Accounts prep 1 - really struggling :-(

AATchick · January 2013

Hi All, I wasn't sure what to do, my accounts prep 1 exam is next week, I have just sat and failed 2 practice assessments and I'm panicking a bit.

I don't like talking badly of people but our tutor for this topic was abysmal. All the people in the class feel like they didn't learn anything from him and when asked a question as to why something was which side of the T account (ie why are accruals a credit) he would just say "because it is" then say exactly the same as what he did before.

I'm wondering if I got complacent as I passed all the exams at Level 2 first time. Has anyone else really struggled with Accounts Prep at Level 3? I feel like I'm not getting anything right and I'm so distressed :-( my work are relying on me to pass as they have funded it and I don't want to let anyone down :-(. I've had really bad flu over the last fortnight and still am suffering (have lost hearing in 1 ear!) which doesn't help matters.

I don't know what I hope to achieve by procrastinating when I should be revising, but I can't get my head into gear :-( arrrggghhhh!

omega man · January 2013

Accruals will be a credit if it is an accrued expense,in other words you owe money for services used.The greenlight will be useful to you here.I would also say that the best way to do the CBT's is to open the answers up,but do not look at them until you have finished, unless exam page is locking,then check your answers with the actual answers,do not change your answers but figure out where you went wrong and why.
Prepaid expenses and accrued income are assets and prepaid income and accrued expenses are liabilities.

torresgbr · January 2013

Hi, I do the same as Omega Man, however I check the answer after I've answered the question, if its wrong I make a note of what question. If right I leave. Then I work through the Green Light exercises.
I work under the assumption if I answer a question right in all the CBA's I must understand that section. So why spend time revising that. So instead of revising the whole book it reduces your revision workload.
A few days before the exam ill just read through the chapter summarys in the text book.
Good Luck

AATchick · January 2013

Thanks everyone for your helpful replies :-)

I've done 4 practice assessments - failed the first, passed the second and third but failed the fourth one today! My exam is tomorrow so am really panicking, I can't seem to remember the T accounts about recording disposal of assets, part exchange, buying new assets etc, I can't seem to make it stick!! :-(

Oh well I'll just have to attempt the exam tomorrow and retake it if I don't pass! I'll let you know how I get on...

AATchick x

Rachie278 · January 2013

I struggle with that too AATchick!! Try this

http://www.aat-interactive.org.uk/elearning/learning_area_overviews1/E0601%20-%20Accounting%20for%20the%20part-exchange%20of%20non-current%20(fixed)%20assets%20FINAL%20130612/story.html

Im hoping to do my AP1 exam next week

Good luck!

AATchick · February 2013

Hi Rachie278, I'm very sorry I have only just seen your post!! thank you anyway for your advice and for posting, as it may help someone else.... I passed AP1!! I can't believe it... when I got the results I actually said to my tutor "you're lying.... can you check it again? Are you sure you got the right person?!?!" LOL! Anyway thanks to everyone for your advice and help. Only 5 more to go... :-/ eek!!! x

Clarekaye · February 2013

Well done! :thumbup:
We wouldnt be human if we didnt have a moment of doubt just before an exam (or we could just be cocky)
You doing AP2 next?

AATchick · February 2013

Thanks Clarekaye! :-)
That's very true. I know for a fact I didn't meet some of the criteria so I must have only just passed! But it's a pass, and that's all that matters!
Yes I am doing AP2 and Costs and Revenues at the same time.... boo! :-( x

j1994 · February 2015

I dont get Aat sample assesment 2 2013 task 3 ,5,1???

Accounts prep 1 - really struggling :-(

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