Level 4 study tips

advertisement
Level 4 study tips from AAT members
Page title
Contents
03 Financial statements
05 Budgeting
06 Financial performance
07 Internal control and accounting systems
09 Business tax
10 Personal tax
11 Cash management
11 External auditing
12 Credit control
13 Further reading
Contents
2
Current page reference / section
2
Financial statements
Original thread located at
aat.org.uk/FNST
Steve Collings FMAAT FCCA, Accounting Technician of the Year 2011, author of
IFRS For Dummies (Wiley, 2012)
Study the whole syllabus and do not get despondent when things go wrong. The only way to pass this
paper is question practice.
Also, don't spend a disproportionate amount of time on one specific area at the detriment of other
areas. For some articles offering FNST tips, including one from me, go to aatcomment.org.uk and
search for ‘FNST’.
Catherine Kennedy
Keep writing down all the key points for the IASs. The more you write them down, the more they'll sink in.
Top tip
Need help managing your study schedule? Head to aatcomment.org.uk/tag/time-management
for some useful articles.
Sarah Champ
The key to success is to cover the entire syllabus and ensure you have a solid understanding of
the proformas.
Florence Wanenge
Level 3 equations are very useful for this module.
Steve Woolgar
Learn the ratios and practise the written questions. Financial statements was the first Level 4 module
I did. I found that going back over AP1 and AP2 (ACPR and FSTP in AQ2013) from Level 3 was a good
way to refresh your memory.
Mike Webster
Use the workings boxes! You could miss out on marks if you don't.
John Gale
I memorised the ratios for two days before the exam. On the day, I went straight to question seven
and I ended up exceeding.
If you know the statements of profit and loss layouts like the back of your hand, the emails are easy
to explain.
Making the grade / Financial statements
3
Jonathan Burke
It is important to practise exam questions over and over again. Make sure to learn all the
performance ratios for questions seven and eight and have a good working knowledge of the key IASs.
Also, make sure you use the AAT website resources, the Green Light tests and practice assessments,
aat.org.uk/training/study-support/search If you do all of that and stay calm, you should pass comfortably.
Caroline 'Trev' Trevenna
Definitely read Steve Collings’ article! Go to aatcomment.org.uk/tag/fnst
I found that helped a lot. I also gave my assistant a list and brief explanation of all the IASs and ratios.
She then randomly asked me questions to keep me on my toes.
I found it helped to try to explain things to another person, almost like I was teaching it, as that seemed
to cement my own understanding. It is achievable as long as you put the effort in.
Making the grade / Financial statements
4
Budgeting
Original thread located at
aat.org.uk/BDGT
Lisa Jones
Don't underestimate the written sections!
Noor Farooq
Just do all the mocks available at aat.org.uk/training/study-support/search and keep doing them.
Laura Wrigley
Don't rely on learning parrot-fashion. If you understand the logic behind calculations (and not just the
process) it will not matter if you get a different format thrown at you in the exam.
Jamie Smith
For the written questions, focus on the verbs used like ‘explain’ or ‘suggest’ and take note of any ‘ands’
or commas. This makes it easier to plan your answer.
Victoria Bamber
Practise the Green Light tests, e-learning and sample assessments available at
aat.org.uk/training/study-support/search
Sarah Deluce
Concentrate on your report writing.
Sarah Chilton
Practice, practice, practice!
Making the grade / Budgeting
5
Financial performance
Original thread located at
aat.org.uk/FNPF
Kebaneilwe Belda Machaya
The workbooks should be your daily bread.
Mike Lison
Practise a lot of questions! It's all in the method.
Scott Dickson
Learn the logic behind the variances, not just the formulas.
Top tip
S
earch our forums for more members' tips on variances. Go to forums.aat.org.uk and
search for ‘variances’.
Rebecca Broadbent-Davies
It’s all about learning the principles behind the variances and what they are telling you about the
performance of the business.
Rachel Hynes
Watch the variances webinar recording on the AAT site, available at aat.org.uk/training/study-support-webinars
(MyAAT log in required). This really helped me get to grips with the fixed overhead variances.
Diane Pearson
Practice all the formulas, I had them on all my kitchen cupboard doors and as a screen saver on my
phone; it really does help you to remember!
Gareth John
It does take plenty of practice to get right. Make sure you look at AAT's sample assessments at
aat.org.uk/training/study-support/search and go through the model solutions in detail, especially
for the narrative tasks.
Making the grade / Financial performance
6
Internal control and accounting systems
Original thread located at
aat.org.uk/ISYS
Sean Watson
Break it down and do it section by section. Keep it well organised too.
Marilyn Pryce-Rogers
Just follow the criteria step-by-step and write what is required. Aim to write a very good plan; if you get
that bit right the report will be very easy.
Top tip
Improve your revision by investing in the best gadgets. Go to
aatcomment.org.uk/tag/gadgets to learn more.
Dave Carney
Attack each section one at a time. When you’re nearly done, ask your tutor to read through it.
Top tip
G
et some great advice about the ICAS project from our forums. Go to forums.aat.org.uk and
search for ‘ICAS’, ‘ISYS’ or ‘Internal control’.
Lisa Allix
Don't waffle, get to the point and use the criteria you have learned over the last few years.
Katie Dalton
I found it useful highlighting key points on the case study; you can never read it enough times!
Nicola Perry
Write a good plan with the support of your supervisor. Make sure you use the grading criteria
while writing the main body. Focus on one area of the accounting system and don't leave it until
the last minute!
Top tip
C
heck out award-winning student Rachael De Bose's advice on studying AAT Level 4.
Go to aatcomment.org.uk/author/rachael-de-bose
Jade Poynter
Use the mapping sheet before you start to write it. Research thoroughly and look at an example.
