2022 NECO Book Keeping (OBJ & Essay) Answers [11th August]

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Get Free Live 2022 NECO June/July Book Keeping (B.KEEP) OBJ & Essay Questions and Answers Free of Charge | NECO June/July Free Book Keeping (Objectives and Theory) Questions and Answers EXPO Room (11th August, 2022).

NECO JUNE/JULY 2022 FREE BOOK KEEPING OBJ & ESSAY (DATA) QUESTION AND ANSWER ROOM 

 

Thursday 11th August, 2022 

Book Keeping (Objective & Essay)
10:00am – 1:50pm

 

A. 2022 NECO BOOK KEEPING (OBJECTIVES) ANSWERS

1-10: CBCACDEDEE
11-20: BCDBAEEBBE
21-30: BECDBDCDBA
31-40: BDACDDCAAE
41-50: ACABBADDBC
51-60: BEDDEAEDBB

 

B. 2022 NECO BOOK KEEPING (THEORY) ANSWERS: 

(1a)
Service is any activity or benefit that are being an offer to another that is essentially intangible and does not result in the ownership of anything. Eg: Banking, transport, warehousing, Insurance communication etc.

(1b)
(i) Intangible
(ii) Involvement of customers
(iii) Inseparability
(iv) Inventory
(v) Heterogeneous

-Explanation:
(i) Intangible: An individual can only experience the services. These services cannot be seen or touched by individuals that’s why these are called intangible.

(ii) Involvement of customers: Customers are necessary to avail the services given by the service provider. For example, the communication sector or telecom sector provide services but to use these services customer has to receive the call. If customers will not take interest in the service then this sector can suffer loss.

(iii) Inseparability: Services cannot be separated from the service provider. In this case, the service provider gives services to its customers at the same time and place. For example, Lawyer, Chartered Accountant, Teacher, Doctor are service providers and their services are inseparable.

(iv) Inventory: Services are not stored like goods or material. These are perishable in nature. These services are given to the customers in present, not saved for the future. For example cinema tickets, bus tickets etc.

(v) Heterogeneous: Services are different according to the expectations of the customers. These services are also different in different sectors. For example public sector services and private sector services. These sectors perform their functions according to the rules and regulations set by the top authorities.

 

(3a)
A contra entry is an entry that is recorded when both the debit and credit affect the same account and which results in a net-zero effect on the account. These transactions are recorded between bank and cash accounts

(3b)
(i) straight-line
(ii) declining balance
(iii) double-declining balance
(iv) units of production
(v) sum-of-years digits.

(3c)
(i) Donations
(ii) Subscriptions or Dues
(iii) Entrance fees
(iv) Fines
(v) Profits from bar  
(vi) Investments
(vii) Income from raffle draws, animal fees, dinners etc.
(viii) Grants
(ix) Program Service revenue
(x) Fundraising campaigns

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