2020/2021 NECO Financial Accounting Answers to Questions OBJ/Essay. Are you among the candidates that Registered for The NECO 2020/2021 Exams and you are online googling NECO 2020 Financial Accounting answers, NECO Financial Accounting 2020, NECO Financial Accounting expo, NECO 2020 Financial Accounting Runz, 2020 NECO answers to Financial Accounting, NECO 2020 Answers? Your problem is solved as long as this page is involved. Keep reading.
NECO Financial Accounting Objectives Answers to Questions
The National Examinations Council is Responsible for the Setting and marking of NECO Examination and has informed members of the general public that the National Examinations Council has neither authorized nor permitted any person/agent or institution to register candidates on behalf of the Council, on a parallel or different website other than mynecoexams.com. Due to this fact, We are here to tell you that the National Examinations Council is not in any way in support of any Examination Malpractice or expo. Anybody assuring you of any NECO 2020 Financial Accounting runz, 2020 Financial Accounting Expo is there to scam you, beware of such people. The only Questions are Financial Accounting past questions and 2020 Financial Accounting Sample Questions and answers.
SEE ALSO, NECO GCE 2020 Mathematics Answers
NECO 2020 Financial Accounting Theory Answers to Questions
Below are NECO Accounting Past Questions and Answers that may be repeated
3a)
i)federal allocation share
ii)loans
iii)grants in aids
iv)licence of kiosk
v)tenement rate
vi)arket ticket fees
vii)registration of business
viii)pack ticket fees
ix)staff monthly tax
x)fees charged naming of streets
3b)
i)business entity:state that every economic unit regardless of it legal form is treated as separate entity from its owners
ii)going concern:it assumes that the business unit will operate in perpetuity
iii)matching concept:holds that for any accounting period they earned reveune and the incomed cost must be matched and reported for the period
===================
4a)
i) error of omission
ii ) error of original entry
iii ) compensating error
iv) error of original entry
v ) error of commission
vi) error of complete reversal of entry
vii) error of commission
viii ) error of omission
ix) error of principle
x ) error of complet reversal of entry
4b)
i) error
ii ) credit transfer
iii ) standing order
iv) uncredited cheque
v ) dishonoured cheque
=======================
part II answer 3 Questions only
=======================
6a)
adamu cash book adjusted as at 31st march
1990
Tablulate N
Balance b/f 14415
credit transfer 3500
=17915
balance b/d 9595
Tabulate N
Bank charges 145
standing order 4525
dishonoured cheque 3650
balance c /d 9595
=17915
6b)
bank reconciliation statement N
balance as per ajusted cash book =9595
add unpresented cheque =11390
=20985
less uncredited cheque =( 4160 )
balance as per bank statement =16825
=======================
8)
tabulate
manufacturing, trading, profit and loss account
for the year 31st dec 2001
stock =5064
purchase = 38000
carriage = 520
=43, 584
less stock =( 7138 ) /36446
manuf wagies =33850 /70 , 296
factory exp =2180
exp:p/m = 2800
wip -tp = 630
wip -cl =( 750 )
fuel = 2100
maintenace = 9450
lighting =4500
salaries =3700
insurance =3000 /97 , 906
cost of prod =97906
sales 185 , 600
stock =8216
cost of prod =97906 /106, 122
stock =( 9864 ) /96258
cross profit =89342 /185 , 600
c =ross profit 89342
off rent =1050
dep-M /V =800
advert =410
runing exp =1350
commission =690
lighting =3000
salaries =2300
insurance =1500
net profit =78242 /89342
total 89342
=======================
9a)
tabulate
straight line method
dep= 1000000 -400000 /4 =150000
year | 1| 2| 3 | 4|
cost| 1000000 | 850000 | 700000 | 550000 |
dep| 150, 000| 15000 | 15000 | 15000 |
Ac dep | 150000 | 300000 | 450000 | 600000 |
NBV| 850000 | 700000 | 550000 | 400000 |
9b)
tabulate
reducing balance method
year | 1| 2| 3 | 4|
cost| 1000000 | 795000 | 632025 | 502460 |
dep( 20 .5% )| 205000 | 162975 | 129565 | 103004 |
Ac Dep| 205000 | 367975 | 497540 | 600544 |
NBV| 795000 | 632025 | 502460 | 399456 |
How to Answer NECO 2020 Financial Accounting Questions
Student Looking for NECO Financial Accounting Answers are advised to adopt the following
Proper Preparation
Preparation is the key to Success, anybody looking for any other way to pass NECO 2020 Accounting apart from good preparation is looking for a way to fail. seat tight and study your books and pass NECO Financial Accounting can never be a problem to you.
Use Good Financial Accounting Textbooks
There is nothing good as sound textbooks. The textbooks are your companion. Make good use of Financial Accounting textbooks in addition to your class note and you will see yourself solving complex Financial Accounting questions. One textbook is not enough, some textbooks make topics that seems to be hard in others simple. You are advised to make textbooks your companion.
Prayer
Pray is the key is the master key, never rely solely on your own effort, God is there to help you. Your prayer to the Almighty God will open the door of Success in your Exams. Believe in God your creator and all your problems is over.
Time Management
Time management is very important as long as NECO 2019 Financial Accounting is concerned. Make sure you don’t waste time when attempting any question. Answer Questions You Know better before proceeding to try others. Be mindful of the time given and the number of questions you are to answer before the time elapses.
Adhere to instructions
Any candidate they refuse to adhere to the Examination Instructions is planning to fail. The instructions there are for you not for the invigilators. Adherence to instructions gives you a better chance of passing NECO Financial Accounting 2019.
I hope the above article “2019/2020 NECO Financial Accounting Answers to Questions OBJ/Essay” is very useful to everyone. please kindly share it with friends. 2019/2020 NECO Financial Accounting Answers to Questions OBJ/Essay loading..
