Ap 2

MarkT
MarkT Trusted RegularRegistered Posts: 302
Don't you just love it when the one or two parts that have evaded your grasp finally settle and you get the idea?

Partnerships was a dirty word for me - right up until the penny dropped and I now get it.

My last little niggle is remembering the little bits of removing such things as sales returns from revenue and accumulated depreciation from the sales ledger control on the formats of SFP etc...

I am happier now.

Just thought I'd get that one off my chest
:laugh:

Comments

  • janwal
    janwal Experienced Mentor Registered Posts: 1,189
    Hi Mark

    Know just what you mean, had APII this afternoon at college and went through the Guidance, tutor showed us some bits that relate to both AP I & II and they clicked.

    Great as I have may API resit on the 13th and feeling a lot more confident now.

    :thumbup1:

    Jan
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    Jan - I didn't know you had your AP1 re-sit? Good luck with it. Mine isn't until the 22nd March, with AP2 closely followed the week after.
  • janwal
    janwal Experienced Mentor Registered Posts: 1,189
    Kirsty - Thanks fingures crossed I can nail it this time. Have been reading your idea on Cost & Revenue and may just have to pinch the idea for remembering formula. We sarted it today and there does seem a lot to get through.

    We have APII around the same time as you, at the moment set for 27th March, was going to leave AP1 til then but it is right in the middle of year end at work and won't get a lot of study time.

    Jan
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    janwal wrote: »
    Hi Mark

    Know just what you mean, had APII this afternoon at college and went through the Guidance, tutor showed us some bits that relate to both AP I & II and they clicked.

    Great as I have may API resit on the 13th and feeling a lot more confident now.

    :thumbup1:

    Jan

    Just sat a paper based Osbourne mock and fluffed it totally, but I messed up in the missing information section, the simplest of tasks I believed... ho hum

    Good luck with it Jan, when we make little mistakes and know where to correct them, makes it a lot easier :)
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    Kirsty83 wrote: »
    Jan - I didn't know you had your AP1 re-sit? Good luck with it. Mine isn't until the 22nd March, with AP2 closely followed the week after.

    You'll be fine - just remember to breath ;)
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    janwal wrote: »
    Kirsty - Thanks fingures crossed I can nail it this time. Have been reading your idea on Cost & Revenue and may just have to pinch the idea for remembering formula. We sarted it today and there does seem a lot to get through.

    We have APII around the same time as you, at the moment set for 27th March, was going to leave AP1 til then but it is right in the middle of year end at work and won't get a lot of study time.

    Jan

    I would definitely suggest doing as I have done in terms of devising a "formula & calculation" notebook. I am finding that it is slowly starting to sink in.

    As for AP1 - my tutor asked me intially, if I wanted to re-sit tomorrow (while the others sat AP2), but I wanted to focus on Cost & Revenues and the only available date after that was the end of March with my AP2. Hopefully I can nail them both as well as C&R next week!
  • Kirsty83
    Kirsty83 Feels At Home Registered Posts: 57
    MarkT wrote: »
    You'll be fine - just remember to breath ;)

    Yeah....if you're dead you're pretty much screwed!
  • Neney
    Neney New Member Registered Posts: 8
    Hey Janwal,

    Did you pass your AP1 resit? I have to re sit mine and I would be grateful if you could let me know what appear in the test and what to revise.

    Many thanks:001_smile:
  • janwal
    janwal Experienced Mentor Registered Posts: 1,189
    Hi Neney

    Yes I did pass AP1 at last!! Do you knew what you failed on ? I found the worst things were the ETB & Accruals & Prepayments.

    Jan
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    That's it.... nothing more to be done and no more revision, am off in 90 minutes and will be sitting this exam this morning - update to follow :001_unsure:
  • SarahJS
    SarahJS Trusted Regular Registered Posts: 273
    Good luck! I hope it goes (went when you read this!) well :)
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    :biggrin: :w00t:

    Says it all, really - am so glad I got the result I wanted
  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    MarkT wrote: »
    :biggrin: :w00t:

    Says it all, really - am so glad I got the result I wanted

    :lol::thumbup:Didn't doubt it for a moment!!!!!

    Well Done Mark! I am really pleased for you x
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    KaySarah wrote: »
    :lol::thumbup:Didn't doubt it for a moment!!!!!

    Well Done Mark! I am really pleased for you x

    Just got my feedback too.... 6 E's!!! *uber smug grin*
  • KaySarah
    KaySarah Well-Known Registered Posts: 215
    I told you you were clever! and now you've proven me right - dammit :001_tt2:
    You are Definitely with the wrong agency! Have you tried CMA Financial recruitment?
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    KaySarah wrote: »
    I told you you were clever! and now you've proven me right - dammit :001_tt2:
    You are Definitely with the wrong agency! Have you tried CMA Financial recruitment?

