Description

legal practice management

(a) You have recently been appointed as a lawyer for a bank and a customer brings a complaint that his bank statement and cashbook balances do not agree.

Discuss the above scenario and explain to the customer the importance of preparing bank reconciliation.           (4 marks) (b) Distinguish between the following cost accounting terminologies:

Direct and indirect cost        -(2 marks) (ii) Cost center and cost unit(2 marks)

• Joint products and by-products(2 marks)
• Period costs and product cost(2 marks)

(c) Two accounting concepts or conventions could crash or there could be inconsistency between them. Define the concepts below and discuss their implication in the preparation of financial statements:

• Materiality concepts (2 marks)
• The going concern concept (2 marks)
• Business entity concept (2 marks)
• Realization concept (2 marks)