Ap i & ii

Sam22

Hello,

I wanted to get other people's opinions on this as I'm not feeling very confident.

I passed everything at Level 2 with no problems at all. I started level 3 in August, with a 2 week break towards the end of august because of a holiday and so I really got stuck in properly beginning of september. I'm finding it a lot harder and I don't seem to be getting through things as quickly or with such high grades, assignment marks being between 75-85% I wanted to know whether other people have experienced the same thing?

Also has anyone got any advice on accruals and prepayments? This seems to be where I'm falling down the most...

Thank!!

Matt Griffiths

Going from Level 2 to Level 3 is a bit of a jump, similar to going from GCSEs to A-Levels if you've ever done that.

Personally with Accruals and Prepayments I just remember it that Accruals have to be added in for the relevant period, and prepayments have to be taken out. That means they're going to be the opposite entries as opening balances:

So if you're told a company has accrued admin expenses for the period of £790, then I think to myself 'If we were adding this in, then normally I'd debit the admin expenses account'. So if you're preparing the accounts, then £790 is going to be an opening credit balance.

If there's a prepayment for selling expenses of £375, my logic goes 'Prepayments have to be taken out - it's an expense account, so I'd normally credit that'. During preparation of the accounts, this means £375 is going to be an opening debit balance.

Hopefully that helps - I find the key to rememerbing a lot of information you're given is just translate it into terms and methods you can easily remember, whether that's visualising what's going on, or through mnemonics (like PEARLS).

Sam22

Sorry for my slow reply.

Reading through that and looking at the answers in the activities that really makes sense.
Thank you.

I think I've got it now. I completed a practice paper earlier today and got that section correct which is a first. So hopefully the layout of the question in the actual exam will be similar to that in the practice!!

Thanks again.

Matt Griffiths

You'll find that the exam is in the exact same format as the computer CBTs - it may be a little more complex, or it might even be easier than the practice question. It's very much luck of the draw on the day.

Glad I could help!

topcat

can you get get tested on anything from level 2 in level 3 exams such as lifo and fifo etc?

GemmaS

Lifo and Fifo are covered in Cost and Revenues at Level 3 so yes chances are they will be included in the exam. Level 3 builds on what is learnt in Level 2, for example AP1&2 follow on from BA1&2, Cost and revenues follow on from Basic costing. I've only done AP1&2 and started on CRS so can't say for definate about the rest of the units but i don't thinkyou will get tested on anything specifically from WEAF or CMPA in level 3 as they are not part of the syllabus but they expect you to have a knowledge of these things.



Hope this helps?

billdoor

I've seen LIFO, FIFO, AVCO recently but I cant remember which module I was studying, it may have been AP1. But it was only mentioned and used in my textbook rather than the exam.

But as GemmaS says, if Level 3 goes back to something you've covered on Level 2 it will generally either reiterate the topic or expand on it so nothing to worry about.

I did my AP2 exam today - if you're struggling with Accruals and Prepayments, I can tell you that on the SFP Prepayments are an asset and Accruals are a liability. I searched these forums last night and there's a very helpful tip sheet for AP2 posted which includes a way to remember; Sit Down Pretty Black Cat is a way of remembering your assets.

Sit - S (stock/inventory)
Down - D (debtors/SLCA)
Pretty - P (Prepayment)
Black - B (bank)
Cat - C - (cash)

If you can remember that, you then know that Accruals must be a liability on the SFP.

Credit to the poster who came up with that, can't remember the name but it wasn't me!

GemmaS

billdoor wrote: »

Sit - S (stock/inventory)
Down - D (debtors/SLCA)
Pretty - P (Prepayment)
Black - B (bank)
Cat - C - (cash)

This was a godsend to me in my AP2 exam! Its really worth while learning this

Gemma

Sam22

Hi GemmaS,

I saw one of your other posts the other day about passing Ap1 and 2 - well done.

Just wanted to pick your brains about the accruals and prepayments questions in terms of how they were laid out. Are they similar to the questions asked in the osbourne work book? I haven't yet looked at the practice assessments on the AAT website, I'm trying to save them until closer to the exams - planning on taking them at the end of this month. This is the only area I am particularly worried about, everything else seems to have sunk in.

The 'Sit Down Pretty Black Cat' is a really good idea and I've made a note of it on my revision board!!

kazcraw

In addition to the practice assessments on the AAT website, try the e-learning section on the Osborne Books website - I found it a really useful tool for doing extra revision.

Level 3
C&R - Competent
SPST - Competent
AP1 & AP2 - Competent
CMGT - Competent
ITX - Re-sit 12th Oct
PEAF - no exam date as yet.