relying

    Steph
  • readerreader Experienced Mentor Posts: 1,039MAAT, AAT Licensed Accountant
    I'm glad to hear that things have clicked; I meant to reply earlier but I hadn't finished revising variances until now.

    Sounds like I've got my exam on the same day as you, i.e. 10/01/2012 (typing 2012 seems weird).

    From reading other threads it seems like variances, limiting factors and report writing are all going to come up.

    Also, from reading other financial performance threads, some people seem to express issues regarding not having enough time.

    Finally, again, from reading other threads, it seems as if the exam is pretty similar to the practice exams on the AAT website.

    I'm going to re-revise variances and finish the final chapter from my kaplan book on performance indicators, and then spend a week re-re-revising everything and going through exam questions on the AAT website.

    If you come across anything interesting re: financial performance let me know through this thread, please.

    Do you have any other exams/projects left after financial performance?
  • stephleedzstephleedz Well-Known Posts: 179Registered
    Yes 10/01/2012 at Kaplan in Reading.

    My friend who I go to college with and now work with took her exam beginning on December and said that the ePractice exam is very similar to the exam. The majority of section 1 is ever type of variance you can think of...so definitely need to know them instead out and back to front.

    I always spend the day before my exam going through the practice exams on the AAT website and hope based upon the calculations I pass them as it always lifts my spirits. With regards to time even in the Budgeting exam I did all the calculations first then did the written questions. I did however stay until I had about 5 mins remaining just re checking and re reading the answers to the written questions...which I found out a nearly 2 weeks ago I passed that exam so definitely a confidence booster.

    I have done my project...just need todo the mapping then will upload it but will do that after the FNPF exam. I will then have Personal Tax, Business Tax and Financal Statements. I start the lessons for personal tax on 4th Jan and sitting exam 23rd February.

    How are you getting on with your studies? Do you study full/part time, classes or distance learning or online classroom?

    Thanks

    Steph
  • readerreader Experienced Mentor Posts: 1,039MAAT, AAT Licensed Accountant
    Happy new year!

    I'm doing my exam at Kaplan in London.

    I did exactly the same thing in my budgeting exam, i.e. using all my remaining time to check and re-check answers, I didn't have the guts to leave early. Well done for passing!

    I'm very jealous that you've finished your project!!!! The project is driving me insane. I have absolutely no motivation and just keep avoiding it/procrastinating over it. What are you doing your project on?

    Financial performance, I'm glad to say, is my last exam.

    I did level 2 in 6 months through classes, level 3 in 6 months through classes, and now I've been on level 4 for 1.5 years through distance learning and just have finanial performance and the project left. Distance learning has really slowed me down because I find it difficult to sit down and study and when I start struggling, i.e. with the project, I don't really have anyone to motivate me.

    Please let me know how you get on with mapping and uploading; hopefully I can start doing that sometime in February.
  • stephleedzstephleedz Well-Known Posts: 179Registered
    Happy New Year.

    I had 5 weeks from returning from holiday to my exam on 10th, but knew I had to get my project done and the 1st draft handed in before 19th Jan so I thought it best to get the project out of the way (at least the majority of it anyway), then give myself 4 weeks revison for FNPF. I was given a case study 'Cookridge carpets' managed 3600 words for my 1st draft...would love to not get it back but I really don't see that happening!

    I did level 2 6 months, 3 11 months, started level 4 September and due to finish July. I did try distance learning when I first started but like you I had total lack of motivation so needed to get onto the classes. The only good thing is I switched jobs half way through my level 2 so my new employer is paying for my course.

    I am hoping by the time it comes round to me doing the mapping my friend will have already done hers so I'll get help from her....hopefully.

    Good luck for your exam on 10th let's hope the new year brings us lots of good fortune!
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