FSLC Exam

AC88AC88 Posts: 44AAT Student
Hi,

Has anyone sat the FSLC exam yet?

I've got mine next week and wondered if anyone has any tips for it?

Thanks.

Comments

  • Zoynal98Zoynal98 Posts: 65AATQB
    Ace task 1, this has a lot of marks
    Understanding the implications of IAS
    Practice assessments and questions
    Know the layout of the financial statements inside out (Cash Flow statement, Consolidated statements, Changes in Equity)
    Make sure you read the questions carefully (For example a question may ask you to use Operating Profit instead of Profit for the Period)
    Learn how to work out Goodwill
    Use AIR LIA acronym to work out the movements in Inventories, Receivables and Payables. Assets Increasing Remove / Liabilities Increasing Add
    Do more practice questions

    Good luck with the exam!
    bushra
  • Zoynal98Zoynal98 Posts: 65AATQB
    If you need any help on anything let me know.
  • AC88AC88 Posts: 44AAT Student
    @Zoynal98 That's perfect!!!

    Love the acronym!!!! :)
  • GeorgiaHGeorgiaH Posts: 104AAT Student
    I wish i knew this acronym when i was sitting mine thanks @Zoynal98 :) I can use this for my re-sit next month!
    Zoynal98
  • Zoynal98Zoynal98 Posts: 65AATQB
    Good luck!
    bushra
  • bushrabushra Posts: 25Registered
    Sorry. What is AIR LIA acronym? @Zoynal98
  • Zoynal98Zoynal98 Posts: 65AATQB
    @bushra

    This acronym is used for the Profit to Cash reconciliation question.

    As part of the adjustments you will need to remove any assets that have increased and add back any liabilities that have increased, hence the acronym AIR LIA.

    Assets Increasing Remove / Liabilities Increasing Add

    Hope that helps.
    bushra
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