Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer this question<br/>Kudi Local Government Council incurred the following expenditure in 1995:<br/>N <br/>Payment of salaries 140,000<br/>Purchase of drugs for dispensaries 80,000<br/>Purchase of books for Library 30,000<br/>Sinking of wells 70,000<br/>Extension of Council offices 160,000<br/>The amount of revenue expenditure for 1995 was

An expense becomes an accrual because it

The amount for which a business is sold is known as

The person who is responsible for the formation of a company is called the

The amount of a company's profit given to a shareholder is known as