todays FNST exam

Newts22

Well, all done, and pretty similar to the practise ones online.
I feel happy with 4/5 of the questions in section one and all 3 in section 2.
The one im not happy with was about IFRS 3, I had a complete block, and I know the part about treatments of a bargain purchase is completely wrong. I dont recall this in the Osbourne text, yet is in the Frank Woods book I have.

What do you suppose my chances are, when I feel quietly confident with the rest of the tasks and the written part of section 2? :001_unsure:

Just try and forget it now, and crack on with BGT I suppose...

Newts
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Jo Clark

Hello Newts

You survived! It sounds like you did well if you feel confident. Lets hope that your results are favourable and don't take too long to come through.

I would try and forget it now and move on to BGT. You and I should receive our results (different exam) around the same time.

Enjoy the rest of your weekend.


JC

Newts22

Thanks Jo
Yes, Im not sure I can cope with another, almost, 6 weeks wait for results!
Heres hoping for success for us both hun!

You have a good weekend too, raining here, so inside activities with the kids now!

Newts
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Newts22

Thanks Kazzy!
Yeh they are Frank Woods business accounting, books 1&2. The latest editions have the fish on the covers.
Nice books, tonnes of info and practise tests!
Amazon seem to be the cheapest, but still around the £35 mark each. The book depository is offering 10% off I saw last night and free postage!
I have found though that the osbourne books tend to stick closely to the AAT syllabus though!
Good luck with your FNST exam, I'm getting stuck into BGT, and loved costing at level 3 so hopefully will enjoy this one lol!
Newts
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NicF

Newts22 wrote: »

What do you suppose my chances are, when I feel quietly confident with the rest of the tasks and the written part of section 2? :001_unsure:
x

I thought I'd failed this exam because I was not confident about the written questions in either section but I passed the exam. You just have to hope you've picked up enough marks on the other questions that it doesn't matter if you don't get many marks on the one you struggled with.

Good luck
Nicola

Newts22

NicF wrote: »

I thought I'd failed this exam because I was not confident about the written questions in either section but I passed the exam. You just have to hope you've picked up enough marks on the other questions that it doesn't matter if you don't get many marks on the one you struggled with.

Good luck
Nicola

Thanks Nicola

I hope so, as doubt I have any marks for the written part of section 1 lol! Section 2 was easier as just comparing the ratios for north and south divisional offices.
No biggy of I do have to re-sit, as it would be my first, and don't plan on failing my last two exams lol!
Thanks again, it's made me feel a bit brighter about it!
Newts
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Newts22

Good luck with yours!
So far I haven't found much of a difference between the levels as they are different subjects so to speak, as I've done BTX PTX & FNST so far, so my opinion may change lol!
Everyone is really helpful on here, so I you get stuck, just drop a line here!
Newts
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bubs

Hi Newts

I too am studying FNST and wondered if you or anyone else could tell me a little more about "bargain purchases". I am using Kaplans study guide in conjunction with Clare Finch's book and Osborne books and I can't find this mentioned in any of these. I don't really want to have to fork out another £35 for Frank Woods book (although I do have the really old version of Frank Woods vols. 1 and 2) for the sole purpose of reading about bargain purchases and wondered in you could give me a little more info. What standard did the question on "bargain purchases" relate to - is it IFRS 3? Does anyone know where I could find more about "bargain purchases" without having to buy another book?

Thanks

Bubs

Newts22 wrote: »

Well, all done, and pretty similar to the practise ones online.
I feel happy with 4/5 of the questions in section one and all 3 in section 2.
The one im not happy with was about IFRS 3, I had a complete block, and I know the part about treatments of a bargain purchase is completely wrong. I dont recall this in the Osbourne text, yet is in the Frank Woods book I have.

What do you suppose my chances are, when I feel quietly confident with the rest of the tasks and the written part of section 2? :001_unsure:

Just try and forget it now, and crack on with BGT I suppose...

Newts
x

Newts22

bubs wrote: »

Hi Newts

I too am studying FNST and wondered if you or anyone else could tell me a little more about "bargain purchases". I am using Kaplans study guide in conjunction with Clare Finch's book and Osborne books and I can't find this mentioned in any of these. I don't really want to have to fork out another £35 for Frank Woods book (although I do have the really old version of Frank Woods vols. 1 and 2) for the sole purpose of reading about bargain purchases and wondered in you could give me a little more info. What standard did the question on "bargain purchases" relate to - is it IFRS 3? Does anyone know where I could find more about "bargain purchases" without having to buy another book?

Thanks

Bubs

HI Bubs,
So sorry for the delayed reply, been a little busy.

Here is the extract from my Frank Woods book;
IFRS 3
Purchased goodwill should be capitalised. It must not be amortised but should be checked for impairment annually. Any impairment should be written off to profit or loss and cannot be reinstated. Gain from a bargain purchase must be eliminated immediately by reviewing and amending the fair values of the net assets acquired and, if necessary, recognising the gain in profit or loss.

Hope this helps a little!
Cheers

bubs

Thanks Newts. Really helpful.

Bubs

Newts22 wrote: »

HI Bubs,
So sorry for the delayed reply, been a little busy.

Here is the extract from my Frank Woods book;
IFRS 3
Purchased goodwill should be capitalised. It must not be amortised but should be checked for impairment annually. Any impairment should be written off to profit or loss and cannot be reinstated. Gain from a bargain purchase must be eliminated immediately by reviewing and amending the fair values of the net assets acquired and, if necessary, recognising the gain in profit or loss.

Hope this helps a little!
Cheers