Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?

One of the major features of bookkeeping is that it?

One of the major features of bookkeeping is that it?

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?