Resit for Budgeting HELP !!!

nicd1981

Hello all,

I'm resitting my budgeting as i was not competent.
Resit is Tuesday, The only task i did not meet was the written task in section 2 so please any help or advice would be appreciated, I obviously do not want to have to resit again and Im sure im fine on all numerical tasks.
I've got the day off tomorrow so am going to keep my head down all day and study like mad, any ideas or help would be much appreciated
Thanks in advance
Nicola xx

siva

Hi Nicola,

I have my budgeting exam tomorrow. I am worried about my theory questions, i am the same i am ok with the numerical tasks.

What theory questions did you get. Is it not the normal explaining variance and budget questions.

Your reply will help me to prepare for tomorrow if i missed something.

Thanks

Anyone else had questions different to these ones, your replies would help me to pass my exam tomorrow. I have prepared the theory just from the practice papers.

thanks.

nicd1981

Hi Siva,

In section 1 part a i had explanation of variances and in part b explaining the life cycle of a product.

In section 2 part a i had the flexed budget and part b explaination of the budgeting process on a business.

To be fair i think i said enough in both sections, but my tutor appealed and got the answer that i had to resit.

Good luck siva , and let me know how you got on.

fingers crossed for you

Nicola

siva

Hi Nicola,

Thank you very much for your response.

I dont even have a clue what is budgeting process on a business means, i have to search through my book tonight.

Life cycle of a product is something you wouldnt expect in a exam but thanks to this forum that i came to know about his question through these discussions.

Thank you again.

I will let you know about the exam tomorrow.

Fingers crossed for you as well.

siva

nicd1981

Hi Siva,

budgeting process and its effect on a business is costing and planning

and life cycle of a product is

-development

-launch

-growth

-maturity

-and decline

that is the life cycle

remember this and if you get that question youlll exceed haha


good luck and ill keep my finger crossed for you

let me know how you get on?

nic x

siva

Hi Nicola,

Hope you are well. My budgeting exam was ok. I am not 100% sure 99% of the questions were similar to the practice ones. just had 1 or 2 questions where i was stuck.

In section one i had labour budget presentation and performance indicators question which was easy, in section 2 i had variance analysis, part b i had to explain how material and labour variances can be analysed further.

i think i have written enough. i took whole 2 and half hours for the exam.

Good luck to you.

Siva

nicd1981

Hi Siva,

thanks for your feedback

I'm worried now, material and labour variances?

Am i to assume you use the flexed budget to discuss this or is it just a matter of saying the comparison between the standard quantity and the actual quantity/ the standard cost and the actual cost?

Or am i looking at this the completely wrong way

I so don't want to fail this again

Good luck Siva hope you get the competent result

Nic xx

siva

Hi Nic,

The flexed budget values and the variances were given in the question you just have to write an email explaining the reasons for the variances in part A and

Part B the question said, explain how material and labour variances can b analysed further relaing to the values given in question.

I just explained
Price and usage variance for material and labour rate and efficiency variance for labour- just linked these to the variances and information given in question.

Good Luck, dont panic.

siva

nicd1981

Hi Siva

i got exactly the same question, section 2 part b

Everything else was the same as practice exam

Seriously hope i wrote enough

and good luck

thanks

Nic xx

siva

Hi Nic,

Great news. Its good that you didnt get any tough questions.

Fingers crossed for both of us.

What is your next exam. and how many exams have you got left in this level.

Take care
Siva

nicd1981

Hi Siva,

Im awaiting results for financial performance which i took the 24th Jan, Next is Financial Statements.
Then we have Credit Management
Business Tax and ICAS
Ive written 2000 words for my ICAS project but we havent started it in college yet so it hasnt been checked
How many do you have left?
Ive already had my work experience verified so hopefully once i finished i can apply for MAAT status straight away.

Nic xx

siva

Hi Nic,

I have done just Fnst and Bgt. I still have Fnpf, CRMC, ICAS and Personal Tax to do. i bought all my books back in sep 2010 for level 4 without knowing that Personal tax books changes every year. Now i have to buy another book for the new FA 2011. I am really worried about the project, i am not planning to start the project until i finish my FNPF.

What should i do to register my work experience, do i have to do it through the website.

Siva

nicd1981

''What should i do to register my work experience, do i have to do it through the website.''

Hello Siva,

On AAT website there is a link for registering for MAAT status, one of the criteria is verifying your work experience , you need 52 weeks.

They then email your employer or previous employer etc and that's your work experience verified, Then once you complete level 4 and your statement of achievement is updated you can pay the fee and be MAAT straight away

Wow, I cant wait for that day!


Oh and btw i passed Financial performance i found out yesterday, im so happy i don't have to resit that it was a horrendous exam

nic xxx
Will definitely make it all worth while

Then theres cima haha

nic xx

siva

Hi Nic,

Congratulations. Well Done.

Thanks, i looked at the website and i downloaded the form. i have to send this to my manager from my previous workplace as i only started my newjob last August after a year on maternity leave following my redundancy at work.

It shouldnt be a problem.

I am in the process of moving out to my new house, so i couldnt do any studies at the moment, i want to finish AAT as soon as possible.

Next planning to take FNPF. I will need some advice from you , i ll let you know.

Congratulations once again, i am so happy for you. I am so scared about BGT result. Hope to get competent result for both of us.

Take care

Siva

nicd1981

Hello Siva,
Good luck on the house move and il try and give advice in any way but FNPF was definitely not one of my strong points exam wise.
I still have course notes etc so if you need any forwarding on let me know
my email address is donnellynic@yahoo.co.uk
nic xx