2019 NECO FINANCIAL ACCOUNT ANSWERS
++++++++++++++++++++++++++++++++++++++++++++
OBJ
1-10:ACEEEAADBA
11-20:EECDAEBCEE
21-30:EBCDBDBBBC
31-40:CABDACEEDB
41-50:BCDCABBCDA
51-60:BDDCCBEDBD
++++++++++++++++++++++++++++++++++++++++++++
SECTION A
Answer 2 questions from this section
(1a)
(i)discount allowed means the discount which is given by a seller to the buyer. While discount received means the discount received by the seller for purchases made
(ii)Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others.
(1b)
(i)Petty cash book
(ii)Cash book
(iii)Returns outwards book
(iv)Sales returns book
(v)Purchase day book or journal
(1ci)
(i)An item that is entered on the wrong side of the trial balance.
(ii)An item can be omitted from the trial balance.
(1cii )
(i)Error of omission
(ii)Error of compensation
(iii)Error of principle
++++++++++++++++++++++++++++++++++++++++++++
(NUMBER 2)
(2i)
Preference shares:-Preference shares are shares in a company that are owned by people who have the right to receive part of the company's profits before the holders of ordinary shares are paid. They also have the right to have their capital repaid if the company fails and has to close.
(2ii)Goodwill:-Goodwill is an intangible asset that arises when a buyer acquires an existing business.The goodwill amounts to the excess of the "purchase consideration" (the money paid to purchase the asset or business) over the total value of the assets and liabilities.
(2iii)
Three column cashbook:-Three column cashbook is the book of original Entry which is used to record all cash received and payment. It is usually a column or sometimes a bank column only.The cash book can be divided into two sides;Debit (Dr) sides and Credit (Cr)sides.
(2iv)
bank reconciliation statement:-Bank reconciliation statement is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by the bank and the corresponding amount shown in the organization's own accounting records.
(2v)
Depreciation :-Depreciation can be defined as a reduction in the economic service potential of an asset as a result of wears,tears,usage and passage of time. When fixed assets are sold ,the part of cost are recovered is termed depreciation
++++++++++++++++++++++++++++++++++++++++++++
(NUMBER 4)
(4a)
(i)Single column cash book
(ii)Double column cash book
(iii)Three column cash book
(iv)Petty cash book
(4b)
Bad debt are those debt that cannot be recovered ie irrecoverable debts.such a debt must be written off from the debtor balance so that the accounts will not give a false picture
While
Provision for bad debts is an estimated amount set aside for doubtful debts which cannot be accurately calculated.The provision must be charged to the profit and loss as expenses and deducted from the debtors balance in the balance sheet
(4c)
*[PICK FIVE]*
(i)When payment is stopped by owner before encashment
(ii)When a postdate cheque is presented earlier than the date written on it
(iii)When the cheque is more than six months from the date written on it
(iv)When the bank has notice of the death of the drawer before the cheque is presented
(v)When the court declares the drawer bankrupt before the cheque is presented
(vi)when the signature on the cheque differ from the one on the signature card at the bank /irregular signature
(vii)when there is an alteration on the cheque and the alterations is not initiated by the drawer
++++++++++++++++++++++++++++++++++++++++++++
SECTION B
answer any 3 questions from this section
(6a)
Adjustment cash book as at 31st March 2016
TABULATE
-DR-
Balance b/f 182,932
IFCKS (Ltd) dividend 1050
Total = 183,982
Balance b/d 183,562
-CR-
Bank charges 420
Balance c/d 183,562
Total = 183,982
(6b)
Bank reconciliation statement as at 31st March 2016
Balance as per Cash book. 183,562
Add up presented cheque (Adamu A) 2420
Less uncredited cheque (Ade H) 5546
Balance as per bank statement. = 180,436
2019 NECO Financial Accounting Objective and essay Questions and Answers is available at 9Jatechs, get verified Financial Accounting Objective and essay neco questions and answers midnight before the commencement of the examination.
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2019/2020 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for 2019 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for Financial Accounting Objective and essay.
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SEE ALSO : 2018 Nov/Dec Neco Gce Physics Practical Questions and Answers | Exam Runs
ALSO SEE: Physics Objective and Essay 2018 Neco Gce Questions and Answers
2019/2020 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for 2019 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for Financial Accounting Objective and essay.
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
2019/2020 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for 2019 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for Financial Accounting Objective and essay.
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
All updates concerning Neco is been posted at Neco exam forum and all updates concerning Waec is posted at Waec Exams forum forum.
++++++++++++++++++++++++++++++++++++++++++++
OBJ
1-10:ACEEEAADBA
11-20:EECDAEBCEE
21-30:EBCDBDBBBC
31-40:CABDACEEDB
41-50:BCDCABBCDA
51-60:BDDCCBEDBD
++++++++++++++++++++++++++++++++++++++++++++
SECTION A
Answer 2 questions from this section
(1a)
(i)discount allowed means the discount which is given by a seller to the buyer. While discount received means the discount received by the seller for purchases made
(ii)Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others.
