FSLC Exam

AC88
AC88 Registered Posts: 44
Hi,

Has anyone sat the FSLC exam yet?

I've got mine next week and wondered if anyone has any tips for it?

Thanks.

Comments

  • Zoynal98
    Zoynal98 Registered Posts: 65
    Ace task 1, this has a lot of marks
    Understanding the implications of IAS
    Practice assessments and questions
    Know the layout of the financial statements inside out (Cash Flow statement, Consolidated statements, Changes in Equity)
    Make sure you read the questions carefully (For example a question may ask you to use Operating Profit instead of Profit for the Period)
    Learn how to work out Goodwill
    Use AIR LIA acronym to work out the movements in Inventories, Receivables and Payables. Assets Increasing Remove / Liabilities Increasing Add
    Do more practice questions

    Good luck with the exam!
  • Zoynal98
    Zoynal98 Registered Posts: 65
    If you need any help on anything let me know.
  • AC88
    AC88 Registered Posts: 44
    @Zoynal98 That's perfect!!!

    Love the acronym!!!! :)
  • GeorgiaH
    GeorgiaH Registered Posts: 107
    I wish i knew this acronym when i was sitting mine thanks @Zoynal98 :) I can use this for my re-sit next month!
  • Zoynal98
    Zoynal98 Registered Posts: 65
    Good luck!
  • bushra
    bushra Registered Posts: 25
    Sorry. What is AIR LIA acronym? @Zoynal98
  • Zoynal98
    Zoynal98 Registered Posts: 65
    @bushra

    This acronym is used for the Profit to Cash reconciliation question.

    As part of the adjustments you will need to remove any assets that have increased and add back any liabilities that have increased, hence the acronym AIR LIA.

    Assets Increasing Remove / Liabilities Increasing Add

    Hope that helps.
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