FRA Exam Memory Skills

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
Does anybody have a way of memorising what goes on

A balance sheet

A profit and loss sheet with appropriation accounts

And in what order?
I have a brain like a sieve. :shock:

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA Exam Memory Skills

    Hi Cashy.

    The Trading, Profit & Loss Account will contain items to do with trading and how much profit /(loss) you make. So you will have sales, purchases, expenses, etc.

    The Balance Sheet should reflect the accounting equation - Assets = Liabilities + Capital. So you will have fixed assets e.g. vehicles, current assets e.g. cash in bank & stock, current liabilities e.g. bank overdraft.

    Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA Exam Memory Skills

    I can remember that the P&L is Income and Expenses and Balnace Sheet is Debtors & Creditors, Liabilities & Assetts, Capital & Drawings & Provisions..... I hope!

    Its what order they go in.... I can never rember the template!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA Exam Memory Skills

    I'm the same Cashy, been trying to think of a good way to memorise them all :?

    Good luck!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA Exam Memory Skills

    I wouldn't get hung up on the order - as long as your figures are correct.

    Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA Exam Memory Skills

    My tip for remembering what goes where is:

    PEARLS
    Purchasing
    Expenses
    Assets on the debit
    Revenue
    Liability
    Sales
    on the credit
    Hope this helps :)

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