a) A manufacturing company in the Eastern Region of Ghana in three products namely, N, J and M which are neither similar nor interchangeable. At the time of closing of its account for the 2022 financial year the closing inventories values were determined as follows:

Product	Historical Cost value GHS	Net Realisable Value GHS
N	8,000	5,600
J	6,400	6,400
M	3,200	4,800

Requirement: Determine the closing inventory value of the products in accordance with IAS 2, Inventories.

Assignment # 4

a) Elements of financial statements are essential drivers for classifying, recording and reporting business transactions.

Required: Explain any FOUR (4) elements of financial statements in line with the IASB Conceptual Framework for Financial Reporting and identify their criteria for recognition.