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Is it acceptable to use abbreviations in the exam without first giving their full description?
For example, is it acceptable to write ‘Inventory should be valued at the lower of cost and NRV’ instead of ‘Inventory should be valued at the lower of cost and net realisable value (NRV)’, if it’s the first time that the net realisable value is mentioned in my answer to an exam question? And the most importantly, will I lose marks for not providing the full description before using an abbreviation?
See here – you should write in full at first mention: https://opentuition.com/topic/answering-the-questions-2
Hi,
Can I write the following at the first page, for exam:
“The following abbreviations will be used during the tasks of the exam:
NRV: net realizable value
RoMM: risk of material misstatement
EL: engagement letter
…Then I use the abbreviation during the exam without any full at each of task.
NO – each question requirement has its own separate workspace for a constructed response – there is no “first page”.
Same applies – each Q should be indicated at the top of each page – there shouldn’t be different rules for you simply because you are in the minority sitting paper-based. You would get away with using NRV as it has been around for 40 years – but you should not “make up” things like “EL”.
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