Financial Statements Eeeeeek!

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Flakie
Flakie Registered Posts: 24 Dedicated contributor 🦉
in AAT Level 4 (Level 8 in Scotland)
It's my last exam and I am studying like a thing possessed; I've filled an A4 pad with ratio and IAS definitions etc, I've written flash cards and completed past papers..... and what can I remember! At least I don't have to type my name in at the beginning of the FNST exam cos I'd probably struggle with that too! I have read a lot of the forum posts and the general consensus is.......scary!

10 days and counting and I'm not sure how i can make the best of the study time left as it doesn't feel like anything is going in; so much to learn and remember :001_wub:

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  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    Hello Flakie

    Try not to panic and don't read too much into the other posts about this exam.

    I recommend reading the article written by Steve Collings about how to approach this exam.

    Do you have anytime off work before this exam?

    I would work through your course materials and attempt the practice assessment on the AAT website, if you have not already done so.

    Have you also attempted the questions on the Osborne site? If not, here is a link http://www.osbornebooks.co.uk/limited_company_accounts1

    Finally, although I could probably say more, don't panic, take a deep breath and try to remain calm. Read each of the questions through a couple of times, if unsure, don't waste time, flag the question up and move on. Return to any questions you are unsure on after you have answered those you can without too much trouble.

    Good luck and I do know how you feel, I have my last exam this week.


    JC :)
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • stockport
    stockport Registered Posts: 15 Dedicated contributor 🦉
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    There is a lot to learn for this one. Good advice from Jo. I've got three days till I take it, and I have been panicking! I was worried about the ratios at first. They have slowly sunk in. I would really recommend repeating the Green Light tasks as many time until you get 100%. I'm just going over Conceptual framework and IAS, and of course practise questions. Good luck!!
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    wrote:
    I recommend reading the article written by Steve Collings about how to approach this exam.

    The article can be found here - http://www.stevecollings.co.uk/preparing-to-pass-aat-paper-fnst/
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Flakie
    Flakie Registered Posts: 24 Dedicated contributor 🦉
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    Thanks Jo and Stockport for your advice. I am just attacking everything I can from a learning point of view and hoping the the questions are a little kind to me on the day x. Stockport - good luck with your exam in a couple of days, I hope it goes well for you. If you remember, let me know how you got on :001_smile:
  • lisalofty
    lisalofty Registered Posts: 15 Dedicated contributor 🦉
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    Hi guys

    good luck with your exam x

    Jo is giving you sound advice I did the same as everybody else read the write up on here and went in with a totally negative outlook. and you've guessed it I failed.

    On a positive note i got my head down and 2 weeks after the results I sat my retest with a positive frame of mind and have just had my results with a PASS x

    I found what worked for me but may not for you was the following;

    I did both practice assessments as everyone will recomend to familiarise yourself with the layout.

    I did all green light test sections

    Went over my class papers and anything I wasn't sure went back to my books.


    When the exam started I took a deep breath and a look at a photo of my kids and grandson really helped as this is what I am doing this for :001_smile:

    Went through and looked at what I had to do:

    I did my written element first but this doesn't work for everyone

    Flagged the questions that I wasn't sure of completed what I was comfortable answering the went back and filled in the questions i'd flagged.

    PLEASE DO NOT PANIC AND BE POSITIVE YOU CAN DO IT xxx
  • stockport
    stockport Registered Posts: 15 Dedicated contributor 🦉
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    Good advice Lisalofty! I'm trying SOOO hard to stay positive!
  • Flakie
    Flakie Registered Posts: 24 Dedicated contributor 🦉
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    Hi Lisalofty

    As Stockport rightly said "good advice" and thank you for your positive reply. The key thing is, trust yourself, it's got me/us this far and try to remember to breath occasionally xxx
  • stockport
    stockport Registered Posts: 15 Dedicated contributor 🦉
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    Hi Flakie, I'm glad that's over, I was really worried about it. I concentrated on IASs and did them first. I think I did OK on that part. I struggled a bit on the consolidated income statement (we didn't do this in class) and ended up on the Ltd co accounts. I couldn't get the balance sheet to balance sheet to balance at first and the panic set in. I managed it eventually when I stopped panicking and thought about it logically. I really hope I scrape a pass.

    My advice is to stay calm and keep revising every area. I hadn't looked at group accounts for a while as I was concentrating on written parts. The questions I got weren't too bad, I just made the mistake of letting panic get the better of me. Good luck with your exam and let me know how you get on. Hopefully we will both be able to say we are qualified soon!

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