DFS

System
System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
edited June 18 in AAT student discussion
Hey, I know we can't discuss the content of the exams yet, but surely we are ok to say what we thought of it. Was a lot nicer than Mondays I thought. What did everyone else make of it?

Kay
ยซ134

Comments

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Not too bad. Balance Sheet wouldn't balance.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I think as its after 2pm we can discuss contents!!
    Thought the paper was alrite..but bit long!! Task 2.2 kinda blew me off a bit though!
    So what did everyone do about the allowance for trade receivables in the first task as that seemed a bit tricky.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    My balance sheet also didn't balance and from talking to others - most of theirs didn't either! I thought the layout of the pro-forma was confusing, but maybe that was just me...

    Cash flow statement and consolidated goodwill seemed okay, though the written questions were tedious! The confidentiality question seemed to throw many - since it was one of the simplest things there was, most of seemed to ignore revising it! Oh oh!

    There seemed to be several complaints over the assets/Capital employed ratio question as I didn't think it was even covered in the Osborn book. Trying to define something you haven't yet learnt is tough!

    Most - me included - didn't understand the first part of 2.2 - define the accounting elements - most of us went for the concepts instead! Oops! Most seemed to get the A-L=E for the second part though!

    Hope I did enough to scrape a pass! Fingers crossed!

    There were some confusing or poorly explained parts of the paper though, which I will write about later on the feedback thread!

    Robert
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    yeah its really a bit long. no one finished ahead of time in our group. i think every single topic was examined-all kinds of f/s plus the theory questions. managed to finish it just in time. hopefuly i answered them correctly. its a good exam though. any comments?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I though 2.2 was ok until i looked on here. i thought the question asked what are the elemens of the financial statements ?

    assets
    liabilities
    equity
    income
    expense

    and the second part asked to define the elements on the balance sheet.

    i put the defintions for

    assets
    liabilities
    equity

    oh well i hope i did enough on 2.1

    did anyone else do what i did ?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    in 2.2 i thought was more about balance sheet and things like non-current assets, currents assest, liabilities, equity,etc
    Though i could be wrong!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    5 times; I think you got it right and we were wrong, so I wouldn't worry about it - that's for us to do!

    Robert
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    we will hopefully all be ok, one more PTC friday and then i can enjoy xmas.

    good luck to all
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Hi Everyone, I found DFS difficult. Balance sheet did not balance and I have a fear of Ext. TB so opening the paper and finding Ext. TB. Oh My God!!!!

    Cannot do anything about it now though. Re-sit in June I think. :(

    Will be interested to see some answers.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    my balance sheet balanced...got something in the region of 44-46k..cant remember xactly now..
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I too have a fear of ETB's and Provisions for doubtful receivables - and to my horror they were both there!
    Got my balance sheet to balancewith abit of juggling of numbers. I think it was about ร‚ยฃ43K.
    Thought Section 2 was wordedvery badly, wasn't quite sure what some of the questions were asking for, may have let myself down on that section.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    That has jogged my memory (it's a bit dead at mo) my figure was in region of ร‚ยฃ41k but didn't balance to the figure of just under 1000.Oh well I remember putting amount that I knew I was out by. So examiners must realise that I knew it should balance. Spend ages trying to find figures, probably, on reflection should have left and gone on to next question. When are the answers posted on this site? Anyone know?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Hello, I found the DFS paper so hard much harder then the past papers. I never even completed and found most people in my exam room was still there at the end. I feel totally gutted worked so hard :(

    I thought there was a lot of written work, not my strong point and also I never managed to complete the Cash Flow Statement, just added the sums in the bottom I know it should equal too.

    Can't belive Re sits are ahead.

    Faye :oops:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    i dont think the answers will be up till maybe end of jan possibly early feb?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I thought the paper was OK. The only things I think I messed up on is the treatment of the 2% provision of doubtful debts and the asset turnover ratio, I did capital employed/sales but after looking in the book looks like this should have been the other way round. Hopefully will have passed. I was out by eleven. I hate sitting around in exams. Bring on PCR now.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I put the doubtful allowance in my admin expenses on the income statement and my trade receivables on the balance sheet. Sure its wrong. I could not balance but after a juggle with numbers I got there. How did you do with the cash flow statement? I managed the ratios in section 2 but was running out of time so never wrote much on them. I also put about Assets, Liabilities and Equity on the last part but thats as far as I got. Time was up. :x
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    i thoguht that paper was very nasty actually, they had many many more journals on thier which included everything. i managed to balance but it was a bit of juggling my answer was roughly 43K i think. although i know i put the doubtful debt on the balance sheet and was meant to put it in the profit and loss. By the time i had finished thoguh it was a complete mess i didnt wanna make it worse!

