NECO GCE Financial Accounting Questions 2018 Answers

NECO GCE Financial Accounting Questions and Answers 2018 | In this article, I will be showing you Financial Accounting objective and theory random repeated questions for free. You will also understand how NECO GCE Financial Accounting questions are set and many other examination guides. Stay focus and read through.

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.

NECO GCE Financial Accounting Questions and Answers

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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

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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

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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( 2

0 .5% )| 205000 | 162975 | 129565 | 103004 |

Ac Dep| 205000 | 367975 | 497540 | 600544 |

NBV| 795000 | 632025 | 502460 | 399456 |

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