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  3. question 1 (20 marks) (a) define the following ter

QUESTION 1 (20 MARKS) (a) Define the following term: i. Allowance for doubtful debt. (2...

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Accounting

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QUESTION 1 (20 MARKS) (a) Define the following term: i. Allowance for doubtful debt. (2 marks) ii. Accrued expenses. (2 marks) iii. Residual value. (2 marks) iv. Invoice (2 marks) (b) The following are the rules of accounting that should be followed in preparation of all accounts and financial statements. Discuss the each of the following. . Accrual. (4 marks) ii. Consistency. (4 marks) iii. Prudence. (4 marks)

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