What tips do you have for Level 3: Accounts preparation?

ChristianB

We're creating a Level 3 guide full of tips, revision tools and assessment techniques for each unit of Level 3, similar to our Level 4 guide Making the Grade.

What makes these guides different from others is that you help us to make them. All the advice is sourced from our online community and AAT members, so students know it's practical advice that has been used successfully before.

We'd like to know, what tips do you have for Level 3: Accounts preparation?

welshwizard

RTFQ (Read The Full Question)
Remember, Accounts Preparation and Final Accounts for Sole Traders and Partnerships are an extension of work you did at level 2 - so knowledge of double entry bookkeeping and understanding the effect of a transaction on an account is important. E.g. what is the effect of a credit entry on the value of an expense account?
Assessments give you plenty of time so make sure you use it wisely. If you finish your assessment with 1/2 hour to spare, why not take that 30 minutes and go over your answers, checking calculations and ensuring you haven't made a silly mistake like transposing a figure.
Indirect Tax - you don't actually have to remember much for this unit - take time to familiarise yourself with the contents of the support material made available in the assessment, this will speed up the time you take to find relevant information.
Professional Ethics - there is no easy answer with this unit. Make time to read any available textbooks and ensure you also refer to the AAT's Ethics microsite at www.aatethics.org.uk for illustrations of ethical dilemmas and general background information.
Use the FREE resources available to you - it never ceases to amaze me how many students don't use the AAT's E-Learning materials, Greenlight question banks and Practice Assessments.
If you fail an assessment, think of it this way, you've achieved differently - you've achieved something because you find out what you don't know/understand. You can then move on and focus work on the weak areas (not forgetting the other areas too!). Also, don't rush yourself into a resit - if you have achieved differently, there is a reason and it may mean that you need to take a couple of weeks to completely reteach yourself a topic.
Make use of the various online communities to help you if you're struggling - AAT's Discussion Forums and the AAT Facebook/Twitter feeds are good palces to start. Also try joining the AAT Distance Learning group on Facebook - this has grown massively over the last couple of years and there always seems to be someone willing to offer a helping hand/guidance or just a listening ear.
Most of all - enjoy the journey! The hard work is definitely worth it - I would not be in a job I love had it not been for my AAT qualification (and my excellent tutors!) AAT really can change lives.

NickCraggs

With accruals and prepayments you need to think "Have I got all the expense that I should have for the year, am I missing anything?" and "Have I got something in my accounts for the year which belongs in another year?". If so you need to use accruals and prepayments as tools to move the expense into the year to which it relates.

welshwizard

If you intend to carry on to Level 4, don't forget that your studies are a continuation of Level 3 and units do not exist in isolation - for example, Costs and Revenues links to Budgeting and Financial Performance.

ariadne

I'm just getting back into this module so happy to receive advice. Something that clicked this time round for the double entry is thinking about what the transaction does to the bank account. Money into the bank being a Debit and Money out a Credit, even if the transaction isn't directly connected to bank transactions, it may reduce the amount that would've come in, eg bad debts.

I'm finding it helpful to go back and practice the level two exams too, but surprised how quick it is coming back. I've also created an excel spreadsheet template for doing the ledgers for the activities.

The DEAD CLIC mnemonic is useful too.

sunaina_mamgai

From my own experience, I would say most important thing to do is use AAT E learning and practise the exam papers provided. You may know everything from the lessons but its the trick questions or the wording that can confuse you in the exam. AAT mock exam papers train you for the trick questions and the wording.
***MAKE SURE YOU CHECK MY AAT E LEARNING. ***

j1994

No entries have been made for closing inventory at 31st march.it has been valued at sales price $19420 .the sales price of good is allways set at 25% higher than cost of goods sold.ignore vat?"
Sales colum 4700 vat 940 total 5640
Aat aq2013 sample assesment 2 task5 AP .

kelove1

Can you help me please? How is depreciation calculated when the question is tells me depreciation is calculated at 1 fifth of the cost? I don't seem to have come across this in lessons, study material or aat elearning.