Did FNST today

Clarekaye

Afternoon,

Thought I would post my experience of FNST up for anyone interested.

Nothing caught me out really just make sure your happy with consolidated accounts and the balance sheets with things that need changing ie inter co transactions and returns/finance on the SCI.
I didnt get a cash flow which I was a bit upset about as I perfected them at the weekend!

I think I answered the written questions all ok, but I do think I got one or two of the multipule choice questions wrong, one was about shares at .25 sold at 1 to 4?!

Anyway my advise would be make sure you know a little bit of everything and you should be covered Good luck anyone else doing it soon :thumbup1:

sarah2266

HI thanks for the info...this is the last exam i have to sit...and reading through the book there
seems alot to learn

sarah

wannabebean

Hello

Be careful with FNST. I sat it and passed it first time, but it was tough. The learning material is not good for this exam. Make sure you read the updates on the Osbourne wesbite. Lots of this unit (i.e accounting for government grants) has been discontinued (rather sensibly). Make sure you know SOCI and SOFP and the consolidated version of both os these (especially the consolidated SOFP). Make sure you are familar with the Double Entry Concept in these and how to balance them.

chinnick

I did it today.

The format was consistent with the practice assessments.

1.1 SOCI and SOCIE for a company
1.2 SOFP for a company
1.3 Written answer (I had leases)
1.4 multiple choice questions
1.5 Consolidated accounts.

2.1 calculating ratios
2.2 interpreting ratios
2.3 Written answers on IASs and Regulatory/Conseptual F/W

I'd suggest the main areas to focus on are Company financial statements, consolidated accounts and ratios. These seem to make up the bulk of the marks.

Out of interest, does anybody know if you should capitalise professional fees? I had this is in a multiple choice and was stumped.

Clarekaye

I would say.... yes as if you buy property you can use the solicitors & architect fees that go with it.
Yours sounds like the same as mine apart from my 2.3 was few on costs and I dont remember what else.

Jade95

Hi

Thank you for the information im taking mine at beginning of july for the second time but I had some technical issues with the last exam

Jade

MichelleLawless

Hi,
I have just taken this exam recently, i found it ok, just concerned that i didnt write enough on my ratios, i think i got my points across, but i didnt waffle. any one didnt write alot ?

Jo Clark

Hello Michelle

Fingers crossed for a favourable outcome.

I don't think you need to write lots, as long as you cover the key points I think you should be fine. I always think that it is quality not quantity that matters in the written element of the exam.

I would imagine that an examiner would prefer key points rather than 'waffle' as they will no doubt be marking lots of exams at the same time.

Do let us know when you receive your results.


JC

missm4ry4m

This was my first level 4 exam so I tried that extra little hard as I was so motivated. Good luck!! I didn't write lots in the written questions. You just need to get to the point instead of waffling!!

welshwizard

Ratios

Her's a few tips for writing about ratios:

1. The ............................ratio has deteriorated/improved from .......... in 20XX to .......... in 20XX (Note the deteriorate/improved do NOT use decreased/increased)
2. This is good/bad for the company
3. because it is now: more/less profitable; or more/less liquid; or more/less risky; or more/less efficient
4. Expand on the above comment - why is it good/bad?
5. less profitable - the business generated less profit per £ of revenue/capital employed/equity/total assets
6. less liquid - the ratio is below the ideal ratio of ......... and the business might not be able to pay its current liabilities on time
7. more risky - the business is more reliant on borrowed funds which incur interest charges and reduce profits
8. less efficient - inventory took .... days longer to sell, receivables took .... days longer to pay which could cause cashflow problems
9. The reason for this improvement/deterioration could be .......................... (think of the components of the formula to help you here.)

Hope this helps :001_smile:

MichelleLawless

Thanks, I will let you know once I receive the results, the more and more I think about it the least confident I am, and I look back now and I think I should of wrote more. Roll on 5 more weeks and I will know.
Thank you for the tips, I may be needing them if I
have to retake the exam.

MichelleLawless

Also, for exam results do you get a email from
Aat advising you that your results are inn ?

emski

MichelleLawless wrote: »

Also, for exam results do you get a email from
Aat advising you that your results are inn ?

I have never received an email from AAT advising me of my results for any of the Level 4 CBT’s I have taken. I sat my exam for FNST on 13th July and the AAT website was updated with my results earlier today.

From my experience, it takes between 5-6 weeks after taking the CBT to receive the results. Once I have reached the 5 week mark, I tend check the website on a daily basis.

I had to contact my training provider to obtain a feedback form and received a response on the same day.

MichelleLawless

I spoke to AAT and they advised i would receive a email, i guess everybody doesnt then. I hate waiting just wish i knew now, if it was a pass or fail.

How did you get on with Financial Statements ?