DFS Exam

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purple19m
purple19m Registered Posts: 92 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
This may seem a silly question but I will ask anyway.............

If in a DFS it asks you to state what an asset is can you write in your own words what is it or is it best to quote word for word the meaning as stated in the standards?

I assume your own words would be fine as it shows you understand the meaning fully and your not just memorising the statements?

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  • Steve Collings
    Steve Collings Registered Posts: 997 Epic contributor 🐘
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    When I taught DFS in a former life, I often said that if you couldn't remember the definition word for word, then as long as you can demonstrate that you can define an asset without simply saying "it's something you own" but expand on the the requirement by mentioning control and future economic benefits, this will suffice.

    Kind regards
    Steve
  • purple19m
    purple19m Registered Posts: 92 Regular contributor ⭐
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    Thank you, really appreciate you taking the time to reply.

    Purple

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