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failed accounts prep exam :'(

Any advice on how to pass accounts prep1? I did do all the past cbas and other mock exams questions ....

Comments

  • AGI2015AGI2015 Registered Posts: 45
    Try to focus on the sample assessment and answers on AAT website, there are very helpful. Open in one tab the exam and in another the answers, after you have done one task, please check it across with the answers. Afterwards you can find the problem areas and review them again.

    Good luck @j1994
    j1994
  • ariadneariadne Registered Posts: 218
    This is a big exam and you really need to practice and understand it thoroughly. Going back through L2 basic accounting can help check the basics as there's little recapping at L3. I even practiced with some of the MyAAT assessments from L2.

    BBP do question book with tonnes of questions and practice tests so get on ebay and buy a copy, older books will do as there is little change in this module. Don't book your resit until you understand it inside out and back to front. Like pp check answers and make sure you understand why any are wrong and how to do them right. You need to aim for 99.9% as this module is built upon for the sole traders module and L4 assumes you get this completely - I'm most of the way through Financial Statements and there is no recap.

    Don't waste time practicing what you know well, write down the topics you struggle with and revise and practice until you nail it. If your textbook isn't explaining it well buy another or look online for a better explanation. The exam feedback document on MyAAT is the most useful resource available, it tells you the topics that come up under each question so you can focus your revision.
    j1994
  • j1994j1994 Registered Posts: 106
    Thankyou i got below requirments on trial balance even though it balanced ?,adjustements,theory questions
  • ariadneariadne Registered Posts: 218
    It's practice which is vital to these papers. I've just done cash flow statements (L4) and reading the book didn't make much sense until I'd done four or five practice questions. I even use the answers on my first few attempts and work back so I understand why the answers are correct. Getting things wrong is part of the learning process if you learn why it's wrong.

    The adjustments need practice to cement the rules into your head, as does the trial balance - there are lots of things you could've got wrong and still balanced as the textbook explains. The thing that made everything click into place for me was the understanding of the financial reports. The income statement (profit and loss) includes income (credits) and expenses (debits). The statement of financial position includes assets (debits) and liabilities (credits). For each item you are asking whether it is a expense, income, asset or liability. To increase something you keep it to the side (credit or debit) it belongs in the trial balance, to reduce you out the entry on the opposite side. It can help to write out a ledger account for adjustments to see what happened and what needs to happen to correct it and on which side.

    The theory questions just need remembering, and again, practice questions help - I learnt new stuff not covered by the book doing practice tests, I found the answer and added it to my notes. You may not get everything right, they seem to like including questions not in the textbooks or AAT resources, so you need to make sure you get as many points in the accountancy questions as possible. It's also easy to drop points by not reading the question carefully or making assumptions, I did this lots on practice tests.
    j1994
  • j1994j1994 Registered Posts: 106
    can u link the practice test u did please?there r only 4 on aat website
  • ariadneariadne Registered Posts: 218
    I don't have access to any other tests but as mentioned the BPP question book is worth buying - search on ebay or selling pages on here.
    j1994mshafeeq
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