Performance appraisal

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1、PerformanceappraisalPerformanceappraisalrequiresgoodinterpretationandagoodunderstandingofwhattheinformationmeansinthecontextofthequestionPerformanceappraisalisanimportantaspectofPaperF7, FinancialReporting andofinteresttoPaperP3students.Atthislevelyouarenotonlyrequiredtoprepare

2、financialstatementsbutunderstandtheinformationunderpinningtheresults.Youwilloftenberequiredtomakeuseofratiostoaidinterpretationofthefinancialstatementsforthecurrentyearandtocomparethemtotheresultsofapriorperiod,anotherentity,oragainstindustryaverages.Increasingly,candidateexamp

3、erformanceisdemonstratingalackofcommercialawarenessandknowledgethatbarelystretchespastthe'rotelearned'phase.Candidatesregularlystatefactssuchas'grossprofitmarginhasincreased'or,'payablesdayshavegonedown'butthisoffersnointerpretationofthereasonbehindthechangeinratio.Asaresultmar

4、kersfinditdifficulttoawardsufficientmarkstocandidatestoachieveapass.Thisarticleisdesignedtoaidcandidatesinunderstandingwhatisexpectedtocreateasolidanswertoaperformanceappraisalquestion.SPECIFICPROBLEMSWhenmarkingthisstyleofquestiontherearesomecommonweaknessesthatareidentified,s

5、omeofwhicharehighlightedbelow:·limitedknowledgeofratiocalculations·appraisalnotlinkedtoscenario·poorunderstandingofthetopic·limitedunderstandingofwhataccountinginformationrepresents·lackofcommercialawareness·discursiveelementsoftennotattempted·inabilitytocometoaconclusion·poorh

6、andwriting(oftenillegibleinsomeinstances)·poorEnglish.USETHESCENARIOThemajorityofquestionsthatfeatureperformanceappraisalhaveanaccompanyingscenariotothequestionrequirement.Aweakanswerwillmakenoattempttorefertothisinformationintheappraisaland,therefore,willoftenscorefewmarks.Iti

7、simportantthatyoucarefullyconsiderthisinformationandincorporateitintoyourappraisalbecauseithasbeenprovidedforareason.Donotsimplylistallthepossibilitiesofwhyaratiomayhavechanged;linkthereasontothescenariothatyouhavebeenprovidedwith.EXAMPLEThequestionscenariomayprovideyouwithaset

8、offinancialstatementsandsomefurtherinformationsuchasde