Liabilities are present obligation which represent O legal only O expected value O neither legal or constructive obligations either legal or constructive obligations

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A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

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A: Journal is a book used to record of day to day transactions of the business.

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A: Accrual method A method of accounting that records the revenue or incomes when it is earned and…

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A: Solution:Contribution margin refers to the revenue of the firm after deducting variable expenses…

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