Financial Performance

mrderek88mrderek88 Feels At HomeElgin, ScotlandPosts: 44Registered
Hi folks

Just got my results from my latest Financial Performance exam and again, it's a fail. That's the 2nd time now (which is very embarrassing!)

I know that it's the written parts in section 2 (2010 syllabus) that Im failing on but I just can't get my head round it at all.

Does anyone have any tips on how to tackle these questions? I have "exceeded" in all other parts of the exam apart from these which ultimately give you a fail.

Thanks

Comments

  • liveprincessliveprincess Well-Known Posts: 214Registered
    HI sorry about your NYC. I can't help as I am waiting on the results of this as well. How long did you wait for your results?
  • ClarekayeClarekaye Trusted Regular Posts: 306Registered
    This is tricky to answer as it depends on the questions, I just made my comments very clear and to the point. Didnt write in bullet points but did keep sentences short & sweet, How can you exceed in everything and fail coz of this surely they dont account for THAT much of the exam! Jee Wizz I feel your pain.

    Also yeah when did you take the exam as I am waiting on PTX my worst exam yet!
  • coojeecoojee Experienced Mentor Posts: 794Registered
    Have you asked your training provider to review any of your work? They may be able to spot where you could be losing credit
  • mrderek88mrderek88 Feels At Home Elgin, ScotlandPosts: 44Registered
    Hi there

    I do not have a clue why it was classes as Not Yet Competent - these are probably the most irritating words you can see anywhere!

    I purely failed because the 2nd part of the exam was crap...

    The 6 week mark for the exam was tomorrow so would have been 5 weeks and 4 days. They actually emailed me to say they were published but I had already seen them online.

    Business Tax tomorrow and it's not going so well either!!!

    Im meeting with my tutor next week to go through it all again and then get the re-sit scheduled.

  • liveprincessliveprincess Well-Known Posts: 214Registered
    Thanks for your reply. Best of luck for your next (and hopefully the last) go at this one
  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    MrDerek88

    I'm sorry to hear you have not passed Financial Performance

    Do you consider that you understand variances? There are a lot of candidates who do not. The learn how to answer questions instead.
    I recommend looking at as many questions on variances as you can find.
    Not all the task 1.6s ask for these 4 questions using these words, but the knowledge needed is the same:
    1. Can you recognise whether a variance value is adverse or favourable from evidence within a question?
    2. Can you define a variance in general terms, for examle a material usage variance shows the difference between the standard kilogrammes needed for actual production and the actual kilograms usedall at the standard cost per kilogram?
    3. Can you use information from the task data to show you understand what caused the variance?
    4. Can you show that you recognise where the variance in question could link to another variance (where applicable), and state that no obvious link exists (where applicable)?
    And can you do this for every variance in a question?

    Far too often candidates don't write enough for task 1.6 (2010) or task 6 (2013)


    As for task 2.4

    Try this chapter
    http://www.dummies.com/how-to/content/10-ratios-of-management-and-cost-accounting.html
    It was written for the book specifically for the 2013 task 10 (or 2010 task 2.4)


    I expect each task to take around 25 minutes to answer well, leaving you 1 hr 40 minutes for the remainder of the exam
    The more you practice, the better you are likely to become. And the quicker you'll answer the tasks.

    Good luck next time

    Sandy
    [email protected]
    www.sandyhood.com
  • Lucy_MLucy_M Feels At Home Posts: 136Registered
    Hi,
    Thanks for the link Sandy, I have this exam in two weeks! Good luck Derek, do you have your retake booked?
  • mrderek88mrderek88 Feels At Home Elgin, ScotlandPosts: 44Registered
    Hi

    Sandy - I completely understand variances, yes. The written question in the first part is not the problem, it's the one in section 2. The link looks like a great help, thank you for that. I've printed out the answers for all the sample assesstments on the AAT website and highlited the areas in which I have to report on - it's actually starting to make a lot more sense now. I think this time will be better.

    Lucy - Re-sit booked for this Thursday so it's all written questions at the moment. Good luck for yours when it comes!!

  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    Ellie

    I will respond to your question shortly

    Here is a quick advert for an upcoming revision class

    Would you be interested in attending a One-Day Financial Performance Revision Class?

    I am looking to hold a revision day on:
    Saturday 28th June in either Birmingham or Bromsgrove

    The fee is £150 per person per day
    If you are interested in attending please email me rather than replying to this thread

    I will also be available to go to other venues in the country

    [email protected]
    Sandy
    [email protected]
    www.sandyhood.com
  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    Ellie

    I hope this helps.

    Please avoid trying the temptation to try to answer the exam by answering the tasks on screen with only a calculator to help.

    I advise you to ask your invigillator for as much paper for workings as you need. And to write out your workings neatly so that they genuinely help you to answer the task

    I will try to see the task requirements for part b) and add a reply later

    Yours

    Sandy
    Sandy
    [email protected]
    www.sandyhood.com
  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    Task 7 b) is a completion of a table task
    I hope this does the trick

    My tip is manipulate your ratios so that you understand them, rather than rote learning them

    If there is a profit margin of 14%, and you know that the value of the profit is £22,750 then you know that £22,750 is 14% of the sales revenue.


    If you want, you can then say 1% would be £22,750 divided by 14 and multiply that by 100 to find 100%

    I think you could do the whole calculation in one by dividing the £22,750 by 14% to find the sales revenue.


    After all, profit divided by sales revenue = profit margin


    Then Sales revenue x profit margin would = profit
    And Profit divided by profit margin = sales revenue
    Sandy
    [email protected]
    www.sandyhood.com
  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    Ellie72

    I hope Tuesday goes well
    best wishes
    Sandy
    Sandy
    [email protected]
    www.sandyhood.com
  • ellie72ellie72 Just Joined Posts: 12Registered
    Hi,
    can anyone please help me with question 1.8 on this assessment.
    Option 1:
    Sales Price: £70
    Volume: 10,000
    variable material: £20
    variable labour: £10
    fixed overhead: £24
    Option 2:
    Sales Price: £90
    Volume: 6,000
    variable material: £20
    variable labour: £10
    fixed overhead: £40
    1) What profit can be achieved if the price is set at £70. The demand is 10,000 units but only 8,000 units can be produced.

    2) An overseas supplier has offered to produce 4,000 at £45.
    What profit can be achieved if price is set at £70. The demand is 10,000 units. 6,000 units willl be produced and 4,000 units will be bought.
  • SandyHoodSandyHood Font Of All Knowledge Posts: 2,034Registered, Moderator
    I have a suspicion this answer to 1) might be a mistake on my part.
    I've applied the criteria to both options. I now think that 1) refers to option 1 and 2) to option 2

    A second attachment for option 2 will follow
    Sandy
    [email protected]
    www.sandyhood.com
  • ellie72ellie72 Just Joined Posts: 12Registered
    Sandy,

    Thanks very much, couldn't see the wood for the trees on this, I think writing it out in a table form like you have done is the easiest method by far, saves you missing something out really important like the sales revenue for 8000 units, think I will go mad by Tues. :-) Thanks again.
  • mrderek88mrderek88 Feels At Home Elgin, ScotlandPosts: 44Registered
    Thanks for all the help here guys. Finally passed this one on my re-take!
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