THEORY O Answer two questions from this section.
(a)
Outline five merits of control account.
(b)
Differentiate between the following terms:
(ii)
(iii)
long-term liability and current liability
fixed asset and current asset
intangible asset and fictitious asset
State any five books of original entry.
Using two examples each, distinguish between Personal.
and Impersonal accounts.
Identify any five sources of capital to a partnership business.
Distinguish between accruals and prepayments.
List four qualities of receipts and payments account