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NECO GCE Financial Accounting Questions 2019/2020 | OBJ and Theory Answers

Financial Accounting, Financial Accounting NECO Questions 2019 | In this article, I will be showing you past Financial Accounting objective and theory random repeated questions for free. You will also understand how NECO Financial Accounting questions are set and many other examination guides. Stay focus and read through.

NECO Financial Accounting Questions 2018

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. 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 =================== 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 ======================= 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 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 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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