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Q1 Explain how to account for a contingent liability. Q2 A board of directors may declare a cash dividend or a share dividend.Explain the difference

Q1 Explain how to account for a contingent liability.

Q2A board of directors may declare a cash dividend or a share dividend.Explain the difference and give one reason for each.

Q3Explain why establishing an allowance for bad debts satisfies the matching principle.

Q4Explain the meaning of profitability and efficiency.

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