(1b)
(i)Petty cash book
(ii)Cash book
(iii)Returns outwards book
(iv)Sales returns book
(v)Purchase day book or journal
(1ci)
(i)An item that is entered on the wrong side of the trial balance.
(ii)An item can be omitted from the trial balance.
(1cii )
(i)Error of omission
(ii)Error of compensation
(iii)Error of principle
++++++++++++++++++++++++++++++++++++++++++++
(NUMBER 2)
(2i)
Preference shares:-Preference shares are shares in a company that are owned by people who have the right to receive part of the company's profits before the holders of ordinary shares are paid. They also have the right to have their capital repaid if the company fails and has to close.
(2ii)Goodwill:-Goodwill is an intangible asset that arises when a buyer acquires an existing business.The goodwill amounts to the excess of the "purchase consideration" (the money paid to purchase the asset or business) over the total value of the assets and liabilities.
(2iii)
Three column cashbook:-Three column cashbook is the book of original Entry which is used to record all cash received and payment. It is usually a column or sometimes a bank column only.The cash book can be divided into two sides;Debit (Dr) sides and Credit (Cr)sides.
(2iv)
bank reconciliation statement:-Bank reconciliation statement is a process that explains the difference on a specified date between the bank balance shown in an organization's bank statement, as supplied by the bank and the corresponding amount shown in the organization's own accounting records.
(2v)
Depreciation :-Depreciation can be defined as a reduction in the economic service potential of an asset as a result of wears,tears,usage and passage of time. When fixed assets are sold ,the part of cost are recovered is termed depreciation
++++++++++++++++++++++++++++++++++++++++++++
(NUMBER 4)
(4a)
(i)Single column cash book
(ii)Double column cash book
(iii)Three column cash book
(iv)Petty cash book
(4b)
Bad debt are those debt that cannot be recovered ie irrecoverable debts.such a debt must be written off from the debtor balance so that the accounts will not give a false picture
While
Provision for bad debts is an estimated amount set aside for doubtful debts which cannot be accurately calculated.The provision must be charged to the profit and loss as expenses and deducted from the debtors balance in the balance sheet
(4c)
*[PICK FIVE]*
(i)When payment is stopped by owner before encashment
(ii)When a postdate cheque is presented earlier than the date written on it
(iii)When the cheque is more than six months from the date written on it
(iv)When the bank has notice of the death of the drawer before the cheque is presented
(v)When the court declares the drawer bankrupt before the cheque is presented
(vi)when the signature on the cheque differ from the one on the signature card at the bank /irregular signature
(vii)when there is an alteration on the cheque and the alterations is not initiated by the drawer
++++++++++++++++++++++++++++++++++++++++++++
SECTION B
answer any 3 questions from this section
(6a)
Adjustment cash book as at 31st March 2016
TABULATE
-DR-
Balance b/f 182,932
IFCKS (Ltd) dividend 1050
Total = 183,982
Balance b/d 183,562
-CR-
Bank charges 420
Balance c/d 183,562
Total = 183,982
(6b)
Bank reconciliation statement as at 31st March 2016
Balance as per Cash book. 183,562
Add up presented cheque (Adamu A) 2420
Less uncredited cheque (Ade H) 5546
Balance as per bank statement. = 180,436
2019 NECO Financial Accounting Objective and essay Questions and Answers is available at 9Jatechs, get verified Financial Accounting Objective and essay neco questions and answers midnight before the commencement of the examination.
OUR SUBSCRIBERS GET QUESTIONS AND ANSWERS MIDNIGHT BEFORE THE COMMENCEMENT OF THE EXAM.
Time and Date for Financial Accounting Objective and essay 2019 NECO Examination.
Wednesday 26th June- Paper III: Objective – Financial Accounting ‹‹›› 2:00pm – 3:20pm
- Paper II: Theory & Practice – Financial Accounting ‹‹›› 3:20pm – 5:50pm
Recommended: See 2019 NECO Official Exam Timetable >> 9Jatechs
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Note: please do not call our number, simply send message on whatsapp or using SMS
For More Info Whatsapp 08065889844 or click the whatsapp icon on the left side of our platform to chat with us.
2019/2020 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for 2019 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for Financial Accounting Objective and essay.
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
SEE ALSO : 2018 Nov/Dec Neco Gce Physics Practical Questions and Answers | Exam Runs
2019/2020 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for 2019 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for Financial Accounting Objective and essay.
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
2019/2020 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for 2019 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for Financial Accounting Objective and essay.
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
ALSO SEE: Physics Objective and Essay 2018 Neco Gce Questions and Answers
2019/2020 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for 2019 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for Financial Accounting Objective and essay.
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
2019/2020 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for 2019 Neco Financial Accounting Objective and essay Questions and answers now available, To get all questions and answers for Financial Accounting Objective and essay.
9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs). 9Jatechs deliver it answers at midnight to her subscribe. Expo for 2019 Neco Financial Accounting Objective and essay Questions and answers is also available on our portal (9Jatechs).
All updates concerning Neco is been posted at Neco exam forum and all updates concerning Waec is posted at Waec Exams forum forum.