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Hello
This question asked for ROMM. In the scenario, the finance director left ad there was no replacement.
In my answer I mentioned “Since there is no FD then this negatively affect the financial reporting process which can lead to misstatements in the financials.” However I am not seeing this as one of the answers in the ACCA past paper. Is the lack of FD an incorrect answer?
Also, if the question asks for 4 ROMMS but I put 5 and the 2nd ROMMS is incorrect but the other 4 are correct , would I still get the marks for having 4 correct or would the marker only look at the first 4 which includes the incorrect ROMM and give me marks for 3 correct answers?
“Is the lack of FD an incorrect answer?”
No, I could see that as being creative of a risk of material misstatement
“the 2nd ROMMS is incorrect but the other 4 are correct”
You would score 4 marks out of the 4 available
The risk so far as you are concerned is the 25% additional time that you have taken to write 5 instead of 4. That additional time adds up in an exam and you will probably find yourself very short of time in your last question
Better plan is to plan your answer properly and give just 4 correct risks if only 4 are asked for
OK?
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