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F5 exams question answering

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › F5 exams question answering

  • This topic has 1 reply, 2 voices, and was last updated 12 years ago by John Moffat.
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  • May 20, 2013 at 10:52 am #126209
    gyanmichael
    Participant
    • Topics: 27
    • Replies: 16
    • ☆

    Hi John, please i am finding it hard defining accounting terminology like responsibility accounting. I understand it very well so can I explain it with an example such as; with responsibility accounting, if a production manager whose focus is on quality receives adverse production variance( especially material price) but produces quality products that enables the sales manager to receive both favourable sale price and volume variance. in this case, the sales manager will be congratulated but the production will be on a hot seat.So my question is, is it ok to explain accounting concepts with examples like the one above and gain full marks or do we have to memorize book definitions. Thank you

    May 20, 2013 at 2:50 pm #126313
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54684
    • ☆☆☆☆☆

    You do not need to memorise text book definitions – provided the marker can see that you understand the idea, then that is enough.
    Very often it is better to explain by example than to try and put the whole idea into words.

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