Q1. Explain two ways in which control accounts can be used in small business. Please note the owner is not operating full double entry system.
Q2. Explain two limitations to the usefulness of control accounts. In small business, if the owner is not operating full double entry system.
Q3. Explain two ways in which the going concern principle affects the value of work in progress.
Q4. Explain two ways in which the prudence principle affect the value of work in progress.