2021 NECO EXPO FINANCIAL ACCOUNTING THEORY & OBJ QUESTIONS AND ANSWERS NOW AVAILABLE

2021 NECO FINANCIAL ACCOUNTING EXPO THEORY AND OBJ QUESTIONS AND ANSWERS

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2021 NECO FINANCIAL ACCOUNTING ANSWERS
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ACCOUNT OBJ
1-10: CCDCCBBCDB
11-20: ECEEBCDBAE
21-30: DECEECBAAD
31-40: EEBEADEECE
41-50: DBBBDCAEBB
51-60: DBBCAECDBD

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FINANCIAL ACCOUNTING THEORY
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INSTRUCTION : ANSWER 5 QUESTIONS.
2 QUESTIONS FROM SECTION A AND 3 QUESTIONS FROM SECTION B
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SECTION A
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(1a)
Capital expenditure may be described as outlay resulting in the increase or acquisition of an asset ot increase in the earning capacity of a business WHILE Revenue expenditure is such outlay as is necessary for the maintenance of earning capacity, including the upkeep of the fixed assets in a fully efficient state, and the normal total involved in selling, including the cost of goods and services of the business to which it relates.

(1b)
(i)Sales day book or sales journal
(ii)Purchase day book or journal
(iii)Sales returns or return inwards journal
(iv)Purchases returns or returns outwards day book
(v)Cash book

(1c)
(i)Active partner
(ii)Sleeping or dormant partner
(iii)Nominal partner
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(2a)
Public sector Accounting is the system of accounting that involves recording, communicating, summarizing, analyzing and interpreting the financial statements and statistics of Government in aggregate and details. It deals with the receipts, custody, disbursement and rendering of stewardship on public funds entrusted”.

(2b)
(i) Public sector accounting is the accounting of financial documents which is required to be disclosed to the public by the individual or corporation WHILE Private sector accounting is the accounting of financial information of the company in which the accountant is employed generally for the internal manager.

(ii) Private sector comprises of business which is owned, managed and controlled by individuals. WHILE public sector comprises of various business enterprises owned and managed by Government.

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(3i)
Account sales: Account sales is a statement specifying the price at which the goods are sold, the commission earned by the consignee, the expenses incurred by the consignee on behalf of the consignment and the net balance for which the consignee is liable. It is prepared by the consignee and does not have a fixed or specified format.

(3ii)
Consignee: consignee is the entity who is financially responsible (the buyer) for the receipt of a shipment. If a sender dispatches an item to a receiver via a delivery service, the sender is the consignor, the recipient is the consignee, and the deliverer is the carrier.

(3iii)
Work in progress: Work in progress is a production and supply-chain management term describing partially finished goods awaiting completion. Work in Progress refers to the raw materials, labor, and overhead costs incurred for products that are at various stages of the production process. Work In Progress is a component of the inventory asset account on the balance sheet.

(3iv)
Cost of Production:
Cost of production refers to the total cost incurred by a business to produce a specific quantity of a product or offer a service. Production costs may include things such as labor, raw materials, or consumable supplies. The cost of production is defined as the expenditures incurred to obtain the factors of production such as labor, land, and capital, that are needed in the production process of a product.

(3v)
Ordinary share: Ordinary share is an equity instrument subordinate to all other equity classes. The holder of an ordinary share participates in an entity’s profits only after all other types of shares have participated. There may be more than one class of ordinary shares. The owner of ordinary shares can vote on a variety of corporate matters, such as the election of board members and whether the business should be sold.

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(4a)
Control account can be defined as memorandum account, the balance of which reflects the aggregate balances of many related subsidiary accounts which are part of the double entry system.

(4b)
(i)Total debtor control account or sales ledger control account

(ii)Total creditors control account or purchase ledger control account

(4c)
(i)Control accounts help in locating errors
(ii)It can provide a check on the accuracy of balance o the ledgers
(iii)Fraud will become difficult
(iv)They allow homogenous accounts to be grouped together

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SECTION B
(Answer Only THREE Questions)

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2021 NECO FINANCIAL ACCOUNTING EXPO THEORY AND OBJECTIVE QUESTIONS AND ANSWERS

2021 NECO FINANCIAL ACCOUNTING EXPO THEORY AND OBJECTIVE QUESTIONS AND ANSWERS

2021 NECO FINANCIAL ACCOUNTING EXPO THEORY AND OBJECTIVE QUESTIONS AND ANSWERS

2021 NECO FINANCIAL ACCOUNTING EXPO THEORY AND OBJECTIVE QUESTIONS AND ANSWERS

2021 NECO FINANCIAL ACCOUNTING EXPO THEORY AND OBJECTIVE QUESTIONS AND ANSWERS

2021 NECO FINANCIAL ACCOUNTING EXPO THEORY AND OBJECTIVE QUESTIONS AND ANSWERS

2021 NECO FINANCIAL ACCOUNTING EXPO THEORY AND OBJECTIVE QUESTIONS AND ANSWERS

 

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How to Pass 2021 NECO Accounting Examinations

 

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