Financial Performance

sharoneyresharoneyre Feels At HomePosts: 28Registered
I am re sitting my FP exam on Friday -its the only one I have failed- only 2 more to do to finish but I am really struggling with getting to grips with the 'logics' I follow the book, feel confident then do the practice tests and fail
Has anyone any tips as I am really getting in a state about it-this is so not me not being able to understand it :huh::mad2::001_unsure:

Comments

  • MWAUGH1983MWAUGH1983 Trusted Regular Posts: 420Registered
    Is logics a part of the unit; or are you struggling with understanding in general?

    Im just starting level 4 and in the middle of bgt.

    Martin
  • Jo ClarkJo Clark Font Of All Knowledge Posts: 2,526Registered
    Hello

    Have you received feedback from the exams which you have failed? This may help you identify and focus your revision for your resit.

    Good luck.



    JC :001_smile:
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • sharoneyresharoneyre Feels At Home Posts: 28Registered
    the logic comes into understanding how the formulae work but I just cant get my head round the formulae -I was fine with all the others -I hate management accounts-give me taxation any day!!
  • sharoneyresharoneyre Feels At Home Posts: 28Registered
    I have had the feedback- and basically the only area I was 'excellent' in was performance indicators and written reports-the rest were borderline or fail- Its frustrating as I have never struggled with any of the others before, just got Auditing and Financial Statements left then hopefully completed!
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    Hi Sharoneyre,

    Which particular formulas are you struggling on? I can try and help you :)
    AAT

    Level 2 - 2010
    Level 3 - 2011
    Level 4 - 2013

    ACCA

    F4 - 2015
    F5 - 2015
  • Claire1705Claire1705 Feels At Home Posts: 37Registered
    Hardest Unit Ever?!

    I started Level 4 this year and have completed Budgeting without too many problems and Im now studying Financial Performance which seems to be hardest unit by far. The formulas to work out all the costings and variances for the material, labour etc - usage/price/rate efficiency variances are driving me insane! I just cant seem to get my head around the logic behind it all - it just wont go in! Everytime I think I've got it sussed I go to try and question in a slightly different format with different figures given and I go all off balance and seem to just be going round in circles! Surely Im not the only one really struggling on this one?!
  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    FNPF demands a thorough understanding of management accounting.

    I'd be happy to try to help.
    My class at Chichester are learning the concepts first before looking at the sample exams. I want them to understand what they are doing.

    You need to understand what variances are rather than learn formulae. This is an understanding rather than a learning exam.

    You need to be very comfortable with contribution analysis and marginal costing.

    I am well aware of people who want to read the book and then "know it". You may be someone who that works for, but if you are, you are in a minority. This exam demands more than reading the book for most people, and I advise you to hold off from the sample questions until you have really got to grips with variances and with contribution analysis.
    Sandy
    [email protected]
    www.sandyhood.com
  • aaron0121aaron0121 Trusted Regular BirminghamPosts: 422Registered
    Claire1705 wrote: »
    I started Level 4 this year and have completed Budgeting without too many problems and Im now studying Financial Performance which seems to be hardest unit by far. The formulas to work out all the costings and variances for the material, labour etc - usage/price/rate efficiency variances are driving me insane! I just cant seem to get my head around the logic behind it all - it just wont go in! Everytime I think I've got it sussed I go to try and question in a slightly different format with different figures given and I go all off balance and seem to just be going round in circles! Surely Im not the only one really struggling on this one?!

    Hi Claire,

    Could you please see my post in this thread http://forums.aat.org.uk/showthread.php?35050-FNPF-struggle......,
    does this help to understand the variances a bit better?

    Aaron
    AAT

    Level 2 - 2010
    Level 3 - 2011
    Level 4 - 2013

    ACCA

    F4 - 2015
    F5 - 2015
  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    Aaron
    A super link.
    Here's another.
    http://forums.aat.org.uk/showthread.php?22143-PAMDILL-this-is-for-you
    I know a lot of exam candidates like to learn formulae. I tend to focus on the meaning of variances in my classes.
    So here I have an example which focuses on the area that causes the greatest fear among candidates: fixed overheads.
    There are more (non-formula) postings from me on this forum. If you'd like the links I'll look for them. Just let me know.
    Sandy
    [email protected]
    www.sandyhood.com
  • Claire1705Claire1705 Feels At Home Posts: 37Registered
    Thanks for the help/links Aaron and Sandy. The tutorial for this unit is a huge book and I'm not a fan or reading pages and pages so have been focusing on the formulas but also trying to understand the theory and logic behind them. Trying to remember them all for the exam is going to be a nightmare and if I get through it and pass without giving up it'll be a miracle! It seems to be the one so many people fail first time and for its £77 a go!
  • omega manomega man Trusted Regular Posts: 283Registered
    Mine are £55 a time with Kaplan
  • leratomleratom Just Joined Posts: 2Registered
    Jo Clark wrote: »
    Hello

    Have you received feedback from the exams which you have failed? This may help you identify and focus your revision for your resit.

    Good luck.



    JC :001_smile:

    Hello

    What is the process like if i want to get feedback from the exams i failed?

    Regards
  • Sammmy88Sammmy88 Trusted Regular Posts: 283Registered
    You contact the centre where you took the exam. I take mine at Kaplan, and I email them, and state my name and AAT number, and when I took the exam, and they e-mail the feedback to me. :-D You can do it for both exams you have failed or passed!
    Level 2 - Passed 2011
    Level 3 - Passed 2012
    Level 4 - Passed 2014

    Awaiting to start CIMA :)
  • sharoneyresharoneyre Feels At Home Posts: 28Registered
    Resit

    I took my resit and failed again- so disappointed and frustrated- I have booked my 2nd resit and now have Audit, Financial Statement and Financial Performance all within:ohmy: the space of 3 weeks!!!!
  • marinawegmarinaweg New Member Posts: 10Registered
    I thought this was the hardest exam out of all, I wrote out the formulaes (adjusted to I how I understood them) everyday for a week at lunch time and it stuck! you need to write it down so it makes sense to you, explain it to yourself, I passed first time, it is all about understanding what you are about to work out and finding your own way in dealing with it.
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