Explain each of the following types of formal reports: (i) statutory report; (ii). inventory report.(4 marks)June/July 2020

i) Statutory report: A statutory report is a type of formal report that is required by law to be submitted to a regulatory body or government agency. Statutory reports may include financial statements, safety reports, or other types of information that are required to be disclosed by law. The purpose of a statutory report is to provide information that is necessary for the regulatory body or government agency to fulfill its legal responsibilities and to ensure compliance with relevant laws and regulations.

ii) Inventory report: An inventory report is a type of formal report that provides information about the quantities and types of goods or materials that are in stock at a particular point in time. Inventory reports may be used to track the movement of goods and materials within an organization, to identify shortages or excesses, and to plan for future needs. The purpose of an inventory report is to provide accurate and up-to-date information about the organization’s stock levels, to help with decision-making and resource planning.