1. What is the benefit of conducting a risk analysis for financial statements item and its accompanying notes? Write answer in 30-50 w o rds
2. Explain in 250-300 w o rds, the four (4) practical steps in conducting a risk analysis.
3. Explain in 100-150 w ords, the significance and objective of "Accounting standard AASB 101".
4. Where is the standard Aus 1.1 applicable? Write answer in 30-50 w ords.
5. Explain in 30-50 w ords, "IPSAS 1 - Presentation of Financial Statements ".
6. What are the key differences between IPSAS 1 and AASB 101? Write answer in 50-100 w ords.
7. Explain in 150-200 w o rds,the "Financial Management and Accountability Act 1997(FMA Act)".
8. Assume that a manufacturer determines that its cost of electricity and supplies for the factory are approximately $10 per machine hour (MH). It also knows that the factory supervision,depreciation, and otherfixed costsare approximately $40,000 per month. Typically, the production equipment operates between 4,000 and 7,000 hours per month. Based on this information, what would be the flexible budget for each month?