Home For AAT student members AQ 2013 AAT Level 4 (Level 8 in Scotland)

Financial Performance

Hi
I am sitting my Financial Performance exam next week & seem fine on practice assessments but some of the revision questions throw me.

Is the exam anything like the practice assessments?

Comments

  • shamil91shamil91 Registered Posts: 94
    Hi there,

    What seems to throw you off? Also the exam is kind of similar to the AAT assessment. But if you keep going through the notes understanding the variances etc not just memorising them then you will be fine

    Kind regards

    Shamil
  • wabisabiwabisabi Feels At Home Registered Posts: 130
    Hi
    I sat it two weeks ago and lack of time was my biggest problem (I expected this from the practice assessments I'd done).

    The first 6 questions were pretty much as expected - absolutely as per the practice assessments. Q.7 - 9 were do-able but by this time I was running out of time and panic mode had set in, so I couldn't approach them with a cool head. As for Q.10 - nightmare!

    Good luck with it!!


  • shamil91shamil91 Registered Posts: 94
    Hello again,

    With this paper I always say plan before you start to write and try to also allocate a set amount of time to each question.

    Kind regards

    Shamil
  • thuffer123thuffer123 Registered Posts: 25
    Thanks for your comments - Its the variances that get me muddled at times but I think its the way the questions are worded, from the 2 practice papers it just asks for the reconcilliation & I'm fine with that. I had time spare at the end which is a good sign from practice, just so much to remember. If the 1st question on the day is something I'm confident on it should sets me off well, I always try to leave the low mark questions till last to make sure I spend enough time on the written questions. Hope you pass your's.

    Thanks Tracey
  • shamil91shamil91 Registered Posts: 94
    Hi there,

    Thank you very much for the wishes gratefully I have passed mine a while back. I am sure you will too just dont worry too much. Keep practicing and you will get there. Also you seem to have got a good idea so you shouldnt go wrong

    Kind regards

    Shamil

  • thuffer123thuffer123 Registered Posts: 25
    Thanks - I hope I've learnt enough to pass as then I've only got Financial Statements left to do! Will be so glad once its all finished.
  • shamil91shamil91 Registered Posts: 94
    Your most welcome and thats good to hear. The end is very near good luck :-)
  • thuffer123thuffer123 Registered Posts: 25
    Exam sat on 29th April & I didn't find it too bad - lots of the questions were similar to the practice exams but another 5 weeks wait for results! Really hope I did enough to pass as started Financial Statements & really not looking forward to this one - only just under 7 weeks till the exam too
  • BlueJeansBlueJeans LondonRegistered Posts: 56
    Hi Thuffer123

    First of all good luck on the exam.

    You mention it was more or less like practice exams, would you mind giving little bit more details please? I have to sit on this exam in few weeks and even we haven't finished yet the book to be honest, I am finding a bit harder than I thought.

    Is there any area you felt you had to concentrate more? What about the written question? Lay out the same or different with practice exams? Any thoughts and ideas would really be helpfull.

    As for financial statements, it's far away more easy than financial performance, so don't worry, once you covered the chapters you will see.

    Best of luck :)
    Believe you can and you're halfway there...
  • thuffer123thuffer123 Registered Posts: 25
    Hi

    I must admit financial performance is the one I struggled with the most - so much to remember & like you we hadn't covered the last chapters until week before exam.

    Questions 1 - 6 were set out along the lines of the practice paper which always sets me off well, nothing worse than it being completely different as it throws me off course. Written questions were as expected, with question 10 being about the profit margins & having to explain what items effected it & why.

    I would strongly recommend ensuring you are happy with all the variance calculations & know enough about what effects profit margins etc.

    I wasn't overly confident on the written (but then I never am as you can't really revise for it) but I wrote something in every box. A few marks are better than none.

    You think financial statements is easier? How many do you have left to sit? Are you distance learning or class based?
  • BlueJeansBlueJeans LondonRegistered Posts: 56
    Thnx for quick reply thuffer :)

    Thanks very much for all the info, you are absolutely right, this one is the most tough one.

    Financial statements is definitely easier. I study with Osborne books, but I always felt it wasn't enough, so I looked BPP books now and than, it helped a lot.

