Accounts - Principles of Accounts Past Questions and Answers

Every asset should have

Which of the following are impersonal accounts ?<br/>I. Investment<br/>II. Creditors<br/>III. Premises<br/>IV. Debtors<br/>V. Salaries

Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit

Which of the following errors are errors of commission?<br/>I. A cheque paid to Adam debited to Adam's account.<br/>II. Credit sales to Eva credited to sales account but debited to Eve's account.<br/>III. Furniture repairs debited to furniture account.<br/>IV. Credit purchases from Manu credited to Manu's account.

A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is