Question 2 (20 marks)

a) Discuss and describe two methods to account for bad debts. Provide an example of each method using journal. (7.5 Marks)

b) Identify and describe 5(five) internal control concepts and applications in control of cash receipts. (7.5 Marks)

c) Explain the difference between expenses paid in advance and accrued expenses. Provide an example of each to demonstrate your understanding. (5 Marks)