Making the grade / Internal control and accounting systems
7
Original thread located at
aat.org.uk/ISYS
Eleanor Tate
You know what you're doing, the project simply consolidates everything you already know. Keep at it!
It can be a long slog, but either hammer it or take it in bite-size chunks as suits your own learning style.
You will get there, and at the end take the time to read over what you have produced and feel proud!
Top tip
Use apps to manage your time better. Refer to
aatcomment.org.uk/tag/time-management-apps for more information.
Emilie Corlay
Follow your tutor’s advice and methodology. Don't underestimate the time you will spend on it; AAT
allows four months for a reason! The mapping document is the key of your success.
Hayley Wade
Do a little each day, breaking it down into bite-size chunks. Use the mapping document as you write it.
Also, look at previous model answers from older projects.
Jade Elms
Read the case study and make notes / highlight anything that stands out. Write a list of weaknesses.
Read the mapping document so you can see what criteria is required.
Mandie Chapman
Just do it in small chunks as they will soon be large ones. Use the help available on the AAT website.
Also, copy and paste the criteria under your headings in red with the numbers on the check sheet then
delete once done.
Making the grade / Internal control and accounting systems
8
Business tax
Original thread located at
aat.org.uk/BTX
Nicholas Craggs
Basis periods, always go to April 5 in the first year. The second year is the 12 months to the accounting
date or the first 12 months of trading. If there is no accounting date in the second year, tax April 6 to
the following 5th. The third tax year should be on current year basis and straightforward. Remember the
rules and you can't go wrong!
Top tip
D
iscuss business tax on our forums for help and advice. Go to forums.aat.org.uk and search
for ‘Business tax’.
Kebaneilwe Belda Machaya
Past papers and workbooks should be your daily bread. Good luck to you all!
Lesego Mothudi
Learn the concept and tax laws. Also learn the tax deductibles from NPBT; it will be easier now in
company income tax computations since the two-tier system has been changed to a flat rate.
Beata Pacan
What you need to do is go through the BTAX book twice and practice.
Ookeditse Mosebi Jr.
Familiarise yourself with all the terminology in order to know what you are doing.
Making the grade / Business tax
9
Personal tax
Original thread located at
aat.org.uk/PTX
Kirstin Sarah Emma Clark
I found putting notes on my bedroom wall helped.
Dawn Bell
Make sure you practise it back to front and inside out!
Magdalena Kaczynska
Start to revise early; there's lots and lots of information to remember!
Top tip
Use our study support tool available at aat.org.uk/training/study-support/search
to understand personal tax.
Fiona Weeble Petrie
Do the Green Light tests at aat.org.uk/training/study-support/search over and over, make sure you
know the tax return filing and payments dates, and penalties.
Lindsey Dove
Keep practising the calculations!
Rachel Nundy
The revision books are a godsend! Get your hands on as many as you can.
Kim Foster Quirie
Show your workings and don’t panic!
Making the grade / Personal tax
10
Cash management
Original thread located at
aat.org.uk/CMGT
Cathryn Richards
Make sure you can do the calculations backwards as well as forwards!
Anie EM
Read carefully and don’t cram.
Anne V Johnson
Read full chapters, do exercises and try the exam until you’re comfortable.
External auditing
Original thread located at
aat.org.uk/EXA
Alison Corley-Rhodes
Write what the examiner wants, not what you think.
Laura Williams
Definitely use the practice papers. There’s so much theory surrounding it I found doing practice exam
questions helped everything sink in!
Top tip
Access practice papers with our study support tool at aat.org.uk/training/study-support/search
Tshego Moshagane
Study audit test of everything: assets, liabilities and provisions.
Making the grade / Cash management and External auditing
11
Credit control
Original thread located at
aat.org.uk/CRDC
Zed Bargir
Work hard; don't leave any stone unturned and try to understand how it impacts the BS, P&L and
ultimately, the cash flow.
Nic Johnstone
Revise everything, including report writing.
Making the grade / Credit control
12
Further reading
We offer a range of resources to help you study Level 4. Your first
port of call should be our study support tool on MyAAT, available
at aat.org.uk/training/study-support/search Here, you can access
a huge range of resources to help deepen your understanding and
achieve success in your studies.
You may also like to consider:
• reading AAT Level 4 study tips at aatcomment.org.uk
• using our events tool at aat.org.uk/aat-events/search to find out about study support events* near you.
• searching for relevant threads on our forums, available at forums.aat.org.uk
• visiting the websites of training providers and using their revision material.
• using our Twitter lists for training providers, which you can find at twitter.com/YourAAT/lists/aat-training-providers
• joining the AAT distance learning group on Facebook, run by fellow students and other like-minded
people at facebook.com/groups/aatdistancelearning
• viewing our Level 4 webinars, available at aat.org.uk/training/study-support-webinars
These study tips were sourced from AAT's online community in June 2014.
We’d like to thank every member of our online community who contributed to this revision tips guide.
Thank you for taking the time to read their hints.
Our aim is to provide a friendly environment where AAT students and members of the AAT community can
share information, and help each other through their journey towards completing AAT qualifications.
As with most things in life, we do have some online community rules, so please take the time to read our terms
and conditions at aat.org.uk/about-aat/online-community-rules
*Study support events only available in the UK.
Making the grade / Further reading
13
Any questions?
For further information about this revision guide and our online
community, please contact community.team@aat.org.uk
/YourAAT
@YourAAT
Association of Accounting Technicians
140 Aldersgate Street
London
EC1A 4HY
Registered charity no. 1050724
34390614 – PDF
forums.aat.org.uk
Download