FNPF - Exam Friday - Question re layout

jules72

I have done 2 practice CBA's that shows:
Section 1

• Question 1.1 to 1.5 are Instantly marked
• Question 1.6 - Human marked. (written)

Section 2

• Question 2.1 to 2.3 are Instantly marked
• Question 2.4 Human marked. (written)

Will this be the same format for the actual exam, reason for asking is I am better with numbers than words, so if the written is on both sections of the paper then I have a better chance of achieving a pass. If all the written was on 1 section then I'm scared.

Thanks
Ju

guinea pig

Hi Ju,
In the Osborne practice assessments, there are two written questions in the 2nd part only, but I don't know about the actual exam. I'm taking this exam tomorrow, and have put together some ideas;
-read the advice on extended writing tasks on the AAT site,
-include extra calculations for your answers
-more information is always more
-analyse all the answers you can find for written questions
I found that the questions are likely to include;
REPORT ON FIXED OVERHEAD VARIANCES
detail separately;
1.volume variance- affected by over/under-absorption, of overheads,
due to a higher/lower level of ouput, explained by capacity & efficiency variances
2.capacity variance-relates to productive use of resources e.g.machinery/labour
if more use is obtained, this is favourable. A breakdown would be adverse.
3.efficiency variance-relates to volume of output of resources e.g.machinery/labour
if resources work faster,this is favourable., as more output produced
4.expenditure variance-shows higher or lower than expected overheads, maybe due
to poor budgeting/price changes/unforseen or uncontrollable issues
~ relate variances to each other; capacity x efficiency = volume
~how to show in Income Statement;
DR adverse variances as an expense, CR favourable variances
REPORT ON DIRECT COSTS VARIANCES
detail price/rate and usage/efficiency variances separately
Check total variance if favourable or adverse
quote figures & reasons
suggest options that could have been taken/can be taken
link to planning & control variances
GROSS/OPERATING PROFIT DIFFERENCES ~ why?
Behaviour of costs; variable & fixed (materials,labour etc)
Volumes & contribution, margins, economies of scale
Dominant Factor ~ that most affects differences e.g. sale price/volume of sales
Limiting factors~ supply of materials, consumer demand, price ceiling,
use high/low to check fixed & variable costs
implications; need more working capital/stock. Receivables/payables
RATIO COMPARISONS
Check; performance indicators, compare like with like
ROCE, profit margins, long term liabilities
Measure by; Quality,Value for money, Balanced scorecard
Liquidity postion~control of receivables/payables, working capital
Good luck,
GP

MarieNoelle

Wow guinea pig, that's a very comprehensive answer!:thumbup1:

I just sat FNPF yesterday and the format was very similar to the practice CBAs on the AAT website. Some of my fellow students had very different questions though so I wouldn't rely solely on what has been done in the past. The main difference I found was a lot of details were given that you didn't actually need in your calculations eg draw up a standard cost card and they gave you standard & actual usage/labour hours etc...

When doing the written task, I'd write down on a separate piece of paper all the information they give you as it is a pain to scroll up and down to check you've included them all in your answers.

Hope it helps and good luck. I have to wait for 6 weeks now to know my results....

jules72

Good luck with the exam tomorrow, will keep my fingers crossed for you. I just want to get mine done on Friday.

jules72

Guinea Pig - Good luck for tomorrow, fingers crossed for you.

MarieNoelle - Thanks for putting my mind at rest. My logic is as long as all the written is not in just one section, then I have got a chance :-)

guinea pig

Thanks,
well its done!
The format was as the practice exams, but don't rely on that! Like MarieNoelle, I found that I had to wade through surplus info, and decide which figures I actually needed for the answers. My biggest problem was time, as I have a long winded way of remembering the variances, and have to write them all down. Needless to say, I paniced towards the end, and know I have made at least one silly mistake through rushing. I wish I had had more time for the written questions, so do pace yourself. Overall it was quite predictable, and an intense 2.5 hours. Well I now have a long wait, I'm hoping that this was my very last exam, so I am allowed a glass of wine tonight!
Good luck Jules,
GP

Jo Clark

Hello GP

Congratulations on sitting your last exam! Fingers crossed for your results. I received an email about applying for membership today. Have you also received this email?


JC

guinea pig

Thanks Jo,
Yes, I've had the e-mail, but don't want to tempt fate by applying yet! there is another thread running about it.
I reasoned that I would wait, and if I find that I have passed Personal Tax, then I will apply.
GP

Jo Clark

Good plan GP

jules72

guinea pig wrote: »

Thanks,
well its done!
The format was as the practice exams, but don't rely on that! Like MarieNoelle, I found that I had to wade through surplus info, and decide which figures I actually needed for the answers. My biggest problem was time, as I have a long winded way of remembering the variances, and have to write them all down. Needless to say, I paniced towards the end, and know I have made at least one silly mistake through rushing. I wish I had had more time for the written questions, so do pace yourself. Overall it was quite predictable, and an intense 2.5 hours. Well I now have a long wait, I'm hoping that this was my very last exam, so I am allowed a glass of wine tonight!
Good luck Jules,
GP

Well done GP, I bet you are shattered, the good news though is you have faced it and completed it. You'll have to have a wine or two or MANY to celebrate. Thanks for the advice. I have worked today on speeding up my written as I keep running out of time on that area. I'll let you know how Friday goes.

Thanks again
Jules

SandyHood

I will run a 3 hour session on this unit at the AAT Saturday 09 June 2012 08:45 - 17:00 London revision event - full day https://services.aat.org.uk/myaat/services/events/?portal:componentId=7968&portal:type=action&portal:isSecure=false&action=SEARCH

But I am also available for whole day revision, contact me with your details using my email.