Simplified Neco Financial Accounting Answers

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Simplified Neco Financial Accounting Answers

Simplified Neco Financial Accounting Answers – NECO 2017 Financial Accounting Questions Online [OBJ and THEORY Answers] – In this article we have real 100% complete assured Neco Financial Accounting expo answers Runz 2017 Read below:

NECO Financial Accounting Questions 2017 | The National currentschoolnews.comxaminations Council is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January respectively.

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Complete NECO Financial Accounting Question and Answers.

Simplified Neco Financial Accounting Answers

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    Simplified Neco Financial Accounting Answers

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.

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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) firstly 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 ) lastly error of complet reversal of entry.

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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.

Simplified Neco Financial Accounting Answers

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, ess 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.

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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 |.

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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 |.

 

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