PEV Exam

System
System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
edited June 18 in AAT student discussion
HI Everyone

What did you all think about it? It was pleasant as PEV goes, but nerves got the better of me and I think I totally messed up.

Time to go in the garden for some lunch and then back to the books for PCR.

Best wishes
Eva :-o
ยซ13

Comments

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I found it ok generally, apart from task 1.2. We've barely covered this in class so I didn't have a clue and basically made it all up. I'm just hoping that so long as my variances are ok messing that task up won't be enough to fail me.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I was really pleased with it, thought it was easier than most of the past papers i have done on this subject.
    Feel quite confident that ive done well on this.
    Only 3 more to go this week !!!
    :lol:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    got really confused in the seasonal variation department, answered all the variances correctly and balanced the reconciliation.

    Dont ever remember getting a marginal costing rec to do, so guessed at that.

    Felt section 2 was good, but think the seasonal variation question will let me down on section one
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam


    I had completed about 7 past papers in the last 2 days and was beginning to panic that I wouldn't know what was required of me. I can't believe how easy it seemed to be in comparrison to the past papers. Although I am sure I messed up my ratio's and report - Duh! Don't get me wrong I did struggle in parts but it was nothing like June 2005 paper.
    Lets hope I feel the same after PCR!!!
    Lets hope we all feel the same after PCR!!http://www.aat.org.uk/forums/posts/listSmilies.page#
    http://www.aat.org.uk/forums/posts/listSmilies.page#
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I feel exactly the same way. Confident about the variances and reconciliation statements, but 100% convinced I got the seasonal variations question wrong.

    Hopefully, someone just reassured me that you don't need 100% to pass so I'm just hoping she's right!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I don't remember doing seasonal variances either but I just took off the positive variances and deducted the negative variances and came to a 6% growth in the end.

    Does anyone else agree with that?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Yeah I agree to 6% growth.

    What did you get for the revised ROCE if Brake Ltd took over the other company?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    For the SV, I adjusted the time series data by the s.v data to get the trend data, i.e. deducted 2000 in Qtr and added 2000 in qtr 4, this gave a growth of 13% (i think). Not sure if this is right though, I've posted what I thought about the revised ROCE on the technical forum, was stumped by it!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Yeah i got 6% aswell, and a couple of others ive spoke to got the same :)
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Yes it was 6%, I plucked the figure (13%) from question..sorry, I think I better log off my brain is battered that's the second thing i've posted incorrectly.
    good luck to everyone for thursday
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Yeah got 6%, there seem to be a few different answers from people i've spoke to
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Is 6% right in seasonal variation???? OH MY GOD!!! what a fluek by me!!! Wherever there was a positive seasonal variance i deducted it and vice versa and then found 6% growth from Q1 to Q4.
    In Section 2 did everyone get stock turnover as 59 and 90 days?? Revised roce i got was like 11.4%, it probably is wrong though!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Cool.

    The only question that threw me was the revised ROCE. I have dont similiar to Kate in respect to the profit but capital employed I worked out to be ร‚ยฃ7,000 (ร‚ยฃ4m +ร‚ยฃ2.5m plus ร‚ยฃ500k for goodwill)

    By that point I was too hot and bother in a class room with no air con!!!

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    i rounded it up to 60 days and 90 days but if there right think should get marked right for both,

    think i got 11.4% as well, bit hazy tho now but it sounds about right!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Hi

    I am so pleased that we all seem to agree with the SV.

    The ROCE totally confused me and it was just a guess, but I can't remember my exact answer,but I know that it increase the ROCE by 3.3% from the original.

    Eva
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Did it say to work out stock turnover in days?

    I did it in months :oops:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    from what i remeber it didn't actually say so i think months or days would be fine
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    HI
    I did it just the number of times the stock turned over, but this is one ratio that didn't make sense.
    Eva
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I think my nerves just got the better of me today. I went to pieces as soon as I saw that question about marginal costing. I just couldn't think how to set out the statement. In the end, I presented it a bit like a flexible budget statement and explained in the following question that the only relevant fixed overhead variance was the expenditure one so hopefully I'll pick up a few marks for this.

    I also made a mess of the final question in Section 2. It was really simple but I decided to over complicate it by working out 55% markup instead of margin so all my figures were wrong. I really had lost the plot by the end of the exam so I hope I haven't lost too many marks. The thought of having to take PEV again is horrific!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Back to the stock turnover........

    I worked it out as the number of times the stock turned over too. Surely what people are saying with the days and months is the average age of stock....or is my brain just mush after the exams????
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Accorind to the book, either could have been used under the heading of Stock Turnover so either would have been ok i guess. I'm another though to struggle with the Marginal costing question but hopefully done enough with everything else to scrape through.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Aargh, forgot to times stock turnover by number of days, oh well, will hopefully get credit for what I did do. I got 6% for the seasonal variation as well, am relieved to see other people did too because I wasn't sure if I did that right.

    On the whole I didn't think it was too bad an exam!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Hi All

    Thought the exam generally was pretty friendly. Although i know that i messed up on section 1, just couldn't figure out how to do the marginal costing which left my answer for e) a bit pointless.
    Think i got the rest of section 1 right.
    Anyone know roughly how many marks d) & e) would have carried?. Hopefully i've done enough to pass.
    Guess i'll have to wait till August.

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Apart from the Marginal question in which i totally made a mess of and i half explained Target cost incorrectly, i just hope i'v done enough to scrape through, dou you reckon if i did ok in most of section 1 apart from alst 2 questions, will that be enough or not? fingers crossed but i guess no need to worry now as nothing can be done! good luck to you all anyway
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I didn't get number od days, I did it as a percentage, as it didn't specify it as no of days, or did it and I just read it wrong. Quite probably knowing me!!!!! :?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I had the same problem with the Marginal Costing reconciliation statement. Don't recall doing this, but maybe i just wasn't paying attention in that lesson!

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    Was anybody shocked by the shortness of Section 2??
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I thought it went ok as well, however the reviewed ROCE threw me, I did the same as petrol monkey in adding the goodwill value to it.

    However had a complete blond moment on the stock turnover - used turnover instead of Cost of sales :P subsequently my report comment for that bit was miles out :). Worst thing was I realised it as soon as I walked out the exam. Oh well, wait and see time!!


  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I Aslo didnt do the stock turnover in days, i got times. Eg stock turnover was 6.18times in the year!

    I hope they allow both!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:PEV Exam

    I messed up the revised ROCE and did it for both companies - totally forgot to consolidate the two!!!!

    Consolidation is DFS - I don't think about it in PEV!

    I did stock turnover in days as well which is actually the stock holding ration (Stock /COS*365) whereas stock turnover is COS/Stock.

    Hopefully those will not carry too many marks.

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