Accounts - Principles of Accounts Past Questions and Answers

Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?

Given:
Balance as per cash book...................N20,000
Unpresented cheques........................N5, 200
Direct credit to the bank..................N1, 000
Direct debit from the bank.................N1, 000
Credit in the cash book....................N500
Calculate the balance as per bank statement at the end of the year?

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
Determine the capital of the business?

Use the information below to answer questions
Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000
What is the net working capital?

Which of the following items are current assets?