Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)
Determine the debtors collection period

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

When the invoice of a customer is overcast, the supplier will send to him a

In a bank reconciliation statement, Dishonoured cheques is added to

Which of the following is not a proper form of the accounting equation