panic revision

System
System Posts: 100,534 πŸ€– Admin πŸ€–
edited June 18 in AAT student discussion
Hello,

Is anyone else feeling really nervous for tomorrows dfs exam?
I have been studying really hard for weeks now and I just hope it pays off tomorrow, I am hoping that because its the first ever new standards paper then they are going to be leniant on us and nice does anyone else feel/ hope this?
Anyone got any tips for tonight to do last minute reading on? I have done ratios and ias's.
:oops: :-o :(

Comments

  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    I think we all hope they'll be leniant on us :D
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    No tips sorry...

    I just keep reading over different things,

    definately revised the

    Balance sheet
    Income Statement
    Cashflow Statement
    a lot of the Ratios and meanings.

    We keep getting the definition if Asset, Liability, Equtiy, Income and Expense drummed into us.

    IAS's I am sturggling to remember cause I have not seen many questions on past papers I find it hard to take it in for the sake of one question, but I do remember a fair few now.

    I think key is not to start panicking tonight, or thiniking about any exams you sat earlier in the week. Take sometime for you time, have a relax in the bath or an early night and relax otherwise I find everyhing just starts to mingle in together.

  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    i am just trying to plug a few holes to finish off the revision. Cash flows, vaiances.
    Has anyone learned the IAS's off by heart?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision
    Paul22 wrote:
    Has anyone learned the IAS's off by heart?

    Be interested to see if anyone has... I have tried though in all honesty, but I thought it more important to master the Cashflow Statements which I have at last minute jsut worked it out totally something went click I think. (maybe my brain just thought I might be nice to you ;))

    I did not have it high on list of priorities to remember but worry now if I should have done,
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    throughout the DFS course we have been told not to look into remembering the IS's.. theres way too many of them..
    i think they will put in the IS's but also the explanation next to it.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    i am currently working on cash flow as this is the last thing i dont get
    and im panicking now!!!!!!!!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    judging by practice papers and the specimen paper they will name the accounting standard and you'll be expected to know the treatment for it! I just think about what I do when preparing a set of accs and state the obvious!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision
    Paul22 wrote:
    i am currently working on cash flow as this is the last thing i dont get
    and im panicking now!!!!!!!!

    Do not try to work out questions, my tutor got us all to sit down with a blank piece of paper and write down the layout.

    IE: Net Cash from Operatiing Acitivities
    Increase/Decrease in Inventories

    etc etc

    and it did help me to remember it and made me reaslise I knew more than I acutally thought I did. Do that and see how much you can write


  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    I am fine with the rec between Operating profit and net cash flow from operating activities, its the other bit i cant get
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    I think the only thing you will get in

    INVESTING ACTIVITIES
    Payment to acquire PPE
    Proceeds from sale of asset (asset cost-dep'n+profit on sale = how much sold for)

    FINANCING ACTIVITIES
    Shares
    Loan Increase
    possibly Dividends(not seen many with that on)

    We were told if you can't get it to balance always put the figure in that you get it to and write next to it, 'this figure should be' then that shows the understanding that you know what that figure should balance to)
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    Paul22, Just remember

    Cost off assets
    Proceeds on sale

    Share Increase
    Loans
    Dividends

    Thats all that goes in it. Then use common sense, if your loan figure has increased on the balance sheet it is a positive increase on the cashflow.

    Do you think they'll be Consolidated Income statement
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    try not to panic about the cashflow they will give you the proforma to complete and then you can just slot in the figures, I have trouble understanding the actual cashflow main part too, but the way I lok at it just key in what you know and you will gain marks for it. If you have tried to understand it and its just not going in then concentrate on getting arks for the stff you knwo really well.
    Good luck for tomorrow
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    im banking on a balance sheet as i have that cracked
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision
    Paul22 wrote:
    im banking on a balance sheet as i have that cracked

    Me too... so if we both wish hard enough it might come true.... I do not want associates to come up I hate them....

    and I am hoping the Ratio's is one where you have to compare to the industry average, as it gives you some guidance to figures then :?

    Do not ask for much do we?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    When you get a journel entry of debit dividends credit dividends payable. I know that dividends are the last thing to be taken away on the income statement, where are they featured on the balance sheet?

    Within trade payables or on the bottom half of the balance sheet?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    Is associate when a company owns less than 50% of a company or somat like that?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    maybe, dont know how to deal with that to be honest :oops:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    Will we definately be given the proforma for the cash flow statement?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision
    pele wrote:
    Is associate when a company owns less than 50% of a company or somat like that?

    An Associate is an Entity over which a group has significant influence but not control. A holding of 20-50% usually is a significant influence.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision
    Angel1984 wrote:
    I think the only thing you will get in financing activities is

    Payment to acquire PPE
    Proceeds from sale of asset (asset cost-dep'n+profit on sale = how much sold for)

    Investing Activities
    Shares
    Loan Increase
    possibly Dividends(not seen many with that on)

    We were told if you can't get it to balance always put the figure in that you get it to and write next to it, 'this figure should be' then that shows the understanding that you know what that figure should balance to)

    Angel im hoping you can help in the layout above you have included proceeds of sale/payments for FA under 'Financing Activities' and bank loans etc under 'Investing Activities'. On the new Specimen answer paper for DFS they have done it the other way round. Can anyone confirm which is the right way please as im confused now :cry:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    I am not entirely sure now. :x


    I must apologise in my hast I have put them the wrong way round for the titles.

    I will go and hide my head in shame now :oops:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    Dont be daft the paper might be wrong. The more i read what you wrote i think you are right
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    It's me I have checked in the textbook.

    Investing is the PPE and Proceeds

    and

    Financing Increase in Loan

    It's been a long day, studied from 7am this morning till 12am.... then went to town and treated me to some new clothes, relaxed and had tea and revised from 4pm till 8pm then give up.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    I know how you feel I had PEV on Monday got DFS 2moro and then PCR on Thursday. I spent a lot of time revising PEV/PCR but hardly touched DFS now im panicking as ive got lots to do. God knows what time i'll be going to bed tonight :(
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    Do not stay up too late revising, remember you have to be bright eyes and bushy tailed tomorrow and be awake, not tired it is harder to remember things when you are tired.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    I know you are right but its easier said then done. I cant sleep because of nerves and worrying about what i havent revised for. I am going to take a brake im going to have a bath and then look over a few more things when i get out. Oh roll on Friday!!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    I think roll on tomorrow, I think I am going to insist I need a nice meal out :P
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    Yeah me too i think we deserve it!
    Good luck i'm sure you'll do fine :D
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:panic revision

    I sat DFS in December, I suppose you would have viewed that paper....

    anyway, the thing to remember is that read the full paper - I know nobody does, but if you read it about 2 to 3 times:
    1st time - panic mode "OMG I dont know that"
    2nd time - " i recognise some things"
    3rd time - "right, im calmer now, <deep breath> lets begin"

    :D

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