NECO Financial Accounting Questions and Answers 2022 (Theory & Obj) Legit Free Expo Answers

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NECO Financial Accounting Questions and Answers 2022 (Theory & Obj) Legit Free Expo Answers

 

NECO Financial Accounting Questions and Answers 2022. You will see  NECO Accounting 2022 (Theory & Obj) Legit Free Financial Accounting theory and  Obj expo answers and  repeated NECO Financial Accounting questions 2022 for free National Examination Council runz/runs.

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You will also understand how NECO Financial Accounting Questions are set and how to answers them in order to have excellent NECO result. The National Examination Council is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and November/December respectively

Note: You can join our free NECO Questions and Answers 2022 expo WASAP Group  Click Here To Join Joberplanet Free NECO expo Telegram Group

*******How To Join The NECO Financial Accounting WHATSAPP Vip Group FOR Mid Night Questions ANSWERS*******

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2 Comments

  1. [7/25, 11:10 AM] Donprosper: *NECO FINANCIAL ACCOUNTING*

    (1a)

    (i)Discount allowed is the discount given to the customers for prompt payment of their account WHILE Discount received is the discount received from supplier for prompt payment of our accounts.

    (ii) Discount allowed must be treated as an expenses and hence debited to discounts allowed and credited to the personal account of the customers WHILE Discount received is treated as revenue and hence it is credited to the discounts received account and debited to the personal account of the supplier.

    (1b)
    (Pick Any Five)
    (i) Purchase day book
    (ii) sales day book
    (iii) Return outwards book
    (iv) Sales returns book
    (v)Cash book
    (vi) Petty cash book

    (1c)
    Two errors Trial balance can reveal are;
    (Pick Any Two)
    (i)Posting of the Wrong Amount
    (ii)Wrong Totaling of Subsidiary Books
    (iii)Posting an Amount on the Wrong side of the Account

    Three errors that does not affect Trial balance are;
    (Pick Any Three)
    (i)Error of omission
    (ii)Error of commission
    (iii)Error of original entry
    (iv)Error of principle
    (v)Error of complete reversal of entry
    [7/25, 11:10 AM] Donprosper: *NECO ACCOUNTING*

    (2)
    (i) Accumulated fund: An accumulated fund is a type of account that serves as the repository for funds that are collected over time by non-profit organizations and are above and beyond the money needed to cover operational and other expenditures.

    (ii) Depreciation: It’s the reduction of a recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.

    (iii) Nominal Capital: It’s the amount of capital that a business can offer to shareholders, in the form of shares of stock. In most nations, the amount of this nominal share capital is regulated by governmental agencies that determine the financial stability of the business and the company’s ability to cover the value of those shares.

    (iv) Bad debt: Bad debt is an expense that a business incurs once the repayment of credit previously extended to a customer is estimated to be uncollectible and is thus recorded as a charge off.

    (v) Net profit: is the amount of money your business earns after deducting all operating, interest, and tax expenses over a given period of time.

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