Re: I'm not sure about my Situation regarding my AAT level 2 studies?
My direct experience comes from other industries; however I think some general truths still hold.
1) Do continue with your course. It demonstrates self-motivation and commitment. L2 also teaches gives you knowledge and skills which are needed whichever route to accounting you follow.
2) Yes; keep looking for an apprenticeship. Competence is the combination of training, skills, experience, the last of which can only be gained through actually doing the job.
It may be that the apprenticeship recruitment cycle is tied into the academic year. This could mean that opportunities are a bit limited at the moment. As A-level studies are not competing for your time this year, perhaps you would be able to research this and prepare yourself for the "recruitment season"?
It may also be worth trying to get any job in a medium to large business. Once you have your foot in the door you may find other opportunities for career progression within and organisation, continuing AAT at evening classes or by distance learning. One friend of mine started off in the kitchens of a media business and is now directing TV programmes.
3) Yes, you should mention your current studies. As well as demonstrating your self-motivation and discipline, one of AAT's fundamental principles is integrity; you must be straightforward and honest in all professional and business relationships.
Hi. This caught me out also. The amount is refunded in cash so the bank account has to be credited (reduction in an asset). The double entry is that the Sales ledger control account needs to be debited. Unlike a credit note, which would be a credit entry in the SLCA (as it reduces the asset/ the amount owed), the cash refund does not reduce the money owed by the customer and is therefore a debit. I hope that helps.
No as far as the calculations are correct you won't get marked down on the layout. Personally my layout differed from AAT because each of us has their own way how to break everything down.
As far as the calculations are clearly stated and workings are correct then you'll be fine.
They're mostly £35 and if you get one delivered, it basically has all the syllabus in - work through that before June and see if you think it's right for you. That means there'll be at least not too much commitment. They're honestly brilliant packs and well worth the money, I've used it and the exams I felt I best performed in I used one of their packs.
If you wanted to test whether you thought you could get through the whole thing, buy the one for Management Accounts: Decision & Control, as I've found that to be the toughest module. If you wanted one to ease you in and see if you could carry on, go for Credit Management - I've found that to be a nicer module (though be aware that that is an optional choice, so you'd only be able to pick one other if you decided to try that one).
If you had any other queries on anything just let me know, happy to help!
Re: Rawhide PLC Professional Synoptic, any tips on securing a pass?!
Hi, I'm resitting this exam (for the 2nd time) on Wednesday as well and honestly dont know how to feel about it. Going to send you a slide about the whole exam. I hope it helps!
the standard cost for each metre is given of £8.20.
hope it makes more sense.
Re: I have transferred from the AQ2013to 2016 his is Greek to me.can someone help clarify ?
First of all, we can look at the Balances. You had 20,000 litres at a cost of £25,000 on the 1st March. You can work out the cost per litre of these which is 25000/20000=£1.250 (the question asks for answers to THREE decimal places, so remember to add the extra 0 to cost per litres). Then you received 15,000 litres at a total cost of £24,000 which already tells you the cost per litre of £1.600 (24000/15000). So the balances on the right is now that you have 35,000 litres in total in your inventory and the total cost of these is £49,000. Your balance is updated.
It states in the question that the company uses FIFO. So we need to issue 25,000 litres using First In First Out. So we will be using the oldest inventory and working downwards.
Now, we only need 5,000 litres to get the 25,000 litres we want to issue. So we take 5,000 litres from the next load of inventory.
5,000 litres x £1.600 = £8000.
The total cost of the issue is £25,000 + £8,000 = £33,000. We can place that answer under the Total cost in the issues.
Now calculate £33,000/25,0000 litres = £1.320 cost per litre (remember its THREE decimal places in this question).
Then you are left with 10,000 litres in your balance which you have correctly entered, and £49,000-£33,000 issues leaves £16,000 closing inventory in your balance at 15th March.
For LIFO, work from the 10th March inventory upwards to the 1st March.
For AVCO, divide your average latest balance (49,000/35,000) = £1.400 per litre, then you'd calculate 25,000 issues x £1.400 cost per litre = £35,000 cost of issue. Then the closing inventory would be £49,000 (latest balance) - AVCO issue = £14,000 closing balance for AVCO.