2017 NECO Financial Accounting Answers & Questions | OBJ and Theory Expo
NECO Financial Accounting Questions 2017 | OBJ and Theory Answers - This post is for students writing today's NECO exam and those looking for 2017 NECO Financial Accounting past questions download Answers, NECO Financial Accounting questions, upcoming GCE Financial Accounting questions 2017, NECO Financial Accounting past question and Answer and finally Financial Accounting questions for GCE. Download Complete NECO Expo Here.
In this article, you will see some past Financial Accounting objective and theory random repeated questions and answers free of charge. The main aim is to make you understand how NECO Financial Accounting questions are set, including many other examination guidelines. As you may have presumes, this is not an expo answer site. Its just past questions and answers. That being said, you must remain focused and read through all the questions.
NECO Financial Accounting Questions 2017
First and foremost, who is NECO? The National Examinations 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.
2017 NECO Financial Accounting Question and Answers
WARNING: This is not an exam expo answer 2017. Do not copy it and use in this exam because you will fail. This is simply a past exam question and answers for objectives and answers. however, you can keep accessing this page as update will be made in a jiffy.
NECO Financial Accounting OBJ Answers (F/acct)
01 - 10 aabcdeaedd
11 - 20 daccbebcca
21 - 30 acdeebbdcc
31 - 40 edcabeabeb
41 -50 baacedabed
51 - 60 badcabccba
NECO Financial Accounting Theory/Essay Answers (F/acct)
3a)
- federal allocation share
- loans
- grants in aids
- licence of kiosk
- tenement rate
- market ticket fees
- registration of business
- pack ticket fees
- staff monthly tax
- fees charged naming of streets
3b)
- business entity:state that every economic unit regardless of it legal form is treated as separate entity from its owners
- going concern:it assumes that the business unit will operate in perpetuity
- matching concept:holds that for any accounting period they earned reveune and the incomed cost must be matched and reported for the period
4a)
- error of omission
- error of original entry
- compensating error
- error of original entry
- error of commission
- error of complete reversal of entry
- error of commission
- error of omission
- error of principle
- error of complet reversal of entry
4b)
- error
- credit transfer
- standing order
- uncredited cheque
- dishonoured cheque
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part II answer 3 Questions only
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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
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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 |
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