1. What is the difference between accrual, cash and going concern basis for accounting? 2. What is the difference between share capital and retained earnings? 3. What are contingent liabilities? How...

1. What is the difference between accrual, cash and going concern basis for accounting?

2. What is the difference between share capital and retained earnings?

3. What are contingent liabilities? How do contingent liabilities affect a business?

4. Differentiate between sundry debtors and sundry creditors.

5. What are the simple tools that can be utilized for managing cost? Explain.