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Dear Sir,
During the actual exam (for paper f7 & p2), can we use short forms such as GW for goodwill, PPE for property, plant and equipment to show our workings and Console accounts in order to save time or everything has to be in full form?
Thanks in advance
I cannot imagine any reason on this Earth why you should not use abbreviations!
The exam is testing you on your understanding of accounting … it is not questioning your ability to write Consolidated Statement of Financial Position as at 31 December, 2015
CSoFP 31 Dec, 2015 is sufficient
Exceptionally, you should not abbreviate when writing a report – for example in an interpretation question – because the addressee may not be a trained accountant with an understanding of accounting jargon
But even then, within your report, you could write for example …
“The Statement of Financial Position (SoFP) shows the state of the entity ….” and then use the abbreviation from there on in
OK?
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