Last minute revision just over 4 hours to go!!!

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
incomplete records<BR>trial balnce<BR>extended trail balance<BR>balance sheet<BR>partnership records<BR><BR>anything else? my brain cant think ahhhhhhhhhhhhhhhhh

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    Yes, at least we dont have that long to forget what we learn today <img src="i/expressions/face-icon-small-smile.gif" border="0">
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    Hi you two.<BR><BR>Yeah I know what you mean. I'm looking on here to see if there are any extra tips from students. Does anyone know if the exam will contain a partnership where the partner is introduced or is there likely to be a retirement of a partner?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    by advice would be to revise both. i dunno how to retire a partner tho, never ever done work on it. i need help quick!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    Disposals of fixed assets is meant to be on there. Apparently the examiner likes questions about this. You never know what to believe tho, process costing was meant to be on the ECR exam!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    disposal of fixed asstets is easy to do yeh. 1 debit entry 3 credit?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    Bad Debts<BR><BR>And the ability to write sensibly in a memo on SSAP9, SSAP 21 or FRS 18 - sure one of these will come up, or a memo on goodwill or partnership current accounts, there is always something like this in the exam. <BR><BR>My biggest task will be to stop making silly errors and carrying them forward never to work out where it all went wrong!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    help where can i read about the ssaps and fras? <img src="i/expressions/face-icon-small-sad.gif" border="0">
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    SSAP 9 - Stock<BR><BR>Stock should be valued at cost of Ner Reliasable Value whicherver is the lower<BR><BR>FRS 19 - Accoutning Concepts<BR><BR>Going Concern<BR>Prudence<BR>Matching<BR>Consistency<BR>Materiality<BR><BR>FRS 15 - Fixed Assets<BR><BR>Depreceiation should eb chard to the acqusition of a fixed asset for its life.<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    There are posts further down on this forum page, I think the heading is goodwill, it tells you how to retire and introduce a new partner.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    thanx! but do i need to know what Going Concern Prudence Matching Consistency and Materiality means?<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    Going concern - a business is presumed to be likely to continue in business for the forseeable future<BR>Prudence - Profits should never be anticipated but provision should be made for anticipated loss<BR>Matching or Accruals - Transactions are accounted for not on the basis of cash receipts or payments but on the time of sale/purchase - within the correct financial year.<BR>Consistancy - the same policies must be applied each year<BR>Materiality - Whether an item is material or immaterial ie a box of staples
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Last minute revision just over 4 hours to go!!!

    <br><br><< <i>by advice would be to revise both. i dunno how to retire a partner tho, never ever done work on it. i need help quick!!</i> >><br><br><BR><BR>Apportion Goodwill at old ratio (this will credit the capital account), then apportion it at the new ration (this will debit the capital account). The question should state how much was paid by bank to retiring partner, if not put the balancing figure to loan account (credit on capital account), leaving the balance as nil for the retiring partner.

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