FRA NOTES-- Help of any kind really

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
hi all,

I am sitting my exams in dec- and am using the osbourne books.I was ok till chapter 11 or 12 and now i really think that i am going to fail, as it appears to me, that i really failed to understand the first 11 chapters as surely i can't be that thick.If any body has any clear notes or study suggestions, i would be most greatful. Am not slighty desperate.

thanks in advance

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA NOTES-- Help of any kind really

    hi happy1

    if you can give us the titles of the osborne chapters 11 & 12. Hopefully will be able to help you then.

    Have a suspicion that one of them is incomplete records? is the other one partnerships?

    let us know, as have done this topic.

    Ruby
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA NOTES-- Help of any kind really

    hi,

    the chapters in question are The journal and correcting errors and the chapter before i can not recal the name of,Sorry left the book today.The next is incomplete records - chapter 13. Any advise or help greatly appreciated.

    good day to all
    and thanks :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA NOTES-- Help of any kind really

    Hello Happy1,

    Just fetched my old FRA book and chapter 11 is Control Accounts and chapter 12 is Journals and correction of errors.

    Starngely enough, I found these probably the easiest chapters in FRA intermediate as I remembered them from my Foundation year. Unfortunately, I don't have any notes to help you on these as I could just do them, if you know what I mean.

    For control accounts, someone once said "Debit the debtors, credit the creditors". Not only does this help you remember which side of the control account to post the entries, but also lets you know that the sales and purchase accounts are therefore the opposites. And to follow on from that, sales returns and purchase returns have to be the opposite of those! Finally, receipts and payments should also be the opposites of the control account entries as they reduce the amounts outstanding! Still with me?!!

    So those six words can help you remember a whole lot!

    For journals, I just used to write the incorrect enties on a piece of scrap in T account format, and then just reverse the entries or do whatever else was required. This is also invaluable for checking you have correctly cleared a suspense account too.

    You have plenty of time between now and December to revise and ask questions through these forums. Use these and failure will NOT be an option! :lol:

    Regards,

    Robert
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA NOTES-- Help of any kind really

    thanks Robert, i will remember that i think its mainly the errors of ommision and the rest that confusing me.Admittedly it means that i need to re-read the book and check what my errors are.

    thank you again :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA NOTES-- Help of any kind really

    Hi,

    With the Journal side of things I always used to do a little table.
    HAS / SHOULD / CORRECTION
    1. What HAS happened (the DR & CR entries made)
    2. What SHOULDhappen (The Correct Entries)
    3. What is the CORRECTION (What do you need to do to correct the error)

    I hope this helps. PM me if you need anymore info. :P

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