CIMA BA3 · Chapter 10 · Question 9 of 10
Why is a non-current asset register reconciled regularly with the general ledger accounts and with a physical inspection of the assets?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) To check that recorded assets exist and that the ledger balances are complete and accurate
Explanation
The asset register holds details of each asset. Reconciling it to the ledger and checking the assets physically are controls that confirm existence and completeness and detect loss or theft of assets.
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