a) What is Goodwill?

b) Conditions under which Goodwill is valued in a Partnership

c) Contents of a partnership agreement

1) Differentiate between Public sector accounting and Private sector accounting

2) Sources of revenue for a local government

3) Items of expenditure of a local government

(a) Explain the following terms;
i. Trade discount
ii. Cash discount
iii. Bad debts
iv. provision for doubtful debts
v. Bad debts recovered

(b) Mention the errors that do not affect the agreement of the trial balance

(a) What is a suspense Account

(b) Differentiate between the following;
(i)  Provisions and Reserves
(ii) Expenses and Revenue
(iii) Capital reserves and Revenue reserves

(a) Accounting ratios

(b) Eplain the following
i. Accounting ratios
ii. Current ratio
iii. Rate of stock turnover
iv. Return on capital employed
v. Average collection period
vi. Gross profit percentage

(c) List out the importance of accounting ratios