er/?assessmentRunId=559443728.context=exam&selected Languageld=2#/section/417403743367/question/56233672 le 11 Ensure that you answer parts a, b and c a) The accruals concept is a fundamental accounting concept and underpins the preparation of financial statements. Requirement Define the accruals concept and then explain the concept by giving an example. (5 marks) b) The following transactions relate to receivables for a business during the year 1. Opening balance 594,000 2. Credit sales made during the month 578,800 3.Receipts from customers 456,000 4. Discounts allowed for prompt payment 3,400 Requirement Prepare the receivables ledger control account to reflect the transactions, ensure you show the closing balance on the ledger account. (6 marks) A business may produce a trial balance that shows debits that equal credits, but there still could be errors in the trial balance Requirement List two types or errors that are not identified by a balancing trial balance and give an example of each. (4 marks) Fill in your answer here Format - BI U *, * IxG 3 = :: 2 ] &