Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer the question given <br/>\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)<br/>The capital employed is

\(\begin{array}{c|c} <br/>\text{Net profit} & 60,000 \\ <br/>\hline <br/>\text{Total assets} & 520,000 \\<br/>\hline<br/>\text{Current liabilities} & 150,000 \\<br/>\hline<br/>\text{Currents assets} & 280,000 \\<br/>\end{array}\)<br/>The returns on capital employed is

The double entry principle states that

Which of the following is a nominal account?

Reserves account is kept in the