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In this post are researched regularly repeated NECO 2018 Financial Accounting Essay And Objective Questions & Answers . Get them in your finger tips and you are sure of a high grade in this exams NECO 2018 Financial Accounting Essay And Objective Questions & Answers.
WHAT NECO STANDS FOR
Table of Contents
The National Examinations Council – NECO is a Nigerian Government owned examination body that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January respectively. These are entry qualification examinations for higher education institutions in Nigeria.
NECO was created in April 1999 with a mandated to take over the responsibilities of the National Board of Education Measurement (NBEM).
NECO therefore conducts Senior Secondary Certificate Examination (internal and external), Junior Secondary Certificate Examination (JSCE) for Federal Unity College and other Federal secondary schools and Private secondary schools, and National Common Entrance Examination for primary 6 pupils interested in admission into Federal Unity Colleges.
The Senior Secondary Certificate Examinations (internal and external) are entry qualification examinations for higher education institutions in Nigeria.
NECO 2018 June/July Financial Accounting Essay And Objective Questions & Answers/ Verified Financial Accounting Questions & Answer June/July 2018
NECO RESULTS & HIGHER SCHOOL ADMISSION
As you know, no University, Polytechnic, or college of education in Nigeria would admit you into any of their courses without a good grade in any of these examinations. That is why over three million candidates register and take these subject exams annually.
Consequently, in NECO 2018 June/July Financial Accounting Essay And Objective Questions & Answers/ Verified Financial Accounting Questions & Answer June/July 2018, our goal is to help you achieve this your life dream. Listed here are Financial Accounting, questions and answers relevant to 2018 June/July Financial Accounting Subject examination.
NECO 2018 June/July Financial Accounting Essay And Objective Questions & Answers/ Verified Financial Accounting Questions & Answer June/July 2018
RESEARCHED AND VERIFIED NECO REGULARLY REPEATED QUESTIONS & 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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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
NECO 2018 June/July Financial Accounting Essay And Objective Questions & Answers/ Verified Financial Accounting Questions & Answer June/July 2018
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|39945
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EXAM SUCCESS TIPS:
In conclusion, I wish to recommend the following study strategies for you. They are exam success tips, which are better than looking for expo here and there. They are strategies that can help you ensure exam success as well as mastery of the subject.
Start by, setting your goals and manage your time well and ensure you attend your teaching/leason classes regularly. Again, Identify your learning style by developing your study plan which will enable you keep up with reading, thereby, surrounding yourself with learning at all time. Develop effective note-taking techniques. Finally, Create mind maps and get ready for the exams.
Good luck
NECO 2018 June/July Financial Accounting Essay And Objective Questions & Answers/ Verified Financial Accounting Questions & Answer June/July 2018 will help you. Always visit www.completefmc.com for your education and career updates. If you enjoyed this, please share to reach your friends.
Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
