Planning in the Exam & Accounting Standards

Yyume9y ago

Hi Mike, I only recently noticed that you suggest that we plan out our answers in the answer booklet. I just wanted some clarification on this as I was going to put a rough plan in the question sheet, but I'm now considering putting it in the answer. If we are putting in a plan, we would obviously write 'PLAN' on top, but then would it be enough to draw a line and say 'FINAL' before we attempt our main answer? (or is a more preferred way). Will we be judged harshly if our plan seems to be rough/ poorly organised? Should we plan for all the questions or only question 1? Also, since it is unnecessary to keep accounting standard numbers/titles in the answer,can we forgo mentioning the statement: 'according to the accounting standard'? For eg: do we have to state: 'According to the standard on Impairments, x co should look for any impairment indicators, then compare the CV to the RA' etc or can we simply start off our answer by saying 'x co should look for impairment indicators, then compare the CV to RA' etc I tend to favour the second approach, and hence I end up doing the exam with no mention of accounting standards (in the revision kit model answer sense)... but I DO mention how I feel each and every accounting treatment should be... Thanks for you invaluable help throughout these forums and website.

MikeLittleTutor9y ago#1

"... then would it be enough to draw a line and say ‘FINAL’" Why? Just leave 3 or 4 lines at the end of your plan and put the question number in the margin and start your answer When you finish the answer, go back and simply rule off the plan (you left 3 or 4 lines for any after-thoughts) "Will we be judged harshly if our plan seems to be rough/ poorly organised?" Not in the slightest! The marker will be delighted to see the plan Besides, how can you prepare a plan that isn't disorganised? The plan is a list of points that have come into your head in any order. That's one of the reasons for a plan ... so that you can organise your thoughts after you have written them in your plan "Also, since it is unnecessary to keep accounting standard numbers/titles in the answer,can we forgo mentioning the statement: ‘according to the accounting standard’?" There are NO MARKS for standards' titles nor numbers Yes, you can say in your answer "According to the standard ..." "co should look for any impairment indicators, then compare the CV to the RA’ " Small point! You have made two separate points here. Put them in separate sentences and leave a line between your sentences One point per sentence, one sentence per point No sentence longer than 3 lines This is really important Hope that helps and good luck tomorrow

Yyume9y ago#2

That does help. Thank you very much.

MikeLittleTutor9y ago#3

You're welcome

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