Budgeting exam

AATchick

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

AATchick

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.

CeeJaySix

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?

AATchick

Thank you so much thats really helped :-)

BlueJeans

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

AATchick

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! :-)

AATchick

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!!!

wabisabi

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.

amurray

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

j1994

Can anyone help me with 2.1a aat 2010 assesment 2 .and 1.4c please?

middlesmith18

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

middlesmith18

hi also task 1.3 a the price for materials how do you work this out?

AATchick

Thanks for hijacking my thread guys, be great if you start your own - save me keep getting notifications that aren't relevant??