ATI Year 1 Financial Accounting Exam Structure

wilburnet

Hi there,

Plan to start ATI course Sept 2021. As per the ATI site there is a new exam structure for ATI year 1 exams.
Can anyone confirm what topics have been removed from Financial Accounting with the new 2020/21 syllabus, and what is the best way to pass section A of Financial Accounting where there is 1(?) question worth 46 marks.
Thanks in advance

mjbo

wilburnet wrote: »

Hi there,

Plan to start ATI course Sept 2021. As per the ATI site there is a new exam structure for ATI year 1 exams.
Can anyone confirm what topics have been removed from Financial Accounting with the new 2020/21 syllabus, and what is the best way to pass section A of Financial Accounting where there is 1(?) question worth 46 marks.
Thanks in advance

Hi Wilburnet, I cannot confirm what topics are due to be removed but the list below were the chapters in the Financial Accounting manual prior to the syllabus change. I completed the Year 1 exam in June 2020 so unfortunately I cannot make any suggestion about how to approach the question that will be worth the 46 marks (your tutor should be able to give guidance).
The marking scheme for the June '20 exam was - Part (a) Q1 30 marks, Q2 10 marks, Q3 20 marks (all 3 Q's were compulsory) and Part (b) 2 out of 3 questions with each Q worth 20 marks.
Financial Accounting
Theory
Chapter 1 Introduction to Accounting
Chapter 2 Accounting Concepts & Conventions

Chapter 3 Double Entry Book-keeping
Chapter 4 VAT, Payroll, Books of Prime Entry
Chapter 5 Introduction to Financial Statements (see chapter 11)
Chapter 6 Inventory
Chapter 7 Accruals and Prepayments
Chapter 8 Irrecoverable Debts and Allowance for Receivables
Chapter 9 Non-Current Assets and Depreciation
Chapter 10 Bank Reconciliation Statements
Chapter 11 Preparation of Financial Statements (see chapter 5)
Chapter 12 “Not for Profit” Organisations
Chapter 13 Control Accounts and Introduction to Control Account Reconciliations
Chapter 14 Incomplete Records
Chapter 15 Correction of Errors
Chapter 16 Suspense Account

The best of luck with the course and the exams.

wilburnet

Hi mjbo, thanks a million thats a great help.
Can I ask how did you find in Year 1 studying / preparing to take the 4 final exams over a week or so period, it seems rather daunting studying for 4 exams in one sitting...

HungrySeagull

mjbo wrote: »

Hi Wilburnet, I cannot confirm what topics are due to be removed but the list below were the chapters in the Financial Accounting manual prior to the syllabus change. I completed the Year 1 exam in June 2020 so unfortunately I cannot make any suggestion about how to approach the question that will be worth the 46 marks (your tutor should be able to give guidance).
The marking scheme for the June '20 exam was - Part (a) Q1 30 marks, Q2 10 marks, Q3 20 marks (all 3 Q's were compulsory) and Part (b) 2 out of 3 questions with each Q worth 20 marks.
Financial Accounting
Theory
Chapter 1 Introduction to Accounting
Chapter 2 Accounting Concepts & Conventions

Chapter 3 Double Entry Book-keeping
Chapter 4 VAT, Payroll, Books of Prime Entry
Chapter 5 Introduction to Financial Statements (see chapter 11)
Chapter 6 Inventory
Chapter 7 Accruals and Prepayments
Chapter 8 Irrecoverable Debts and Allowance for Receivables
Chapter 9 Non-Current Assets and Depreciation
Chapter 10 Bank Reconciliation Statements
Chapter 11 Preparation of Financial Statements (see chapter 5)
Chapter 12 “Not for Profit” Organisations
Chapter 13 Control Accounts and Introduction to Control Account Reconciliations
Chapter 14 Incomplete Records
Chapter 15 Correction of Errors
Chapter 16 Suspense Account

The best of luck with the course and the exams.

Hi, I completed year 2 in June 2020 and year 1 in May 2019. The chapter titles seem the same as they were in year 1 for me.

