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Dear Sir,
1)What is the meaning of bank reconciliation?
2)What is the meaning of standard costs?
3)Are finance directors and chairman executive directors?
4)In December 2014 q no.6(c) in the answer part why they are talking about IAS 2 inventory.
5)In dec 2014 4(b) how do we know that it is material in terms of calculating % is it above 5%.
6) In corporate governance does the board involves Ned’s and executive directorsCould you please give me some predictions which I need to focus.
Pinky Cris Paul
1 Bringing the balance in the cash account and the bank statement into agreement.
2 Budgeted costs/unit
3 FD yes, chairman not usually,
4 That’s the relevant IAS governing how inventory is to be valued.
5 Because the standard test for materiality, with reference to progit is 5% – 10% of profit.
6 Yes.
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