Just came back from dfs exam

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi everybody,<BR><BR>I just came back from dfs exam, it was almost normal & I did will.<BR><BR>happy to know others openion.<BR><BR><BR>regards and best wishes,<BR><BR>hussain alasfoor

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    glad to know you did well, i actually paid for mine did not go thought I was not prepared. I was not prepared with the concolidated accounts which one they gave balnce sheet or profit and loss
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    Hi<BR><BR>it was balance sheet and it was the easiest part in the exam<BR><BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    meaning did you have to find the minority interest ect that was my problem, what about porit and loss account i guess everthing was a problem for me. realyy sorry i did not do it, can you give a rundown on the paper
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    They start with consolidated b/s in section 1 part A, then part b with limited company journal followed by profit & loss a/c, in addition they gave us theory questions about stock revaluation "SSAP9" & impairment of fixed assets "FRS11", after that part C with cash flow statement & to write a report about it.<BR><BR>In section 2 ratios report and definition of assests, liabilities and ownership interest, followed by last question about why we are putting stock as an asset<BR><BR>thats it
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    the only part that would fail me is consolidated accounts, which one of the ratios they gave i would be ok with current ratio acid test net and gross profit the others would give me trouble. for the profit and loss did they gave you any discontinued and continued operation that was my biggest proble, but i am pretty fine with the straight profit and loss
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    They gave us current ratio, acid test, stock turnover and debtors turnover.<BR><BR>the profit and loss account was straight
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    oh now i am too sorry i did not do my exam
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    i am trying to find the answer why you would use stock as an asset, can you answer
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    I knew it was going to be consolidated b/sheet because the June exam was <BR>P & L!! Good job I didn't do any revision on P & L!! Was ok on most things, but can't believe I didn't add revaluation at the top of b/sheet, and took minority off at the bottom instead of adding it on!! Doh!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    Asset defined as rights to future economic benefit as a result of past transactions............stock give a right to future economic benefit............when sold, as a result of past transactions...........when purchased or manufactured. Hey Ho!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    I am so annoyed with myself. Reading the comments of others I have clearly made a boob on somethings in that exam. Firstly my Balance Sheet didnt balance I missed a zero off the fair value adjustment making it 800 instead of 8000. That screwed up my workings for goodwill, goodwill amortisation, pre/post acquistion P&L account and minority interest. So after I corrected that error to get it to balance I wasted far too much time and was rushed by the time I got to Section 2. I panicked so much and forgot what Stock Turnover days and Debtor Turnover days were so just fumbled my answer around that. Also looking back answered that Stock and long term contracts were defined in 'FRS9' although its actually 'SSAP9' and talked about impairment being part of 'FRS15' instead of 'FRS11' although I mentioned 'FRS11' when answering 'What would you do in an impairment review?' Was ok on all other questions but from the outset looks quite bleek. Man I studied so hard for this paper as well <BR>:(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    Can anyone remember what their Goodwill figure was? After reading everyones comments I can remember I missed the revaluation bit off too. Think I got the ratios and FRS/SSAP's correct. <BR><BR>Anyone sitting unit 9 tomorrow? Any ideas what might pop up?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    I think the goodwill figure was 4000, because I'm sure the goodwill ammortised for year 1 was 400, as it was over 10 years. Is this what you got?!?!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    I got the same as the rest of you..........goodwill was 4000 and My balancing figure is the same. I am SOOOOOOOOOOO glad someone put down about FRS11 and SSAP 9 cos that was what I waffled on about. I didn't manage a full definition text book style of the meaning of assets and liabilities and ownership interest but put down what it meant.<BR><BR>As for the ratio statement I did get carried away saying that the stock was being held for too long and that they needed to generate actual cash sales as all their sales are on credit which would have an effect on the acid test/quick ratio.<BR><BR>I just really really hope that the very last question of definitions of assets etc eas supposed to be simple and didn't carry too many marks.<BR><BR>Have been wondering around with a face like a slapped arse as my hubby would say!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    Goodwill was 4000 and I hope you remembered to take 400 due to the amortisation and then show it seperately as 3600 in the intangibles.<BR>I also waffled on about having too much stock which had an effect on the stock turnover and quick ratio. Managed to get SSAP and FRS correct and also managed to define assets and liabilities to a T!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just came back from dfs exam

    yer the balance was £95368 on the cons b/sheet. what did everyone put for what would you do in an impairment review? Yer waffled on about the report for Unwittington Ltd. the usual suspects depreciation increse in stock not collecting debtors tying up cash increase in creditors more cash going out, balanced my net cash inflow to 1076 reconciled with the overdraft off £684 + cash £392. yippee.<BR><BR>ASbee Ltd was quite straight forward as they were honestly the easiest ratios in the ratio family!!!! Lucky for me. The industry averages were a slight guide that you were heading off in the right direction.<BR><BR>Ok what did everyone put for ownership interest? and explain why stock is an asset of a company?

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