Aat level 3 - Study guides, Class notes & Summaries
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AAT Level 3 & 4 - Summary Notes
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Summary notes for 2 AAT Level 3 exams and 7 AAT Level 4 exams.

All exam notes were created using established university books with lecture comments added and reflection notes post exam.

The notes were the only thing used to revise once written and all exams were passed first time (average pass mark of 85%)
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AAT Level 3 - CSTR - Inventory fully solved graded A+ 2024/2025
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AAT Level 3 - CSTR - Inventory3 forms that inventory can exist in: - correct answer 1. Raw material - items to be used in the manufacture of products 
2. Work in progress - items that are part way through the manufacturing process 
3. Finished goods - items that have been completed and are ready to sell 
 
Functions of inventory - correct answer • Acts as a buffer in times when there is an unusually high rate of consumption 
• Enables the business to take advantage of discounts by buying in ...
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AAT Level 3 - CSTR - Inventory question n answers rated A+ 2023/2024
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AAT Level 3 - CSTR - Inventory3 forms that inventory can exist in: - correct answer 1. Raw material - items to be used in the manufacture of products 
2. Work in progress - items that are part way through the manufacturing process 
3. Finished goods - items that have been completed and are ready to sell 
 
Functions of inventory - correct answer • Acts as a buffer in times when there is an unusually high rate of consumption 
• Enables the business to take advantage of discounts by buying in ...
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AAT Level 3 - CSTR - Labour Costs well answered rated A+
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AAT Level 3 - CSTR - Labour CostsRemuneration systems - correct answer 1. Annual salaries 
2. Hourly rates of pay and overtime pay 
3. Piecework payments 
4. Bonus schemes 
 
Hourly rates and overtime payments - correct answer 1. Hourly paid workers have a standard number of hours they work per week 
2. Overtime payment - total amount paid for hours worked above the normal number of hours 
3. Overtime premium - the extra paid above the normal rate for those overtime hours 
4. Premium may be clas...
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AAT Level 3 - CSTR - Fixed & Flexed Budgets 2023/2024 updated to pass
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AAT Level 3 - CSTR - Fixed & Flexed BudgetsReasons for budgets: (same aims as management accounting) - correct answer 1. Forecast future activity levels 
2. Communicate goals and objectives 
3. Plan for the use of resources - materials, labour, money 
4. Control the different departments 
5. Motivation by setting achievable targets 
 
Fixed budgets: - correct answer 1. Produced for a single activity level 
2. Produced at the beginning of a period 
3. Used to provide information as to the aims an...
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AAT Level 3 - CSTR - Labour Costs 2023/2024 verified to pass
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AAT Level 3 - CSTR - Labour Costs 
Remuneration systems - correct answer 1. Annual salaries 
2. Hourly rates of pay and overtime pay 
3. Piecework payments 
4. Bonus schemes 
 
Hourly rates and overtime payments - correct answer 1. Hourly paid workers have a standard number of hours they work per week 
2. Overtime payment - total amount paid for hours worked above the normal number of hours 
3. Overtime premium - the extra paid above the normal rate for those overtime hours 
4. Premium may be cl...
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AAT Level 3 - CSTR - Fixed & Flexed Budgets correctly answered rated A+ 2024/2025
- Exam (elaborations) • 3 pages • 2024
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AAT Level 3 - CSTR - Fixed & Flexed BudgetsReasons for budgets: (same aims as management accounting) - correct answer 1. Forecast future activity levels 
2. Communicate goals and objectives 
3. Plan for the use of resources - materials, labour, money 
4. Control the different departments 
5. Motivation by setting achievable targets 
 
Fixed budgets: - correct answer 1. Produced for a single activity level 
2. Produced at the beginning of a period 
3. Used to provide information as to the aims an...
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AAT Level 3 - CSTR - Overheads fully solved 2024/2025
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AAT Level 3 - CSTR - Overheads3 categories of indirect costs - correct answer 1. Indirect materials 
2. Indirect labour 
3. Indirect expenses 
 
Production overheads - correct answer 1. Included in the total production cost of a product - e.g. rent, rates, insurance, light, heat, running costs 
 
Types of non-production overheads: - correct answer 1. Administrative costs 
2. Selling and distribution costs 
3. Finance costs 
4. Legal and professional charges 
 
Allocation, apportionment and absor...
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AAT Level 3 - CSTR - Overheads fully solved graded A+ 2023/2024
- Exam (elaborations) • 2 pages • 2024
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AAT Level 3 - CSTR - Overheads3 categories of indirect costs - correct answer 1. Indirect materials 
2. Indirect labour 
3. Indirect expenses 
 
Production overheads - correct answer 1. Included in the total production cost of a product - e.g. rent, rates, insurance, light, heat, running costs 
 
Types of non-production overheads: - correct answer 1. Administrative costs 
2. Selling and distribution costs 
3. Finance costs 
4. Legal and professional charges 
 
Allocation, apportionment and absor...
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AAT Level 3 - CSTR - Labour Costs Exam Review Questions and answers, rated A+/
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AAT Level 3 - CSTR - Labour Costs Exam Review Questions and 
answers, rated A+/ 
Bonus schemes - -1. A compromise between a day rate and a piece work system 
2. Comprised of a date rate amount based on hours worked, and a bonus based on quantity produced 
3. Group bonus scheme - bonus calculated by reference to the output of the group and split between all 
members 
Direct costs - -Wages paid to production workers, overtime hours at basic rate, overtime premium 
due to customers specific inst...
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