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1. Why is the Profit and Loss Account headed Profit and Loss Account for the year ended 31st December 2020 but the Balance Sheet as

1. Why is the Profit and Loss Account headed Profit and Loss Account for the year ended 31st December 2020 but the Balance Sheet as at 31st December 2020?

2. List five (5) reasons or purposes of depreciation

3. Distinguish between Capital Expenditure and Revenue Expenditure, giving examples in each case.

4. List five main objectives for the preparation of financial accounting statements.

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