Financial Statements exam

BlueJeans

Hi all!

Has anyone recently sat Financial Statement?
How was it compared with the AAT assesements online? Any area where you found something difficult? Anything about the written task?

Any thought is appreciated

Thanks in advance

zippi

SJW, I have passed financial performance and currently studying this unit, my tutor is off sick and have 2 different people teaching this but find this unit quite tricky. When you did the exams were there a lot of adjustments to do and were they complicted because the example in the BPP book in chapter 3, I find couple of these quite tricky to understand especially accruals and prepayment one, firstly to be able to identify them and then calculate them correctly and finally the double entry of them.

More opinions from people who have already attempted, the merrier!

BlueJeans

Hi again!
Thanks very much SJW for your time & explonation, very much appreciated.
As you said, i am trying to concentrate more on P&L, SoFP and consolidated PL/SFP. if I manage to balance those two, I should be fine.
Like Zippi, I am finding it a bit tricky. On few days I have to sit on the exam and since I was NYC on the previous exam (PTX) my confidence is not where it should be right now.

Zippi, try to have a quick look at Osborne book, sometime the explonations there are more understanding (on my opinion anyway)

BJ

zippi

Thanks BJ, will do. I guess a lot of practice will hopefully make it better. Hopefully more people will comment about their experience on financial statements.

Chrisps303

It's the exam I feared the most and that's why I left it till last but have to say I did the exam in one hour. I actually found the tax exams the easiest and disliked financial performance and budgeting the most.

I also sat this in January and I had the same written questions as SJW1990, like SJW says make sure you know your sofp and p+l and the consolidated sofp and p+l as they do carry quite a lot of marks.
I also memorised the formulas but you also need to understand them as it's likely you will have to explain what they mean.

It sounds like the exam I sat was very similar to SJW, plenty of revision and practice papers and I'm sure you will be fine. Good luck.

BlueJeans

Hi again!

I sat on the exam few days back. I put too much effort on this exam.
Yes, the layout is completely like the one on AAT website, which was a great help.

The balancing tasks not so bad either. On written tasks, I wish I could have done more, specialy on the first one.
Overall, I am quite positive I have done all right.

P.s. Zippi, I study with Osborne books, but my teacher was absolutely great as she gave us lots of practice papers from BPP as well. It helped more than I ever thought.

Good luck
BJ

Now, bdgt...here I come

zippi

Goodluck and thank you BlueJeans for your input, it is most helpful, we have only finished upto chapter 8 so far and I still struggle odd times understanding double entries completely. One of the tutors who is temporarily teaching has not taught this unit, perhaps I find difficult to understand her and another one although good does not have time to prepare beforehand as working full time, so I guess I'll have to put more effort going through myself and understanding of it. I am taking exam for this in the beginning of May, so hopefully by then should be okay I hope. Let me know how you get on. Budgeting is easier than this, so you should not have any problems.

BlueJeans

Thanks Zippi, it is quite annoying waiting for the results for so long.
You will find out that the exam is much more easier/simple than you think. If you feel short on practice papers and you want more, inbox me your email & I will send you about 5 or 6 extra ones.
As for bdgt, I may ask here for little bit more details after we covered the chapters.

Wishing you all well
BJ