Accounting Questions and Answers

Given:
Stock of raw materials 1/40............N11,150
Purchases of raw materials.............N112,550
Raw material returned...........N31,150
Stock of Raw materials 31/12/04........N27,150

Calculate the cost of raw materials consumed?

Capital..............................N60,000
Bank.................................N12,500
General expenses................N5,250
Creditors...........................N17,000
Stock.................................N98,500
Fixed assets......................N42,000
Insurance and rates...........N18,800
Purchase...........................N63,850

Determine the total of the trial balance?

Capital..............................N60,000
Bank.................................N12,500
General expenses................N5,250
Creditors...........................N17,000
Stock.................................N98,500
Fixed assets......................N42,000
Insurance and rates...........N18,800
Purchase...........................N63,850

What is the cash balance on the debit side if it is the only item omitted?

Adaobi mistakenly entered N7000 as credit sales in Abba's account. This is?

Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset. 
This concept is called?