Costs & Revenues

wessex12
wessex12 Just JoinedRegistered Posts: 3
Everything people have posted here is very true about the C&R exam.
You really need to understand everything and not to rely on the online CBA. The layout can be very different.
I've done 4 of them now and everytime I've sat it, its a different layout.
Question on capital expenditure in my last exam was in letter format to the accountant.
But I'm determine to pass this exam and move on.
Anyone experiencing the same frustration??????

Comments

  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    Dreading this exam!!! Sitting it on the 8th February, just hope I'm well prepared for it! Eeeek!
  • lorettab
    lorettab New Member Registered Posts: 5
    I failed this in December, the layout and some of the questions were very different to the ones in the Osborne book and revision work book. I re sat this last week and passed. The questions I had in the exam I was able to answer as I borrowed a friends BPP book - this had some scenarios similar to ones in the actual exam. LIFO and AVCO comes up, aswell as re-apportionment (quite often set out differently to the Osborne books but similar to the BPP books), make sure to revise the limiting factor and know all of your formulas back to front and inside out! (Contribution, Contribution to Sales, both for units and %'s, target profit, break even in units and £'s, margin of safety), absorption of overheads (quite a few questions on this), the usual table for hours worked (this was the same layout as the mocks on the aat website - phew!), another question was about having to decide which would be the best option on payback, discounted etc. I also did quite a bit of work on green light (handy to learn limiting factors and all of the formulas required) & did some of the free tutorials on you tube! Good Luck!
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    Thanks for the info.....however it is making me dread this exam even more!!! Ughhh!! :/
  • lorettab
    lorettab New Member Registered Posts: 5
    Don't dread it too much, just learn all the formulas and then learn them again! Make sure you are confident with re-apportionment - do as many different layouts as you can! LIFO and AVCO are straight forward - if they have filled out some of the table & ask what has been used then look to the issues and that will give you the answer. Green light is VERY good for learning the limiting factors and all the formulas you need - Good Luck :)
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    Thanks for the advice! Currently reading through each chapter and doing the exercises from each chapter, aswell as practice papers. Will definitely try the Green Light and see how I get on with that. Fingers crossed!!! :)
  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    Good Luck Kirsty - Our Class is sitting our C & R at 6.30 tonight - also studying madly. Thanks to Lorettab for overview .. Still dreading it though. Word of caution - don't be put off and panic if you don't Ace the Green Light - it doesn't mean you will fail. Green Light tends to test your overall knowledge and is no indicator of what will be in the exam. You sound like you are pressing all the right buttons in terms of motivation and study, so I am sure you will do well. Take a deep breath, read the questions Carefully - and DON'T PRESUME TO ASSUME! Take your time - you are given plenty of it x
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    KaySarah wrote: »
    Good Luck Kirsty - Our Class is sitting our C & R at 6.30 tonight - also studying madly. Thanks to Lorettab for overview .. Still dreading it though. Word of caution - don't be put off and panic if you don't Ace the Green Light - it doesn't mean you will fail. Green Light tends to test your overall knowledge and is no indicator of what will be in the exam. You sound like you are pressing all the right buttons in terms of motivation and study, so I am sure you will do well. Take a deep breath, read the questions Carefully - and DON'T PRESUME TO ASSUME! Take your time - you are given plenty of it x

    Thanks love! :)

    Good luck with yours tonight - let us know how it all goes and fingers crossed!!! x
  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    Passed Costs & Revenues

    It was every bit as tricky as everyone said we could expect it to be. The wording of the questions is not as you might expect nor are the layouts. I put my heart and soul into studying for this one as well as juggling an extremely demanding and time consuming full time (& then some) job.

    and I owe ENORMOUS Thanks to our awesome Tutor Sandy Hood - whose past paced, fun packed, unconventional style of teaching more than prepared us - we have been so very lucky to have him ..

    I left the exam room with silent tears falling as all pent up emotion overflowed in release, convinced I had failed ...

