Examiners expectation on acc.standards? mugging skills or ?

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What is expected from students while writing answers to Accounting standards? 

Copy paste from module or conceptual understanding? 

Can one expect full marks in theory questions in CAFM

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In professional courses like CA CS ICWA , one is not expected to mug in the exact text as given study material rather you have to, first, learn  the AS  and apply it to the practical problem. 

in ipcc level the examiners expect student to have conceptual clarity on AS and at the final level concept plus application.

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