Is there a link to this information on the ATI site? One question would not be worth 46 marks. Sounds more like if you got a final score of 46 they might review your paper and you may be lucky and get a few more marks to pass.

In 2019 they changed Q1 from a total of 20 marks to 30 marks it takes a bit of time and they placed higher value on the content of the question. They reduced Q2 to 10 marks.

mjbo

I found it okay in the end Wilburnet but due to Coronavirus last year things just went crazy from March onwards. My course was classroom based but due to lockdown on 12th March classes ceased and it was nearly the end of April before the course provider commenced online classes. By late March ATI advised students that the all exams were moved from May to August but by mid April they notified students that the exams would be taking place in June but online. Sorry to burden you with this detail but I have not had the experience of a "normal" year studying this course.
In answer to your second question I found the exam timetable okay. Yes it seems daunting to complete 4 exams over 10 days but if you can organise a study schedule, take plenty of time understanding the exam paper (how to approach the compulsory part and have an idea what you might cover in part , figure out a timing for completing each question (stick to it and move on even if the question isn't completed) and read all questions fully to make sure you understand the requirement(s). One last piece of advice (which you may already do) is to start the exam with the question you are most comfortable with so that you ease in to the exam.
I hope this helps.

mjbo

It looks like Q1 in Year 1 Financial Accounting is for 46 marks - I can see the sample paper and this is the detail under Q1:
Required:
(a) The Income Statement for the year ended 31 December 2020; 20 Marks
(b) The Statement of Financial Position as at 31 December 2020. 12 Marks
(c) Prepare the journals to record the transactions in notes 1-8 in the question. 14 Marks

Total 46 Marks
Q1 is Section (a) (compulsory Q) as normal and in Section (b) there are 4 questions worth 18 marks each with 3 questions to be answered.

Calahonda52

mjbo wrote: »

...
In answer to your second question I found the exam timetable okay.
Yes it seems daunting to complete 4 exams over 10 days but if you can organise a study schedule,
take plenty of time understanding the exam paper (how to approach the compulsory part and have an idea what you might cover in part ,
figure out a timing for completing each question (stick to it and move on even if the question isn't completed) and
read all questions fully to make sure you understand the requirement(s).
One last piece of advice (which you may already do) is to start the exam with the question you are most comfortable with so that you ease in to the exam.
...

Should be nominated for post of the month!
.
If the system allows it, scribble a few notes as you read each question iff something pops into your head as you read it ( other than I cant answer it )
.
Knowing the response requirements/ question choices for each paper ahead of time is key.

wilburnet

@Hungryseagull, yes i re read the exam structure for FA Section A and it says question total is 46 marks but made up of the following
Preperation of Financial accounts ( total 32 marks )
Preparation of journals based on those Financial Accounts ( 14 marks ).

It seems the exam structure for all 4 Year 1 exams have changed for the better with smaller 5-10 mark questions being asked in some sections of the subjects.
Would like to look at the sample papers but guess you have to be registered student before you can access them online..

HungrySeagull

wilburnet wrote: »

@Hungryseagull, yes i re read the exam structure for FA Section A and it says question total is 46 marks but made up of the following
Preperation of Financial accounts ( total 32 marks )
Preparation of journals based on those Financial Accounts ( 14 marks ).

It seems the exam structure for all 4 Year 1 exams have changed for the better with smaller 5-10 mark questions being asked in some sections of the subjects.
Would like to look at the sample papers but guess you have to be registered student before you can access them online..

Interesting! The Q1 is an integral part of accounting. They are having journal entries as a mandatory question. For years people kept messing them up and in the examiners notes on the past papers they always mentioned their frustration with people getting them wrong.

The sample papers are good - always found them to be tougher than the actual past papers and they give an indication to what topics the examiner would like to ask in the final paper.

My year 1 was a normal year, exams done in a big exam hall. Online and open book was a different experience. Practice questions over and over, get the timing for Q1 spot on. You get a fair amount of marks for layouts so know those well.