Question: (to answer 7 lines ) . 2)What is meant by closing stock? Show its treatment in final accounts? (1 Mark) 3. State the meaning of:

(to answer 7 lines )

. 2)What is meant by closing stock? Show its treatment in final accounts? (1 Mark) 3. State the meaning of: (1 Mark) (a) Outstanding expenses: (b) Prepaid expenses; (c) Income received in advance: (d) Accrued income 4. Why is it necessary to create a provision for doubtful debts at the time of preparation of final accounts? (1 Mark) 5. What adjusting entries would you record for the following: (1 Mark) (a) Depreciation (b) Discount on debtors (c) Interest on capital (d) Managers commission

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