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I would like some clarification regarding the level of detail required in exam answers. For example, in a question relating to advertising expenditure being incorrectly capitalised, the model answer includes several different responses.
Discuss with management the
rationale for including the
advertising as a current asset.
Request evidence to support the
assessment of probable future cash
flows, and review for
reasonableness.Review supporting documentation
for the advertisements to confirm
that all were shown before the
20X5 year end.Request that management remove
the current asset and record the
amount as an expense in the
statement of profit or loss.Should i be including all of these in my answer in the exam?
Short answer – NO. If published answers were restricted to the number of available marks, tutors would ask ACCA and students would pester tutors “what about [another valid point]? Does this get credit?]
As it says in the examiner’s reports, there are always more valid points that can be made, than are asked for. Published answers, which are reproduced by content providers, are comprehensive as that is a better learning/revision tool than if they omit points that would earn credit.
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