Sat Financial Statements exam but encountered problems - advice required please

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geek84
geek84 Registered Posts: 568 Epic contributor 🐘
Hi Folks

Earlier on today, I sat the FNST exam but encountered a few problems.

Those that have already done it would remember that the AAT give a few small tables to do your working out and there is one table for working out cost of sales. Well, taking this as an example, it seems to add up all figures that I typed in, by default ! For example, if I were to put in an opening inventory figure of £10k, purchases of £2k & closing inventory of £5k, then the cost of sales should be £7k. However, the table would give me a figure of £17k !

Has anybody else come across this problem and if so, what did you do about it?

Thank You.

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  • Kayleighz
    Kayleighz Registered Posts: 3 New contributor 🐸
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    Hi,

    Did you remember to put a - infront of the closing stick figure? If not it would automatically add it on rather than deducting it.

    Kayleigh x
  • geek84
    geek84 Registered Posts: 568 Epic contributor 🐘
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    Hi Kay

    No I didn't do that. However, I spoke to my training provider after the exam, and he said you shouldn't have to do that (put a minus sign in front of the figure) . It should take it away by default & AAT don't instruct us to do that!
  • peaceb4
    peaceb4 Registered Posts: 15 Dedicated contributor 🦉
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    you got to put the minus sign otherwise it will add it altogether
  • uknitty
    uknitty Registered Posts: 591 Epic contributor 🐘
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    If you look at the exam instructions which are the page that come up even before you click on "start assessment" it does tell you in the exam instructions that you have to enter negative figures either in brackets or with a minus sign.

    Take a look at the FNST practice CBA 1 and you will see what I mean. Did you do the practice CBA's ? If so, you would have come accross this already.

    How did the paper go for you this time around ? Hope it wasn't too traumatic !
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello Geek

    As above and my email - you need to put the minus sign... hopefully this won't affect your results too much!

    As uknitty asked, how was the paper for you this time? Did you find the theory ok after all your hard work learning the IAS's?


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • geek84
    geek84 Registered Posts: 568 Epic contributor 🐘
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    Hi Folks

    I got the feeling that I completed the paper a lot better than last time. The only think worrying me is that I've been a bit silly and not put a minus sign in front of figures, when required. As a result of this, I have put in the incorrect figures in the statements of comprehensive income & financial statements. Do you think the examiners will penalise me heavily for this, which will result in me failing the exam?
  • uknitty
    uknitty Registered Posts: 591 Epic contributor 🐘
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    The numerical questions are computer marked not examiner marked.
  • geek84
    geek84 Registered Posts: 568 Epic contributor 🐘
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    So that probably means I have failed with flying colours !!!
  • Spamkebab
    Spamkebab Registered Posts: 233 Beyond epic contributor 🧙‍♂️
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    In the Financial Statements CBA are the pro-formas already filled out for you or do you have to put in your own titles ie. revenue, income etc.?
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello Spamkebab

    From memory, you need to select from a drop down menu 'titles/headings' for the workings you complete. I think the main statements are already set up for you but it has been a while since I sat FNST so can't be sure! Why not have a look at the practice CBA on the AAT website?

    Good luck!


    JC
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • salih
    salih Registered Posts: 81 Epic contributor 🐘
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    if you done the pratice papers online in the answer aswell it shows a minus sign and it says before you start the exam to put a minus sign Also i had a encountered a problem on one of my personal tax exam while i was doing it a question comes up but it wasnt a tax question it was question from the financial preformance paper
  • janwal
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    Spamkebab wrote: »
    In the Financial Statements CBA are the pro-formas already filled out for you or do you have to put in your own titles ie. revenue, income etc.?

    Jo is right I sat mine 4 weeks ago and they are drop down boxes to choose the layouts
  • geek84
    geek84 Registered Posts: 568 Epic contributor 🐘
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    Hi Folks

    Thanks for all your replies.

    Just to let you know, I have passed the FNST exam.
  • Dahir Ahmed
    Dahir Ahmed Registered Posts: 63 Epic contributor 🐘
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    Hi Geek84
    Congratulations. They marked yours in 4 weeks. Now that's quick. It's been a week since I sat mine and I can't wait.
  • janwal
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    Congratulations in passing FNST:thumbup: , not fair you sat yours after me and I'm still waiting for result :(
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