is hg are different followi d) Explain the following terms as used in accounting; (2 marks) (i) Issued share capital. (1 mark) (ii) Contract price (2 marks) (iii) Work certified e) Explain the following terms as used in royalty accounts (1 mark) i) Royalty ii) Short workings (2 marks)

d) <br />(i) Issued share capital: Issued share capital refers to the total amount of shares that a company has issued to its shareholders. It represents the amount of money that shareholders have invested in the company by purchasing its shares. Issued share capital is recorded in the company's balance sheet and is an important indicator of the company's equity.<br /><br />(ii) Contract price: The contract price is the agreed-upon price between two parties involved in a contract. It is the amount that one party agrees to pay to the other party in exchange for goods or services. The contract price is typically specified in the terms and conditions of the contract and serves as a reference for both parties during the execution of the contract.<br /><br />(iii) Work certified: Work certified refers to the process of verifying and approving the completion of a specific task or project. It is a formal acknowledgment that the work has been completed to the required standards and specifications. Work certification is often required in industries such as construction, engineering, and manufacturing to ensure that the work meets the necessary quality and safety requirements.<br /><br />e) <br />(i) Royalty: A royalty is a payment made to an individual or entity for the use of their intellectual property, such as patents, copyrights, or natural resources. In the context of royalty accounts, royalties are typically payments made to authors, musicians, or patent holders for the use of their work. Royalties are usually calculated as a percentage of the revenue generated from the use of the intellectual property.<br /><br />(ii) Short workings: Short workings refer to the difference between the actual amount of work performed and the amount of work that was originally planned or expected. In the context of royalty accounts, short workings may occur when the actual amount of work performed is less than what was initially anticipated, resulting in a lower amount of royalties earned. Short workings can be due to various factors such as delays, inefficiencies, or changes in the scope of work.