Urgent CRMC question

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Aratar
Aratar Registered Posts: 13 Regular contributor ⭐
I have my CRMC exam at 6 this evening and need something cleared up.

I'm getting conflicting answers for the annual cost of settlement discount question between the BPP and Osborne books and the AAT practice assessment.

When calculating the (365 / N - D) part, some answers require this figure to be rounded to whole days, some leave it as it is. Which is correct?

Thanks!
Martin.
AAT
Level 2-4: Sep 2012- Jul 2013

CIPFA
FA, MA: Dec 2013
AA, FR, BM, FM: Dec 2014
PFT, BS, GPPE, PSFR: Dec 2015 (Studying)
SFM, SL: Jun 2016

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  • Clintm15
    Clintm15 Registered Posts: 248 Dedicated contributor 🦉
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    Hi Martin,

    I'm pretty sure the AAT will account for rounding errors and methods but you could look through more AAT practice assessments and try reverse engineering the questions that contain the formula.
    AAT
    Level 2 - 2011
    Level 3 - 2012
    Level 4 - 2013

    ACCA
    F4 - Corporate Law - Dec 2015 (passed)
    F5 - Performance Management - Dec 2014 (passed)
    F6 - Taxation - Dec 2013 (passed)
    F7 - Financial Reporting - Jun 2014 (passed)
    F8 - Audit & Assurance - Dec 2015 (passed)
    F9 - Financial Management - Jun 2015 (passed)
  • Aratar
    Aratar Registered Posts: 13 Regular contributor ⭐
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    The problem with CRMC is there is, bizarrely, only one practice assessment. For the benefit of anyone else due to take this assessment, it isn't necessary to round the number of days to whole numbers.
    AAT
    Level 2-4: Sep 2012- Jul 2013

    CIPFA
    FA, MA: Dec 2013
    AA, FR, BM, FM: Dec 2014
    PFT, BS, GPPE, PSFR: Dec 2015 (Studying)
    SFM, SL: Jun 2016
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    I think the CBAs I sat contained instructions/guidance at the beginning regarding rounding of days/numbers etc, or perhaps it was general information regarding dates and the use of the minus sign or brackets for negative amounts. I would have thought that the question would give you guidance?
    Is this not the case on the CRMC CBA. Did you check out the practice one as per Clintm15's post?

    Hope your exam went well.
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Aratar
    Aratar Registered Posts: 13 Regular contributor ⭐
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    Jo Clark wrote: »
    I think the CBAs I sat contained instructions/guidance at the beginning regarding rounding of days/numbers etc, or perhaps it was general information regarding dates and the use of the minus sign or brackets for negative amounts. I would have thought that the question would give you guidance?
    Is this not the case on the CRMC CBA. Did you check out the practice one as per Clintm15's post?

    Hope your exam went well.

    I did the practice assessment twice and this specific question appears in it, with no rounding necessary. I just did likewise when I sat the actual exam.

    The confusion came about because of a discrepancy between the Osborne and BPP books. I can't remember which book said to round up/down to whole days and can't check now as my books have been returned to my college library.

    And thanks, it seemed to go really well. Fingers crossed!
    AAT
    Level 2-4: Sep 2012- Jul 2013

    CIPFA
    FA, MA: Dec 2013
    AA, FR, BM, FM: Dec 2014
    PFT, BS, GPPE, PSFR: Dec 2015 (Studying)
    SFM, SL: Jun 2016
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