    Yes, I have tried them, unfortunately, the one time they spoke to me, I had a run in with their consultant who started to run me down on my experience and then defended the ethic of posting vague jobs that had already been filled just to collect cv's :thumbdown:
  • Clarekaye
    Clarekaye Trusted Regular Registered Posts: 307
    Congrats on passing!
    Would you say the AP2 is hard? Is it like the cbas or more too it than the mocks?
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    Clarekaye wrote: »
    Congrats on passing!
    Would you say the AP2 is hard? Is it like the cbas or more too it than the mocks?

    Thank you!

    It is a bit more in depth than AP1 but it does still follow along the guide of the CBA. All I can say though is that you really need to read the full question as there are instances where you are able to make a mistake if you do not concentrate.

    Also, I was lucky enough to finish it in 1 hour and 5 minutes, this gave me reading time to go over the whole thing again, it is this that helped me find a minor error where I'd made workings out in one part of the question and added an additional '0' on an account a bit further down the page :blush:
  • hague79
    hague79 New Member Registered Posts: 11
    Hi All

    Sorry to come in on the thread but i need some thoughts on weather to carry on with this as i failed AP2 for the 3rd time today! :( keep failing on Incomplete Records techniques so im just not getting it???? Really dont want to go in class next week feel i can't handle another FAIL!!

    Thanks all made me feel better just writing this :)
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    hague79 wrote: »
    Hi All

    Sorry to come in on the thread but i need some thoughts on weather to carry on with this as i failed AP2 for the 3rd time today! :( keep failing on Incomplete Records techniques so im just not getting it???? Really dont want to go in class next week feel i can't handle another FAIL!!

    Thanks all made me feel better just writing this :)

    Hi Haque,

    Failures happen, its something that we have to accept but also something that we can change.. Einstein said 'The definition of madness is doing the same thing time and time again and expecting different results'

    What I am getting at here is that if you are failing incomplete records continually (and I am assuming the other topics are ok?) then you may need a different approach as to how to go about it.

    It can be done and if you've managed to complete AP1 then you should be able to do AP2 - don't lose hope - its what the AAT demons want you to do :lol:

    I'd recommend doing the AAT Greenlight test papers as these can help you - and also am I correct in assuming that you've attempted the mock CBA's on the AAT website?
  • hague79
    hague79 New Member Registered Posts: 11
    Hi Mark

    Thanks for the reply i passed AP1 first time and there was more involved. Exceeded in everything else what other approach would you recomend?? i did the greenlight and only got 40% its the formula for mark up and margin?

    Question today was: purchases 49520
    Inventory 3540
    Margin 35%

    Find sales revenue and COS??

    Thanks

    Nat.
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    hague79 wrote: »
    Hi Mark

    Thanks for the reply i passed AP1 first time and there was more involved. Exceeded in everything else what other approach would you recomend?? i did the greenlight and only got 40% its the formula for mark up and margin?

    Question today was: purchases 49520
    Inventory 3540
    Margin 35%

    Find sales revenue and COS??

    Thanks

    Nat.

    Hi Nat,

    As with mark UP and marg IN

    We have to remember that the bold parts are the clue as to what we want to achieve.

    Therefore, for mark up, our cogs are always 100% and then mark up is on top of that, so for example, if the mark up is 30% the sales figure will represent a figure of 130%

    and so margin is inside of 100%

    As for the question, its missing an element.

    COGS is open inv + purchases - closing inv

    Knowing the AAT and at this level, they should be giving more as this would mean you would have to assume that there is either no closing or opening stock value..
  • hague79
    hague79 New Member Registered Posts: 11
    Hi Mark

    I split the Inventory into OPENING/CLOSING didnt know what else to do?? i got the same question on my last exam but wanted me to find gross profit,closing inventory and COGS tutor is going to ring them she said as there is not enough feedback on these exam's its not right.

    Nat.
  • MarkT
    MarkT Trusted Regular Registered Posts: 302
    Hi Nat,

    Your question can be answered if we were to assume that this was the first trading year. Therefore, there would be no opening stock value.

    If this is the case, then the following is the way to work it out.

    Opening stock £0 +
    Purchases £49520 -
    Closing inventory £3540 =
    COGS £45980

    That would give a sales revenue of £70738

    You get this by dividing the cogs by 0.65 this will then give you a margin of 35%

    The total would be cogs 65%
    Margin 35%
    Sales 100%

    However, this is purely based on an assumption as the question itself does seem lacking in information if that was all you were given - hope that what I have said though helps in some way :001_smile:
  • hague79
    hague79 New Member Registered Posts: 11
    Hi Mark

    You do help i think your great!! :)
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