Not Yet Competent.....for the 3rd time!!

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  • Malcolm Green
    Malcolm Green Registered Posts: 105 Beyond epic contributor 🧙‍♂️
    Hi Chelle,

    Good news to hear that you have improved which means you are going in the right direction.

    I would however ask to see a copy of your own feedback if possible as this will show your overall position on your performance for each section of the exam and allow you to target the areas that may need further work.

    I have checked the links on the website and they are all fine so could be an issue with your computer.

    http://aatbirmingham.org.uk/2012/free-performance-enhancer-revision-workshop-review.html#more-1224

    In the meantime to help you out I have attached a copy of the FNPF presentation for you as a pdf.

    Attachment not found.

    Hope this helps and all the best!
  • kerrys7
    kerrys7 Registered Posts: 3 New contributor 🐸
    Struggle!!!

    Hi All
    Does anyone have any tips for retaining the formulas in Financial Performance, I failed (1st attempt) recently but my feedback showed I exceeded in everything except the variances. To be honest I thought I did way worse than that as i went blank on the day but i'm trying to revise again and very few of the formulas are actually sticking in my head. The Calculation of the variances is fine, it's just remembering them that I'm getting increasingly frustrated with...
    Any help is greatly appreciated
    Thanks
  • Chelle
    Chelle Registered Posts: 163 Dedicated contributor 🦉
    Hi Kerry

    I tried to remember them in a pattern form.

    All the variances start with standard price so;

    Material Price Variance
    (SP-AP) x AQ = standard price - actual price to get the price per unit x Actual Quantity used

    Material Useage Variance
    (SQ-AQ) X SP = Standard quantity - actual quantity to get the amount actually used x standard price from what you worked out on the material price variance

    Labour Rate Variance
    (SR-AR) x AHRS = Standard Rate - Actual Rate to get the rate per hour x actual hours worked

    Labour Useage Variance
    (SHRS - AHRS) x SR = Standard hours - actual hours to get the hours worked x the standard rate per hour of which you worked out from the labour rate variance.

    You need to remember it's the standard rate, quantity, hours and price that needs to usually be worked out from the info given.

    Hope that helps.

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