NECO Financial Accounting Answer/Question 2022

By expo July 24, 2022 NECO 0 Comments

ACCOUNTING OBJ
1-10: EACCECCAEA
11-20: EBADCBBEBC
21-30: BDCBCCBCDD
31-40: ADCABCCDCA
41-50: BAABBCEACA
51-60: ABDABCEDBB
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(1a)
DISCOUNT ALLOWED
– Discount allowed is granted by the seller to the buyer.
– The discount allowed is the expense of the seller.
– Discount allowed is debited in the books of the seller.

DISCOUNT RECEIVED
– The discount received is received by the buyer from the seller.
– Discount Received is an income of the buyer.
– Discount Received is credited in the books of the buyer.

(1b)
– Cash book
– Purchases book
– Sales book
– Purchases return or return outwards book
– Sales return or return inwards book
– Bills receivable book
(CHOOSE ANY 5)

(1c)
ERROR IT REVEALS
(i) Wrong Totaling of
(ii)Subsidiary Books
Posting of the Wrong Amount
ERROR THAT DOESN’T AFFECT IT
(i) Error of principle
(ii) Error of commission
(iii) Error of omission
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(2i)
Accumulated fund: Accumulated fund is a type of account that serves as the repository for funds that are collected over time by non-profit organizations and are above and beyond the money needed to cover operational and other expenditures.

(2ii)
Depreciation: Depreciation can be defined as a reduction in the economic service potentials of an asset as a result of wears, tears,usage and passage of time. It is also refer as the permanent and continuous decrease in the quality and value of an asset.

(2iii)
Nominal Capital: This is the total amount stated in the memorandum of association and approved by the registrar of companies which a company can issue out. This is also called Registered or Author capital

(2iv)
Bad debts: Bad debts can be defined as debt that cannot be recovered i.e irrecoverable debts. Such a debts must be written off from the debtor balances so that the accounts will not give a false picture.

(2v)
Net profit : Net profit is the measurement of a company’s profit once operating costs, taxes, interest and depreciation have all been subtracted from its total revenues. The term is often referred to as a company’s ‘bottom line’ and may also be described as ‘net earnings’ or ‘net income’.
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(3a)
(i) Goodwill:
Goodwill is an intangible asset associated with the purchase of one company by another. Specifically, goodwill is recorded in a situation in which the purchase price is higher than the sum of the fair value of all visible solid assets and intangible assets purchased in the acquisition and the liabilities assumed in the process. The value of a company’s brand name, solid customer base, good customer relations, good employee relations, and any patents or proprietary technology represent some examples of goodwill.

(ii) Fictitious asset:
Fictitious assets have no physical existence or realisable value, but the company shows them as a cash expenditure in the books of accounts. They are a part of the assets column in the financial statements, and they are expenses or losses that do not get written off during the accounting period of their occurrence.

(iii) Gross profit:
Gross profit is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services. Gross profit will appear on a company’s income statement and can be calculated by subtracting the cost of goods sold (COGS) from revenue (sales). These figures can be found on a company’s income statement. Gross profit may also be referred to as sales profit or gross income.

(iv) Turnover:
Turnover is an accounting concept that calculates how quickly a business conducts its operations. Most often, turnover is used to understand how quickly a company collects cash from accounts receivable or how fast the company sells its inventory.

(v) Balance sheet:
The term balance sheet refers to a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time. Balance sheets provide the basis for computing rates of return for investors and evaluating a company’s capital structure. In short, the balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. Balance sheets can be used with other important financial statements to conduct fundamental analysis or calculate financial ratios.

The National Examinations Council, confirmed 2022 NECO Financial Accounting question and answer for this year (2022) is live here on Expospy.com.ng, the best exam portal of all time.

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As extracted from the 2022 timetable, NECO Financial Accounting will be held Monday, 25/07/2022.

Here is the schedule of all exams scheduled for the day.

Monday 25th July 2022

Financial Accounting (Objective, Theory & Practice) – 2:00pm – 5:50pm

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Table of Contents

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