Accounts - Principles of Accounts Past Questions and Answers

The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?

Use the information below to answer question .
Capital.......N12 700........Purchases......N7 100
Debtors.......N4 000........Stationery.....N1 900
Sales.........N2 400........Wages..........N1 230
The owners wishes to maintain an account equal to of capital as drawings.
What is the amount withdrawn?

\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)
Determine the closing balance of the cash book?

The factor that determine the periodic depreciation charge are?

Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the simple average method, what is the cost per unit of the closing stock?