[b]FIFO - LIFO - AVG[/b]

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Does any one have any notes etc for LIFO FIFO AVCO that I could use to may be get my head around it a little better, Iam struggling via distant learning, so any thing any one could do for me would be apprecited, my email is

Janine_Perry@hotmail.co.ukThanks every one

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Making the move from foundation to Intermediate

    Hi everyone I have just passed Foundation and I will be starting Intermediate this month. From Reading other messages everyones advice is to keep studying hard :D. Hopefully I will keep my head above water

    Can anyone please recommend which books to use for Intermediate Osbourne or BPP. I would be interested in buying some second hand through the forum.

    Kind Regards
    Theresa
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FIFO - LIFO - AVG

    Hello Theresa,

    If you put the effort in at Intermediate, you should pass. It's not mega difficult but it does demand your full attention. You can pretty much get through foundation with your eyes closed, but Intermediate is a big step up!

    I have studied and passed both Foundation and Intermediate using the Osborne material. It is easy to read and explains in quite good detail what you need to know. Furthermore, our classes have had a near 100% student pass rate over both years using these books, so they must be doing something right.

    The following is s sample Osborne chapter from their website, expalining how the ETB - extended trial balance - leads to the Profit and Loss report and Balance sheet; http://www.osbornebooks.co.uk/pdf/frat_04.pdf

    I don't know about the BPP stuff, but judging from all the distance learning difficlties, if this is what they are using, then it sounds as though I would steer well clear of it! I may be wrong, but the comments tend to speak for themselves...

    Good luck!

    Robert
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FIFO - LIFO - AVG

    I used both at Intermediate - the college supplies BPP books and I bought the Osborne books to supplement these. I found both useful and having two different explainations of a subject was often really helpful.

    The BPP books are fine, the main drawback is they often go into too much depth which can make them somewhat hard going at times. On the other hand that depth can sometimes give you a better understanding of the topic.

    Osborne tend to be slightly clearer and easier to learn from. I think they're a bit beter than BBP but the main drawback with Osborne is the cost - hence the second hand market round here.

    I don't think that the problems BPP have with providing distance learning should detract from their books. I tend to prefer Osborne but there's not really that much in it.

    Chris
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FIFO - LIFO - AVG

    thanks guys... i was wondering which books to get.. i think i will buy the Osbourne books :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FIFO - LIFO - AVG

    Hi

    I've studied using the BPP and they're ok, just sometimes you can't relate thir questions to the skills tests. They work through questions giving you an example and then their are similar questions for you to have a go at pon your own, which is great for revision.

    Although I wouldn't suggested buying the revision support books as I hardly used them as the course books were good enough.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FIFO - LIFO - AVG

    This is how i remebered it when studying Intermediate, moving to Technician next week !!

    FIFO - i already have 1 gallon of petrol to sell in my pump. i buy some more and sell the oldest batch first becasue it was first in the pump. First in First out.

    LIFO - i already have 1 gallon of petrol in my pump to sell. i buy some more and sell the newest first. It goes to the top of the pump and i use the newest petrol first. Last in first out. (it was the last to be ut into the pump but first to come back out)

    Weighted Average - i have 15 gallon that cost 2000. i buy another 17 gallon costing me 2500. total stock is 32 gallons and the price i paid is 4500. Divide the 4500 by 32 (17 + 15) to get an average price per unit 140.63.

    Hope i explained this clearly enough.Its tricky to explain, dont know how teachers do it xx :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Making the move from foundation to Intermediate
    theresa_LDN wrote:
    Hi everyone I have just passed Foundation and I will be starting Intermediate this month. From Reading other messages everyones advice is to keep studying hard :D. Hopefully I will keep my head above water

    Can anyone please recommend which books to use for Intermediate Osbourne or BPP. I would be interested in buying some second hand through the forum.

    Kind Regards
    Theresa

    Hi Thersa

    I have the osbourne book for Unit 6 costing and am willing to sell it, where abouts are you?

    lisa

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