Expectations for FRA

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
How is everyone feeling ahead of Wednesday's exams?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    hi ashbean,
    I am feeling very nervous, still doing my revision. May pop into my college tomorrow to short out last minute queries with my tutor.
    A bit stuck on margins & mark-ups, not too sure about the memo's either, but either way will do my best.

    Good luck

    mazzy :):):)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    :roll: Hiya

    I am pretty confident got 87% in my mock. Hopefully I will get something like that on Wednesday - anyway good luck to everybody
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Hi Ashbean!

    I am doing some last minute revision and polishing on the knowledge that i have.

    I am trying out a paper i haven't done previously and so far it's okay. Let's hope that tomorrow everything goes smoothly and when comes the result it's a PASS!!

    I am nervous coz i don't know what to expect! :shock:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA


    Hello,
    Has anyone done Dec 2005???? How is te prepayment worked out on the rent account?

    Tomorrow is my resit for the FRA and I just have to pass, could someone help me out on the above calculation?

    Thanks

    :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Hi

    I'm just having a quick break then starting that paper, will email you asap.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Thanks very much hun
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Right

    That lunch was very quick!!

    See if I can explian it without a t act.!

    You have an accrual to start the year with of 1000.00 - so thats a cr (like a laibility)then you pay 15k duing the year from your bank so DR.
    Then you have rent paid in Oct for £3000 but as year end is 31/10 you only need to charge 1 month of this to the P&L . Therefore the other £2000 (2 months worth) goes on CR side as it prepaid. When you balanced off it would become next years openign DR balance as its an asset. You can't normally have a bal cd and bal bd on same side but here you can as is a prepayment and accrual in the same t act!

    Hope that helps....??

    Im goign to finish that paper now. Then mark up and margin .. that's my week area.

    We will be going in this tiem tomorrow!!



  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    My the way I can spell !!!! the content more important then the spell check !!

    cheers

    Sarah
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Ah yes I get it now, thanks.

    I am dreadig tomorrow, already had an exam yesterday for my technician level and I have another on Friday.

    Roll on weekend (Plenty of wine needed)

    Thanks again and good look for tomorrow.

    Hannah

    :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Glad it helped.

    Urgghhhhhhhh your week sounds worse than mine. I have FRA tomorrow and then a really hard skills test on SAturday as I'm away when the others do it and thena notehr skills test next Wednesday.

    What you doing on technician ??? Is it much worse?? Sounds like you haev plenty of exmas.

    What's costing like? It looks horrid. I am stressign as mark up and margin my weak area and I'm worrying it is similar concept...


    Why do we do this....??

    Wine yes sounds like a fab idea, any colour just let me have some vino!!

    Good luck to you with them all.

    Keep in touch
    Sarah :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA


    I passed my costing (intermediate) last Dec, but failed the finance (hence the resit tomorrow).

    Technician stage is a bit of a shock to the system, but if you are enjoying it then go for it, you sound like you know your stuff anyway!!!!!

    Oh, the dreaded devolved assesments, i loved saying goodbye to those this year, hated them!!!!!

    I am just longing for Friday afternoon when the exams are done and I can chill, just hope I pass the lot (disheartens you a little when you see a big fat unsucsessful on your results)I was planning a wedding though, thats my excuse.

    Anyway, I had better swat a little more, been too long since I did all this finance, lol.

    Again good luck!!!!!

    Han

    :wink:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Anyone else begining to panic about tomorrow? I seem to get the majority right, however I am still making daft mistakes which make the trial balance not add up.

    I am hoping in the exam that will be able to concentrate more so don't do this!!

    Dan :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Thanks for the vote of confidence.

    Not surprised it was all a bit much in the summer.. planning a wedding is a full time job.

    Mmmmm devolved are lovely arn't they...

    Am sure you will fine. If you get your technician work this will be ok for you.

    We were told by our tutor that they are not ecpecting any surprises. Let's hope they are right.

    Off to swat margins now...... that wine would be good now.

    Best of Luck

    Sarah :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Hi Dan

    Yep you and me both. I keep forgetting to use an adjusted figure from T/B or journal.

    I was thinking same as you will concertrate more in teh exam than practice at home even though you try to concerntrate 100% at home it's not the same.

    I was thinking of taking a red pen to mark by the side of the accounts that have had adjustments made to them so I realise it's a new figure to use.

    I'm doing another hour then leaving it now been revising since 10 today.

    Good Luck for tomorroe. Post your thoguhts on it afterwards.


  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    im feeling worried can anyone help with mark up and margins?? Also does anyone know what past papers it appears in as I cant find a damn question!! :lol:

    Thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Hello again Sarah,

    Planning a wedding, working full time and studying messed me up, lol. I was a nervous wreck, quite scary.

    I just really want to get this one passed, so if I do by any chance pass all 5 tech stage, I am done with the AAT YEA!!!!!!!!!!!!!!!!!!!!!!!!

    What did you say you were stuck on????

    Han

    :roll:

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    Good luck to you to, having a bit of a break now before i have a break down!!


    Im just going to learn the accounting concepts this evening and thats it....

    :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Expectations for FRA

    hi elle

    Ok, this is my understanding of margin and mark up!!

    Profit margin - sales are 100% (so if gross profit is 25% then cost of sales is 75%)

    Eg margin is 25%
    Sales are £15000
    Cost of sales = 15000/100*75 = 11250



    Mark up - sales are more than 100% (so the gross profit is the mark up over 100%. eg if the mark up is 25% then sales would be 125%


    Mark up is 25%
    Sales are £15000
    Cost of sales = 15000/125*100 = 12000


    Make any sense?

    Dan :D

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