- This topic has 1 reply, 2 voices, and was last updated 5 years ago by
.
- Posts
may i know if non current asset register and inventory report shows the cost of assets and inventory respectively ?
this is for the procedures to determine the claim of asset (June 2013), part (B) (ii) question whether we must recommend procedures to be performed in determining the amount of the claim
can i say whether we can use non current asset register to confirm the cost of lorry stolen and use inventory report to confirm the cost of inventory stolen ?
A non-current (fixed) asset register is kept by all but the smallest of businesses. It is not part of the double-entry bookkeeping system but a separate record. What it is and the information it contains is assumed knowledge. I have found for you an answer to an old exam question (it doesn’t matter what the question was) with some details FYI – see answer 1 (b) here https://www.accaglobal.com/content/dam/acca/global/PDF-students/2012i/int3-2009-dec-a.pdf
So yes, the cost and carrying amount of the asset would be included in the register.Whereas an asset register is a widely used term, an “inventory report” just means a report about inventory and you would have to decide, in context, what information would be included. If a business is claiming for theft of goods you would expect the claim to be supported by a list/schedule of stolen goods quantity and valuation – a “stolen inventory valuation report”. You could verify the claim for the cost of stolen inventory based on this report – you would have to verify the quantities included and how they have been costed.
- You must be logged in to reply to this topic.