Credit Control Exam

BlueJeans

Hi all

After having no luck with Btax exam for a couple of times, I decided to switch to Credit Control.
I am studying with the Osborne Books, I just started. It seems okay so far. Is the real exam any close to the AAT online one?
It is my last exam for Level 4 and I am feeling a bit nervous about it.
Any tips for this exam please? thanks

Also, with all of the changes that are happening in September, any ideas what will happen if we still got any exams left?

Many thanks
BJ xx

zippi

Hi BJ

Yes the Credit Control exam is very similar to one on AAT website, infact it is the easiest of them all.

Also, if you have any exams left in September than don't worry, as long as you don't let your AAT membership lapse at all, you have got until 31st of December 2017 to sit your exam using existing standards AQ2013. I am sure you will be okay. All the best.

Zippi

BlueJeans

Hi zippi
Thanks a lot for the info. Hopefully I will be okay on this last exam, I will be so relieved once it's over.

Good luck to you too xx

And

it is quite relatively easy credit control exam and it is very similar to the practice assessments do you have any tips for FPFM please blue jeans because the my exam always pops up a different exam always even for the trends and seasonally variations it always was a difficult one did it ever occur to you?

zippi

Me too BJ, same goes for you.

BlueJeans

Thanks Zippi & And

And, I know how frustrating it is when you study and fail.
My best advice would be, keep going through everything in the book.
Myself, every time I come out of the exams, I write notes in unusual activities I had and I try to go through that again in case I need to re-sit.
Concentrate on formulaes, even if you don't know how to relate to the activity, just explain briefly the formulae, what does it mean etc...you surely will get few points for that and in no case whatsoever do not leave anything blank, write something, anything.

I am sure next time you will nail it.... best of luck BlueJeans xx

And

hehehe thanks for the best advice this is my last aat exam and I will finish level 4 and start ACCA in December The only thing that frustrates me is that my exam is the hardest than others and in my result breakdown I exceeded in all of the activities and below in the written sections and that what keeps me motivated did it ever occur to you that maybe yours or some one else did not have the same assessment like in the books, because those found in the books are quite relatively easy good luck for your last exam I am sure you will pass from it best of luck to you too! xx

Golebatax123

hi

Any tips for credit control please especially on task 5 and 7,this is my last exam,any comments will be much appreciated.

zippi

Hi

This is actually one of the easiest e

zippi

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Golebatax123

external auditing

zippi

Thank you, I have yet to do external auditing after attempting cash management few times. How did you find external auditing? Was it easy to get through?

Any advice would be helpful especially written tasks. Thanks.

Golebatax123

hope i will pass it end of this month and this is the last module im left with

zippi

How did you find external auditing? Did you manage to get through first time?

Good luck

Golebatax123

i passed it for the second time,its only to read time again and understand it, do assessment many times you will get it.Good luck!

zippi

Thank you appreciate this.

Golebatax123

hi all
just got my results for credit control i failed please help with tips.

Mamata1

Hi All, AQ2013 credit control Sample assessment 1 and task 7, How to calculate below calculations for Botton Ltd.
-If these options are not acceptable debt of £12000 and make a credit insurance claim of £28000.
- VAT of £8000 may be reclaimed from HMRC once the debt is six months overdue and has been written off in the company's accounts.

gagan

@Mamata1
Hi,
It is mentioned in the procedures that the company is insured 70% therefore £48000/6=£8000 for vat and rest is £40000*70%=£28000 for insurance claim.
Hope this helps.

Golebatax123

@gagan
hi
please help with tips on written tasks 5 and 7

gagan

@Golebatax123
Hi
I still haven't attempt exam as yet.
but doing it tomorrow:)
will give you feedback tomorrow
but with my practice experience i believe they are looking for only main points.

Golebatax123

@gagan

Thank you.

gagan

@Golebatax123

You are welcome

Golebatax123

Hi all
please help how to work out this question

A company has normal payment terms of 30 days net.It is considering offering a 1.5% prompt payment discount for payment in 21 days.what is the approximate annual equivalent percentage cost of offering this discount?

gagan

@Golebatax123
hi you need scientific calculator for this
to work out on scientific calculator (1.5/100-1.5)*(365/30-21)*100=61.76%
this is example of simple interest

gagan

@Golebatax123
I just read your question again are they asking compound interest or simple interest because there are two types of annul costs of discount

gagan

@Golebatax123
1 is simple
2 is compound

Golebatax123

@gagan

Thank you

Golebatax123

please differentiate for me factoring with recourse and without recourse,invoice discounting.

gagan

@Golebatax123
recourse; where a factoring company manages the trade receivable (ledger balance) and they deal with the customer; this is expensive than non recourse factory
non recourse;where business does not sell its ledger to factoring company because they dont want to break the relationship with their customer
hope this helps
I have exam today

Golebatax123

good luck all the best!