Home For AAT student members AQ 2016 Advanced Diploma in Accounting Final Accounts Preparation

short term or long term loans plus layouts

Hi guys

I have 2 questions in relation to aat level 3 final accounts preparation.
1. They give you trial balance in an exercise. You are supposed to prepare income statement and balance sheet later. There are bank loans in trial balance. They don't tell you if this is long term or short term loan. Therefore it is impossible to classify given loan to current or non current liabilities. How students are supposed to classify bank loan if it is not stated whether a given loan is short term or long term loan?
2. Are students recommended to learn balance sheet layout and profit and loss layout by heart or they give you layout during exam so that you only have to put data into emply cells ?
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