Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?

Verifiability in accounting is only possible when there are?

Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?

Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?

Which accounting concept supports the assertion that economic reality takes precedence over legal issues?