I am thinking of joing the ICB and should qualify on the exemption through working experience.
It is years since I have done any exams and so wondered if anyone could tell me what to expect. The paper will be sent out to me and will take around 3 hours to complete.
the level one paper is nothing to worry about too much.
Ignore the three hours. If it takes longer then it takes longer. Nobody is looking over your shoulder.
The paper is fundamental level double entry bookkeeping. there will be an array of T accounts that you need to complete from the question and then take those to trial balance.
It might be a good idea if your a bit rusty to photocopy the paper so that when you work through it if you have issues then your corrections will be eradicated when you move your answers to the copy that you return.
As it's done from home that pretty much makes it an open book exam so again, if there are problems you can refer back to your books and notes (although I would not expect you to have problems as you say that you come to this with working experience).
There is always a VAT question on the paper. Remember that to calculate the VAT in a figure the calculation (at 17.5%) is multiply by 7 divide by 47 and that's the VAT element of the figure.
You might also have something like an invoice to do pretty much from scratch or alternatively make corrections to an invoice with errors.
As I said. It's all quite low level and nothing really to worry about too much although they will throw something into the pot from outfield just to keep you on your toes it will be nothing that someone with even basic bookkeeping knowledge would have too much difficulty spotting.
I'm kicking myself now of course that I didn't photocopy mine before I sent it back as I would have been able to give better advice. But such is life.
Good luck with the exam. You'll be fine.
Shaun.
-- Edited by Shamus on Monday 1st of March 2010 10:22:21 AM
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thank you Shaun. Your reply makes me feel a lot better. Yes I had thought about photocopying the paper. The daunting bit is that they expect you to get a 100% pass rate I wish I didn't know that!
no, the self assessment exam requires 100% to pass.
The pass mark for Level I manual bookkeeping is 85%.
Hopefully that will have made you feel even better to know.
cheers,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
