this is my first time on this forum. I am currently studying for my ACCA qualification and having a bit of problem with Fixed Variances - is there some sort of way I could remember them...I have been trying for ages and always get them mixed up - if there would be a "visual" graph or reference that would be the best I think.
If there is an easy way to remember these it eluded me and it was just one of those things that I kept practicing until it came naturally.
Most other things where I would need to memorise I used Acronyms, such as for approaches to Risk would be ATRA (Avoid, Transfer, Reduce, Accept) or IFSAMS (Intimidations, Familiararity, Self Assessment, Advocacy, Management, Self Review) for threats to independance.
Often these things are just down to something that you will remember and others may not.
For variances though I think that the key is just practice, practice, practice.
Thinking about it, in the BPP I-learn for F2 wasn't there a random variance question generator that you could just keep going at basically forever? Not sure if it's in the latest version of that software or if it's been moved to a different module (such as F9). If you have access to either of those it might be worth checking out the variance analysis segment to see if it's still there.
Sorry that I'm not more useful in this instance but just didn't want you to think that we were ignoring you on the site.
kind regards,
Shaun.
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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.
I am preparing for my F2 and this part of the syllabus has been a nightmare. I have done all the excercises in all the books to the point when I know them by heart including the results, but as soon as I get a new excercise I am stuck. Drives me mad! LOL
Good luck in June (unless you're sitting this computerised in which case just good luck whenever).
Sure that you'll be absolutely fine as we all overthink these things but when the adrenalin kicks in on exam day you'll be surprised at how much you know and remember (I know that I always am!).
I really think that there should be more practice exams for F2 than just the pilot, however, you could always do the past exam papers for F9 to ensure that you are going to get a really good score at F2.
You could also use the book "Management and Costs Accounting" by Colin Drury to perfect your management accounting skills. As it's MA which hasn't changed a great deal in the past decade you don't even need to buy the current version of that one.
If you get stuck on any specifics of F2 just post on here and either myself or one of the other regulars will be happy to explain / help out where we can.
Hope you have a good weekend too (what's left of it!),
kind regards,
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.
thank you for your reply. I do have that C. Drury book, I have noticed though that the terminilogy differs from my BPP books and I don't want to get too mixed up in it for the exam (I am completely new to management accounting I am lot more confident with financial). I have BPP revision kit too plus the CD. But by now, all the examples I know by heart. It is just frustrating. I will probably have a glass of wine before the exam and then just go for it! LOL.
If you are going to have a glass of wine before the exam make sure it's a 9:30am sitting, can't beat it, oh and make sure you have some cold leftover chinese takeaway for breakfast too.
Suggested contained for a swift pre exam glass of wine :
And as a bonus the exams just fly by when the invigilator has to prod you to wake you at the end of them
__________________
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.
Continuing on my topic from yesterday. My biggest nemesis in this fixed variances busines is the section called reconciling contributions.
I have this horrible feeling I will get this in the exam, and would hate to fail on that: Example
A company uses standard marginal costing. Last month the standard contribution on actual sales was $10000 and the following variances arose.
total variable costs variance - 2000A
Sales price variance - 500F
Sales volume contribution variance - 1000 A
What was the actual contribution for last month?
10000+500-2000=8500
I am really not sure how to tackle this sort of questions. The explanation in the BPP book refers to operating statement where lines are either already included or not in the figure....does it mean that there is a fixed way how to do operating statement..... and I have to learn it line by line.......I only have two examples in my book and there is nothing on the subject (variances x operating statements) in C. Drury book.
It is probably something trivial, but my brain is just not understanding it...
LOL