    I (and the rest of my Class) PASSED!!!!!!!
  • MWAUGH1983
    MWAUGH1983 Trusted Regular Registered Posts: 420
    well done sarah! :) It will be a huge relief! how are you coming with level 3?

    isnt it strange doing an evening exam!? lol
  • janwal
    janwal Experienced Mentor Registered Posts: 1,189
    We are just about to start Cost & Revenue on Tuesday, so I will keep in mind all that has been said.

    I hope Sandy doesn't mind but have been following your Chichester thread and hope some of the examples will help
    to get through this one.... can't afford anymore fails!!

    Jan
  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    It was an Enormous relief Mwaugh1983 - I cannot even claim to be happy or jumping up and down - The feeling is pure Relief!

    We do our Class in the evening - so evening exam is good. We have a great bunch in our Class - all keen to interact, help & support one other and excellent tutors. Sandy Hood goes the extra mile with all of us. We thank our lucky stars we have him. He feels it is his duty to over prepare us to we can succeed.

    I have leap frogged L1 & L2 I'm afraid to say as I'm a "mature" student - so sometimes wish I hadn't as I sometimes find its like running up a steep hill that's covered in slippery stuff - but I am really pleased to be on this course and wish I had done it years ago - but you know what they say - only when the student is ready to learn - will the teacher appear.

    How are you coping with yours? Enjoying it?
  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    janwal wrote: »
    We are just about to start Cost & Revenue on Tuesday, so I will keep in mind all that has been said.

    I hope Sandy doesn't mind but have been following your Chichester thread and hope some of the examples will help
    to get through this one.... can't afford anymore fails!!

    Jan

    Sandy would be absolutely delighted and honoured!! He was born to teach and really enjoys sharing his knowledge - he is truly a very special and wonderful leader. Good Luck with your C & R - follow our threads whenever you like - that's what the Forum is for x
  • MWAUGH1983
    MWAUGH1983 Trusted Regular Registered Posts: 420
    Yeah sarah I know from experiences for AP I and II that passing these is great! each time I thought I had failed but you need to remember that if you fluff a question then its how you do overall on the section that counts!

    Have you done accounts prep? what about the other units?

    I have done AP and I did costing on the other standards. I hope to do tax in feb and cash mgt in march followed by ethics in may. I dont know about spreadsheets as it not a bind so I may leave it till may or fit it in march.

    Cheers
    Martin
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    KaySarah wrote: »
    It was every bit as tricky as everyone said we could expect it to be. The wording of the questions is not as you might expect nor are the layouts. I put my heart and soul into studying for this one as well as juggling an extremely demanding and time consuming full time (& then some) job.

    and I owe ENORMOUS Thanks to our awesome Tutor Sandy Hood - whose past paced, fun packed, unconventional style of teaching more than prepared us - we have been so very lucky to have him ..

    I left the exam room with silent tears falling as all pent up emotion overflowed in release, convinced I had failed ...

    I (and the rest of my Class) PASSED!!!!!!!

    Thats GREAT news!!!! WELL DONE!!!!!! :)

    Now you can give me some pointers for when I take mine on the 8th Feb! Eeeeek! Going HARD with the revision for this one!!!!

    x
  • anisurrahman
    anisurrahman Well-Known Registered Posts: 130
    Costs and Revenues - Passed ... yay :)
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    Congratulations!! :)
  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    C & R Study Technique ..
    Kirsty83 wrote: »
    Thats GREAT news!!!! WELL DONE!!!!!! :)

    Now you can give me some pointers for when I take mine on the 8th Feb! Eeeeek! Going HARD with the revision for this one!!!!

