AAT Level 3 Management Accounting Techniques Study Buddy?

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Calluem
Calluem Registered Posts: 1 New contributor 🐸
in Management Accounting Techniques
Hey guys! Me and my friend tend to revise together over facetime/zoom/skype and wondered if anyone else would like to join to keep eachother accountable? We tend to do 30 minute intervals on complete silence, then have a 5 minute chat, then start over again! :+1: Let me know!
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  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    I can join in
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Make sure you learn the eoq and the inventory formulas. The paper on the AAT website is way easier btw.
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Plus the excel is 100 times harder on the real thing. Advice go onto YT enter 2022 AAT excel and this dude will teach you everything you need.
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    If you got any questions please do say
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    There is a risk, that task 5 and 6 may not work.

    1st attempt only tasks 1-4 got marked and they scored me 0 on both task 5 and 6 and I got 65%

    2nd attempt everything got marked and I got 81%, and then they rang me yesterday and I got 90%. They said they used an algorithm to do tasks 5 and 6 that were scored 0.
  • wilburnet
    wilburnet Registered Posts: 79 Regular contributor ⭐
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    anony123 said:

    There is a risk, that task 5 and 6 may not work.

    1st attempt only tasks 1-4 got marked and they scored me 0 on both task 5 and 6 and I got 65%

    2nd attempt everything got marked and I got 81%, and then they rang me yesterday and I got 90%. They said they used an algorithm to do tasks 5 and 6 that were scored 0.

    Wow thats a great result.
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    I know but still why did I have to go through this haha
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Anyway got a distinction overall like my l2
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    For those sitting the exams:
    Task 1: learn EOQ, those equations, period costs, marginal and absorption cost. Remember that period costs are fixed.
    Task2: basically all was direct reapportionment on both my exams
    Task 3: BEP equations
    Task 4: working capital, deduct and or add
    Task 5 and 6: good luck. If says no formula needed just enter your answer.
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Task 5 and 6
    MUST MUST watch- I learnt 80% from this guy
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Person
  • james50
    james50 Registered Posts: 7 New contributor 🐸
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    Hi, I am struggling to learn and remember the inventory formulas, any tips you could offer would be appreciated.
  • wilburnet
    wilburnet Registered Posts: 79 Regular contributor ⭐
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    Michael Norton is very good at teaching AAT material so will defo check out his MATS excel videos once I'm taking this unit.
  • wilburnet
    wilburnet Registered Posts: 79 Regular contributor ⭐
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    > @james50 said:
    > Hi, I am struggling to learn and remember the inventory formulas, any tips you could offer would be appreciated.

    You should check out Teresa Clarke's latest article in PQ magazine where she explains Working Capital
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Those inventory equations are very very hard
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    @jamess50

    Are you stuck on working capital and/or inventory formulas eg reorder level maximum usuage
  • james50
    james50 Registered Posts: 7 New contributor 🐸
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    Hi, Thanks for your message, I am fine on working capital, its just how to learn the inventory formulas in my head, as they are very similar, many thanks james
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    @james50

    It came up in my second exam that I had to resit because task 5 and 6 were not working.

    Plus if you are fine with everything else, don't worry to much. But they will be worth 4 marks that is the thing.
  • james50
    james50 Registered Posts: 7 New contributor 🐸
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    Hi, Thanks for the message. I am not good on Excel at all, and I am now watching Michael's videos, to see if that helps me at all as I need to get marks on these Tasks which I cant avoid. James
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    James I did not like IT and excel and hence did not take it for GCSE.

    Michael Norton will definitely help you, but what we got on the practice assessments and the real live assessment are two very diffrent things.

    They were just very diffrent and the ones on the AAT practice assessment are perhaps like literally 100 times easier. My friends said like wtf.
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Some of the things he teaches on there are fabulous and I still remember a good 90% of it. When you do the real thing don’t let task 5 and 6 let you down, they will be the hardest tasks by far. But you have to realise if you are strong on tasks 1-4 that’s good enough.

    I think I got:

    10/16
    12/16 and this is even on my second go.
    So I wasn’t perfect, but remember where it says no formula required just enter the answer
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    If you are stuck on something just add it here eg.vlookup, goal seek, forecast.
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Also there is a block of double entries you need to learn.

    Dr cash cr inventory
    Dr inventory cr production
    Dr production cr finished goods
    Dr finished goods cr cost of sales
    Dr cost of sales cr Spl

    Can’t remember of the top of my head.
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Need to know how to flex.

    Task 1 was hard got 20/24 and 18/24

    But you need to know how to flex defo
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    Janes u studying for the exam now
  • james50
    james50 Registered Posts: 7 New contributor 🐸
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    thanks for your comments, I am studying for the exam, I Passed FAPS last month at 70% which I did not enjoy, but this one is far worst! I have been studying mats ever since, I know basic excel, but have to improve that a lot to give myself the best chance I can.
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    FAPS is a pain got 81 but still…

    The excel will be challenging… do you want my notes?
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    But I don’t know if we need them next year
  • anony123
    anony123 Registered Posts: 423 Dedicated contributor 🦉
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    I studied excel from the start and it was still awful on both. Make sure you revise how to forecast.
  • james50
    james50 Registered Posts: 7 New contributor 🐸
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    Hi, Any notes would be appreciated, if you can photograph them or something

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