Help with FTFP pleaaaaase :)

amybu22

I passed Accounts prep 1 and now i'm doing the 2nd one and I'm finding it harder and wondered if anyone would help me out.

I know there's only 5 sections in the actual exam but I'm not sure the best way to go about learning/revising them as there's only 2 E-learning modules for this unit (which helped me on the last one)

So i wondered if anyone could give me any tips for the 5 sections?
Like I know the 1st one is about incomplete records but I get confused as to know what's supposed to be included in say the SLC a/c.

Hope you guys can help, it's much appreciated!
And happy new year

welshwizard

Much of incomplete records relies on your knowledge from Level 2. As you've identified, SLC and PLC a/c are a big part of this.

Try thinking about the entries you would expect to find in the SLC T-account:

Credit sales, credit notes (sales returns), receipts from credit customers, irrecoverable debt write offs, set-offs (also known as contras), dishonoured cheques.

Next place them on the correct side of the T-account.
Y
ou now have a template to follow, all you need to do now is think about where you would find information about these items. (i.e. which book of original entry could you look at to find the information - e.g. cash book, sales day book, sales returns day book, journal)

You can do the same with the PLC a/c and the Bank and Cash a/c.

You will also need to have a good understanding of the difference between mark-up and margin.
You need to be able to use mark-up/margin information to help you calculate missing figures (e.g. cost of sales (or, indeed, an element of the cost of sales)

Financial statements are also part of this unit and they come in two flavours - sole trader and partnerships (essentially they're the same but partnership statements are a little more complex.

Partnership accounting is also required - you need to be very happy moving from the profit figure in the statement of profit or loss, through the appropriation account to the partner current accounts.

As with much of the AAT qualification, plenty of practice questions will help you get to grips with the techniques required (the Kaplan Revision Book is a very good resource with far more practice questions than you should need to get to grips with all areas of the unit). The big thing is to take your time and don't rush things - especially if you're a distance learner. Some parts of this unit can be problematic - especially is you didn't have a good grasp of all the elements of Account Preparation.

Finally, don't forget you can be asked questions on general accounting knowledge and understanding - so take some time to understand not just the t-accounting, but also the reasons why you t-account things in the way you do.

Good luck

ariadne

Missing figures/records is covered well in the video available on MyAAT, please watch this and anything you don't understand go back to Accounts Prep and even L2 basic accounting books. The elearning is good too. I found the exam very similar to the practice tests and the feedback doc on MyAAT is the most useful resource for most AAT exams including this one, read it thoroughly while revising, it really focuses on the key content and skills for each question. I found this exam easier than AP1 as its much narrower in content, once you understand it there is less to remember. Another possible help is looking at Opentution - the first few ACCA F3 tutorials cover financial statements in a different way which may make it click better than the AAT method.