Clarekaye wrote: »
No way this is horrible news! One of these was the ones I got wrong last time!
Does anyone know how many 'do not meets' your allowed to have?
My re take is tomorrow and I am not looking forward to it.
Kirsty83 wrote: »
My friend got 2 "did not meets" on her feedback an still passed - so who knows!!
I despise the AAT marking scheme!!!
MarkT wrote: »
Kirsty - Glad that the tips were of use to you, I've had trouble with accrual and prepayments as well and I did a bookkeeping class last year and had it hammered into me then, and I still only just got it this year....Someone please correct the following if I am wrong or it is misleading
There are 4 concepts you need to follow but they are placed on the debit and credit sides similarly.
On the adjustments column, an accrued rent expense is shown as:
Here, the accrual gets transferred over to the SFP as it is a liability and, the TB rent is increased for the IS
For the same account, a prepayment of rent expense the exact opposite applies
CR Accrual ......... Maybe mistyped in a hurry here Mark - maybe I am wrong? Kay.
You then transfer the prepayment to DR on the SFP as this is an asset and reduce the TB rent account accordingly.
Here though, is where the bulk of a lot of peoples problems lie. And that is the type of account.
I'll use the rent again, but this time it is a form of income to the business (a rented out garage for example)
For an accrual of rental income we do the exact opposite of accrued rental expense
CR Rental income
And for the prepayment of rental income We do the exact opposite of prepaid rental income
DR Rental income
It is rare that you will get this kind of scenario, but this is how it is laid out. A prepayment and accrual on the SFP can be either a debit or a credit depending on the account in question
Hope this helps
Again, if anyone see's I have made a mess here, please do speak up!
KaySarah wrote: »
I have inserted one line above .. where I think there might be a small error as you say Dr Prepayment & Credit Accrual .. I think it should be Dr Prepayment, Credit Rent ..Yes??
Kashcow wrote: »
I have got my AP1 next week. I have done the mock papers and revision kit Kaplan gave, but I done the CBA on the AAT website and it is totally different. Just wanted to ask people who have recently done the exam, was it more similar to the mock or the practice CBA.
Costs and revenues was horrible, the questions took me by surprise but I managed to pass.