31. Demand schedule: as price increases (5→20), quantity demanded decreases (5→2). This shows an inverse/negative relationship between price and quantity demanded — the Law of Demand. (Graph: downward-sloping curve, Price on Y-axis, Quantity on X-axis)
32. Adjusting entry (Dec 31) – Accrued Revenue (work done, not yet billed)
Dr. Accounts Receivable ......... 5,000
Cr. Service Revenue ........... 5,000
(To record revenue earned but not yet billed)
33. Factory productivity
Productivity per hour = Total output value ÷ Total hours worked
= 1,000,000 ÷ 800
= Sh. 1,250 per hour
34. Production cost (Company X – 1,000 tables)
Wood = 12,000
Wages = 2,000
Nails (bag of 100) = 100
Rent & utilities = 500
Total production cost = 12,000+2,000+100+500 = Sh. 14,600
35. National account system
A national account system is a set of standardized accounts/statistics (like GDP, GNI, GNDI) used by a country to systematically record and measure all economic activities — production, income, expenditure — that take place in the economy over a period of time
