Explain some of the practical problems encountered by companies when valuing inventories.

Set out two circumstances in which it may be necessary to complete financial statements from incomplete records and discuss the risks involved in preparing these financial statements.

Explain what is meant by the "elimination method" of accounting for depreciation when a revaluation occurs?

Explain why the profit on a disposal of property, plant and equipment is removed from the Operating Cash Flows under the indirect method and explain how the disposals of such assets are recorded in the Statement of Cash Flows.