Failed FNST 4 times now...!

wajoda2002 Registered Posts: 28 💫 🐯 💫
Hi everyone,

Well had my result last Monday and I have failed my exam again! I studied at college, I have completed an AAT revision course in London and I have spent hours upon hours revising, searching this forum/internet and no idea what else to do. I have also just discovered I am pregnant and due in march...this is the last exam for me to be MAAT and I am determined to do it before then so tonight I start back at the beginning of the book.

I don't know what I failed on as my college re opens in September, but I really am starting to feel like I want to give up, but that makes the last 3 years a waste!

So anyway, on my last exam was a couple of questions that we hadn't covered the way on and I wondered if you can help.

1. On the consolidated statement, it said that there were intercompany transactions to the value of £X, however at the end of the year, there were no outstanding balances. Does this mean that I should leave the amounts out? I actually accounted for them in A&L, but wondered if I thought to much into it.

2. Also, there was a shares issue question on the reconciliation in the additional info and wondered if someone could talk me through how to account for this.

The CBA throw so many questions in that we haven't covered and I am really worried about the next 'sitting' we use Osborn books and I have Claire Finch's book and have read over Steve Collings post numerous times. If anyone has any other guidance, I would be ever so grateful

Thank you

(weary) Joanne


  • Steve Collings
    Steve Collings Registered Posts: 997

    Very sorry to hear you have failed FNST. This exam is definitely proving to be a challenge to many students and (whilst this may not be the case for you), I cannot over-emphasise the importance of leaving no stone unturned where the syllabus for this paper is concerned. The key to getting this paper under your belt is practise, practise and more practise. I know that's an old mantra, but the challenges in this paper cannot be under-estimated.

    Were you doing the consolidated SoFP. If you were then if there were no outstanding balances at the year-end then you would not need to do anything with them - you would only need to make an adjustment to the consolidated income statement. Remember the CSoFP is a snapshot of the entity's financial position at the close of business at the year-end, so if no balances owed to/from inter-company debtors/creditors then no adjustment to the SoFP, but you would need to remove the intra-company sales and conversely remove the intra-company purchase in the consolidated income statement.

    Re the share issue - are you referring to the statement of cash flows? If so, you would need to account for the proceeds from the share issue in the year (you would take the opening balances of the share premium and the share capital, deduct the carry forward share premium and share capital and the balancing figure is your proceeds). This would go into the 'Financing section' of the statement of cash flows.

    Remember, tuition providers may only cover 'core' syllabus areas - you would be expected to cover everything else in the syllabus. You would need to have the syllabus with you at your side and make sure you have ticked off everything in it to make sure you have covered it. I often find students that are concerned they haven't covered everything in class, but the fact is that tuition providers are often limited as to the areas they can realistically cover in class, so you would need to devote at least 1 extra day a week making sure that you cover the whole syllabus as the AAT can only test areas within the parameter of the syllabus.

    Good luck for next time :)

    All the best

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