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Q12. Explain the following terms: . . Debtors Expenditure Discount Business transaction Purchases Q13. Explain the types of assets Q14. Distinguish between Receivables and Payables

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Q12. Explain the following terms: . . Debtors Expenditure Discount Business transaction Purchases Q13. Explain the types of assets Q14. Distinguish between Receivables and Payables Q15. Give 2 examples of current assets? Q16. Plant and machinery, land, building, furniture etc are examples of which type of assets? Q17. "Accounting results based on personal judgement make the records only approximative not authorative". Explain this statement with reasons

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