    x

    I'm not sure what pointers to give as there is so "Secret Magic Key" apart from what helped me .. I don't mean this to sound patronising, so if you think it is, then just ignore me but -
    I went through everything we were taught in Class and then wrote each section's Formulae out, complete with my own notes, in different coloured marker pens. Then I rechecked them, recited them with my hand over the page, looked again, pictured them in my brain, recited them whilst driving in my car & whenever or wherever I was and tried to do what Sandy suggested .. ie dredge them to the front of my brain so the brain remembers & finds them quickly in its internal filing cabinet instead of relying on them being written on coursework notes..
    The only "KEY" is keep learning it until you know as much of it as possible. Rewrite it in your own terminology if you need to.
    I don't know how to make this Forum box lay things out nicely, so forgive me here but -
    I found with OAR .. I called it BOAR and thought of wild pigs and then sheep * my god this worked in the exam .. it became: B (budgeted) O (overheads) / A (activity - doesnt matter if it's lab or mach) = R (rate per ...) .. hey Presto BOAR ... further down to remember if its Under or Over absorbed ... Sandy told us ALWAYS to remember it this way around UNDER (= Debit) .. OVER (= Credit) ... (picture a T-bar here - under on the left, over on the right) and so to the Sheep .. sheep say BA ... so when you have your calcs ... write the B (budgeted first) .. underneath write the A (actual) in brackets so you take the bottom number away from the top number - if the answer is in brackets (negative) it is Under Absorbed :-) and so on ...
    Although I am no expert by any means - I will use any means that works.
    I hope this is useful Kirsty and is merely a technique example. Good Luck for the 8th .. I still have to suss a technique for AP1 .. we sit ours on 6th Feb x
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    Thanks for all of that hun! :) I will make use of it!!!

    Good luck with you AP1 - I'm not re-sitting until the end of March and as a result have deferred AP2 (as that's next week).
    Let me know how you get on!
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    Thanks Kay,

    That advice is going to be added to some cards to help me remember - We've take CRS slow (been studying it since September and the exam is not until March but out of AP 1 & 2 and CRS, I dread CRS the most - so this technique sounds useful :)
  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    MarkT wrote: »
    Thanks Kay,

    That advice is going to be added to some cards to help me remember - We've take CRS slow (been studying it since September and the exam is not until March but out of AP 1 & 2 and CRS, I dread CRS the most - so this technique sounds useful :)

    Aw I really hope it does Mark - I wasn't sure if my explanation made sense to anyone other than me. I passed with 7 exceededs, 2 borderline (my own stupidity as I went brain dead by then after C-V-P for which I got a dismal [and richly deserved, cos I didn't quite study that bit as hard as I could have] Did Not Meet..).

    Let me know how you get on with yours? x
  • Carl168
    Carl168 New Member Registered Posts: 10
    I sat the costing exam yesterday, and to my surprise it was really straightforward and simple if you want me to be really honest. i managed to do it in an hour and then spent another 20mins checking my answers. I actually found it more straight forward and easier than my AP1 exam and i am more happy doing financial accounting then i am doing costing.

    As others have said, don't let fear take control. stay calm and read the question carefully.. don't go auto pilot on questions you have seen so many times

    If anyone wants a tip then here you go - dont just assume that once you have chosen the correct bases to apportion the overheads to that you will always simply divide by the total of that basis. In some cases such as when no of employees are involved that might be the case.. its not a difficult one.. but i personally think it can easily be overlooked
  • anisurrahman
    anisurrahman Well-Known Registered Posts: 130
    Good Morning Carl

    Congratulations...

    It is nice to hear that you found the costing exam straightforward. I am curios (nosy!!) to know your exam scores i.e. no. of questions 'Exceeded', met, 'Borderline' or 'Did not meet'.

    Many Thanks

    Carl168 wrote: »
    I sat the costing exam yesterday, and to my surprise it was really straightforward and simple if you want me to be really honest. i managed to do it in an hour and then spent another 20mins checking my answers. I actually found it more straight forward and easier than my AP1 exam and i am more happy doing financial accounting then i am doing costing.

    As others have said, don't let fear take control. stay calm and read the question carefully.. don't go auto pilot on questions you have seen so many times

    If anyone wants a tip then here you go - dont just assume that once you have chosen the correct bases to apportion the overheads to that you will always simply divide by the total of that basis. In some cases such as when no of employees are involved that might be the case.. its not a difficult one.. but i personally think it can easily be overlooked
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