    My paper was very close to second one from practice online.
    Written questions were about definitions ( asset, liability, income, expense) and second part I.e how to calculate goodwill, or leases. The last question was same as online ones, just make sure you know how to explain ratios.
    P&L and goodwill, you will now if you went wrong as you have to balance...( I had ppl in my class they didn't balance but still pass)

    I am class based actually, so I am trying hard right now, juggling kids, work & college.
    So far I failed PTX, so a bit disappointed for me, but looking to re-sit, passed FSTM, waiting for the budgeting and studying for FPFM. I have to sit BTX, which I am thinking to leave it for September.
    I started the project as well few days ago, so quite busy time (I don't know if this was a good idea for the time being)

    Good luck with your exams :)
    Believe you can and you're halfway there...
  • thuffer123thuffer123 Registered Posts: 25
    I study with Kaplan - used BPP for my first year but find Kaplan go into much more detail & the revision guides are worth every penny! I'd recommend getting them if you don't have any.

    I'm distance learning but don't have kids so I take my hat off to you, but know what you mean about juggling everything, it all gets too much at times (espec when work is busy)

    Good Luck with your exams :-)

  • hasanhasan West YorkshireRegistered Posts: 65
    Hi guys, I have FNPF on May 20th, what should I look out for?
  • thuffer123thuffer123 Registered Posts: 25
    Hi Hasan,

    Just make sure you are confident with all variances as this makes up alot of the marks, & read up for the written tasks, the last written task was the worst, mine was all about profit margins & what affects them.

    I really stuggled with the revision but found the exam not too bad - just another 5 weeks until get the results (fingers crossed)
  • hasanhasan West YorkshireRegistered Posts: 65
    Thanks for your reply, It's just the variances that are proving to be a bit difficult, but i've got time so i'll crack on
  • thuffer123thuffer123 Registered Posts: 25
    Yeh I found them hard - just learn them 1 by 1. I tried to get them all in 1 go but it just confused me even more. I didn't get the last 2 until the day before the exam.
  • hasanhasan West YorkshireRegistered Posts: 65
    Thanks will do
  • wabisabiwabisabi Feels At Home Registered Posts: 130
    Just learned today that I passed FPFM - amazed, as I felt so awful afterwards! I'm glad everyone else posting on here found it challenging too. (It took just under 5 weeks to get the result, by the way, in case anyone else is waiting.)
  • BlueJeansBlueJeans LondonRegistered Posts: 56
    Welldone wabisabi :)

    Any chance you remember the written questions at all? Or anything else different from the practice assessment ?
    Believe you can and you're halfway there...
  • thuffer123thuffer123 Registered Posts: 25
    Well Done Wabisabi - it's been just over 2 weeks since I sat mine so hopefully I'll get my results as quick as yours! Will b jumping for joy if I pass - half way through financial statements book & it wudnt be too bad if it wasn't so wordy! Spending a lot of time re - reading chapters as can't take it all in. ☺
  • wabisabiwabisabi Feels At Home Registered Posts: 130
    Thanks, @BlueJeans and @thuffer123 :)

    Q6 was very straightforward - can't remember the details but it was a scenario in which you basically had to explain some variances. I was disappointed as I only "Met" the requirement in this one.

    Q10 is just a nightmarish memory - left it to the end and ran out of time. There was a bit of numerical stuff - drafting and redrafting then making comments on it (sorry if this is a bit vague!!). The amazing thing is that apparently I "Exceeded" the requirement in this one. I think the key thing is to do what you can - I was just desperately jotting down key bullet points without any waffle and it got me some marks!!

    @thuffer123 Financial statements was quite an easy exam (maybe I was lucky). I know what you mean about it being wordy - IAS are not exactly rivetting reading! My distance learning provider gave us some podcasts explaining some of the IAS which I listened to over and over while I was at the gym - definitely helped. You'll be fine :)
  • richfrichf Just Joined Registered Posts: 86
    If you run out of time in wordy questions, which I did, but know what you want to say then quickly write note form!
    I exceeded on last question despite only writing note form as had minutes left for second part of question.
  • hasanhasan West YorkshireRegistered Posts: 65
    Thanks guy's I've got my exam on Wednesday, hoping to succeed in this exam.
  • thuffer123thuffer123 Registered Posts: 25
    Thanks - will try to find some podcasts in the hope that it will help me too. I'm hoping it will be a fairly straightforward exam (at the moment nothing could be worse than financial performance)

    Good Luck All x
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