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Budgeting exam

AATchickAATchick Feels At HomeKentRegistered Posts: 89
Hi guys. About to take my budgeting exam next Wednesday. Am very nervous!!! I am self studying with premier training who have been really good and marked all my assessments so far. Just wondered apart from doing the practice exams in the text book and reading through my notes is there anything else I can do to get my confidence up a bit? Is the exam anything like the practice ones? Any advice appreciated :-)

Thanks xxxx

Comments

  • AATchickAATchick Feels At Home KentRegistered Posts: 89
    I don't suppose anyone can help me with a budgeting question please?

    Calculate raw material requirements. Do not show decimals. round any decimal figures up to the nearest while number of kilograms.

    950 units of a product are to be manufactured next week.
    Each unit requires 2.26 kilograms of raw material.
    7.5% of raw material is wasted during manufacture.
    The opening inventory will be 550 kilograms
    The closing inventory will be 700 kilograms.

    Q1; raw materials required for production.
    Q2; raw materials to be purchased.
  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    950 units @ 2.26kg = 2,147kg used for the units.

    The wording doesn't seem 100% clear, but I read it as this is only 92.5% of the raw material required, as 7.5% is wasted.

    Therefore required = 2,147 x 100/92.5 = 2,321kg.

    You already have 550kg, so you need to purchase 2,321 - 550. However you want 700 left over, so you need another 700. 2,321 - 550 + 700 = 2,471.

    Any good?

  • AATchickAATchick Feels At Home KentRegistered Posts: 89
    Thank you so much thats really helped :-)
  • BlueJeansBlueJeans LondonRegistered Posts: 56
    Hi AAT chick

    Budgeting is exactly as the practice assessements online, same layout, same questions.
    Written questions.... Make sure you know ratios and explaining them :)
    Good luck, I am sure you will be absolutely fine :)
    Believe you can and you're halfway there...
  • AATchickAATchick Feels At Home KentRegistered Posts: 89
    Hi BlueJeans (great name by the way!) thanks for your support, I know it's a confidence thing I just hope I get a nice simple assessment on the day! :-)
    Butcha
  • AATchickAATchick Feels At Home KentRegistered Posts: 89
    Well thought I would come back and update, after 5 weeks and 2 days of waiting I finally got my Budgeting exam results and I've failed :'( I'm really disheartened as this is my first level 4 exam and I came out confident and happy which I didn't when I did level 2 and 3. I will get the feedback from my training provider hopefully next week now being the weekend. But I am very annoyed with myself and feel like giving up! I know I sound pathetic but I was quietly confident on this and to find out after almost 2 months of waiting that you're wrong is such a pain!! Plus I'll have to fork out £££ for resit fees, then there's my boss who I'll have to tell next week... Grrr I'm so upset. Just wanted to moan really!!!
  • wabisabiwabisabi Feels At Home Registered Posts: 130
    Hi AATchick

    The step up from L3 to L4 is a big one, regardless of which subject you are studying, so don't give yourself a hard time :)

    Good luck with it.
    AATchick
  • amurrayamurray Feels At Home Registered, MAAT, AATQB Posts: 292
    Hi AATchick,

    I had exactly the same when I sat my Financial Statements exam back in May. I was gutted when I found out that I failed.... I took a few weeks to relax and now I'm getting back into it, this time hopefully will smash it. Take your time and it'll all fit into shape like a puzzle! - Best of Luck :)
    MAAT, AATQB, FIAB, MICB PM.Dip.
    Completed AAT in March 2020
    Currently Studying: CIMA 'Operational Level'
    AATchick
  • j1994j1994 Registered Posts: 106
    Can anyone help me with 2.1a aat 2010 assesment 2 .and 1.4c please?
  • middlesmith18middlesmith18 Registered Posts: 3
    hi can anyone help me with task 2.1 d on both of the example papers on aat. I don't understand how they go to what the answer is. Thanks
  • middlesmith18middlesmith18 Registered Posts: 3
    hi also task 1.3 a the price for materials how do you work this out?
  • AATchickAATchick Feels At Home KentRegistered Posts: 89
    Thanks for hijacking my thread guys, be great if you start your own - save me keep getting notifications that aren't relevant??
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