Answering Accountancy Exam Questions
Introduction
The questions set in accountancy papers, particularly at professional level, will frequently require students to present a report as the format required for dealing with the issues raised in a specific scenario. (Some exams, like those at professional level ACCA exams actually identify the marks available in each question for the professional presentation of answers). The purpose of requiring students to present information in this way is to test the application skills of prospective accountants. In the real world of accountancy, you will never be asked to write an essay on a particular topic! The client (your employer or audit client) needs information. The issue is the extent to which accountants can provide quality information. The better the quality of the information provided, the better will be the decisions based on that information.
What do accountants actually do?
It is worthwhile every now and then to think about what it is that accountants actually do! Accountants provide information to support decisions being made by others. It doesn't matter whether you are auditing financial statements for the shareholders, producing monthly management accounts for the Financial Controller or writing a memo on the net present value implications of the latest investment proposal from the board of directors. In each and every situation, you are supporting the decision making process by the provision of information. In GCD's accountancy courses for professional level exams, you will learn how to answer questions that provide good quality information.
Quality (ACCURATE) Information
Once we understand the role of the accountant, then we can appreciate the need to provide quality information, because the better the quality of information provided, the better the decision will be. A useful mnemonic is the ACCURATE model.
Accurate
Good information is accurate information. Accurate means no errors and factually correct. If the decision maker is using inaccurate information, that will corrupt the quality of the output, the actually decision made.
Concise
Good information will be concise and to the point. It will deal with the issues under consideration and nothing more.
Complete
Good quality information will contain all the information that is needed for the decision maker to make their decision. If there are any gaps or omissions, then those gaps must be identified.
User Friendly
Quality information will bear in mind the needs of the recipient and how they will use the information provided. It must address their concerns and their needs. Using GCD's Moodle resource and E-Learning facility, you will be able to see examples of user friendly exam answers prepared by your tutors.
Relevant
Including irrelevant information is distracting for the reader. They waste their time reading it and you waste your time producing it. If it is not relevant to the decision under consideration, it should be excluded.
Authoritative
Good information will inspire confidence in the reader that they can rely on that information to support them in their decision making role. Authoritative information inspires confidence. We produce authoritative information when we reference our sources and identify where the figures for our analyses are coming from.
Timely
Good information will arrive during the window of opportunity when the decision maker is faced with a decision.
Easy to use
Modern technologies allow us to consider a variety of methods of communicating information. The recipient must be able to find their way around the information easily, interpret it and understand it.
Questions and Answers
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