    completely messed up with 2.2 i said the concepts rather than the asset liability thing! obvious read that completely worng.

    cash flow statement went very well aserll as consolidated b/s hopefully i dont drop too many marks on 2.2! ratios for the asset turnover id personally not heard of it...i did total assets/capital employed! i now know that is wrong!! :-(
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    my cash flow statement balances so I was happy, because it never has for me in any of the past papers I've done. My balance sheet balanced too. I just messed up my asset turnover ratio. I wrote quite a bit on 2.2, for 2.2a I wrote about how your financial statements have to be relevant reliable comparible and understandable and how they need to include a P&L Balance sheet and Cash flow statements, as well as a directors report and accountants/audit report. I wrote in 2.2b that the balance sheet needs to include non-current assets and comply with IAS 16 & 38, current assets, current liabilities, long term liabilities and with a reconciliation of equity either on the balance sheet or included in a note to the accounts.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    hi kay

    how did u get on chick, didnt do to bad here balanced the first bit messed up totally on 2.2, but did all ratios ok. to be honest i hope it gets easier tomorrow,

    roll on results!!!!!!!!1
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I know I think I'll have had a mental breakdown just waiting for February to come. I think waiting for results is far worse than taking the exams. I hopefully *touches wood* should have passed that one and am quite confident with PEV so just PCR to go which I find the easier of the three. Do you think you've passed Harper?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    dont know? dont want to be dead sure of myself but secretly praying i did. Answered every single question, but did loads of waffling, took the whole 3.15 hours though did u? Nearly cried going in there i had worked myself up that much lol, looked like a mad woman, and i did a YES!! when it balanced ha ha

    to be honest i think the worst is over i was dreading that the most. Just PCR and PTC now so fingers crossed
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    here here......roll on Feb!

    good luck everybody :lol:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I completed my PCR and PEV exams atleast 30 mins before it ended, but the DFS, gosh now that was a killer. It was so difficult. I had a panic attack when I saw the extended trial balance and there were so many journals, I just about fitted them on one page.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    By the time I finished, my hand was killing me like mad. I went back to question one to try and fudge it and make it balance. I was out by 203. I know I cocked up with the returns inwards or outwards thing. I was supposed to deduct it from revenue or purchase, I can't remember which now
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    bless u rvarsani lol you sound so like me, mine didnt balance then the last 15mins i went back to it saw the returns and hey presto we balance!! first one i have balanced on my own in ages, normally i am too lazy and just go and check anwers ha ha
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Thought it was a lenrthy paper, did manage to finish although the asset turnover in relation to capital employed seemed very unfair, and I think question 2.2 was very poorly written and more explanation was needed to explain what exactly it wanted. Quite sure I've failed on this section due to the above. Never mind christmas is coming!!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    i agree Nicola, they didn't make it clear what they wanted, amd by the time i got to that section my brain was muddled enough as it was!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    yeah definitely agree 2.2 sounded like a bunch of giberish. my TB didnt balance, neither did my cash flow statement, gutted! im normally perfect with my cash flows.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I do agree that the paper was generally very poorly written. The last question on ratio's, which had about 3 parts to the question, I wasn't sure what they were asking. It was something about how did we think the company performed and then the follow up question was sort of similar. What was all that about then. Did anyone else think that?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I enjoyed the paper, but only because my statements balanced first time.

    Reading through the paper however, I did get a little thrown by explaining the calculation of impairment, the confidentiality question and then task 2.1. I actually put the statements as my answer but when I came out the exam and looked in my "summary notes" I realised it was the expenses, income, liabilities etc. Nevermind - the paper's done now.

    I thought the exam was really time pressured though, the letter took ages for me to write and I felt that I probably would have saved a lot of time if there were lines in the Statements so I didn't have to draw them up myself!

    I think I've done ok, we'll see when the results come out.

    Oh, the provision for doubtful receivables had to be deducted in the Balance Sheet from Trade receivables. I added the opposite entry to Admin Expenses in the Income Statement.

    Good luck to everyone for their results!

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