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Get Free Live 2024 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
(25th July, 2024).
NECO JUNE/JULY 2024 FREE BOOK KEEPING OBJ & ESSAY (DATA) QUESTION AND ANSWER ROOM
Thursday 25th July, 2024
Book Keeping (Objective & Essay)
10:00am – 1:50pm
10:00am – 1:50pm
A. 2024 NECO BOOK KEEPING (OBJECTIVES) ANSWERS
1-10: DBCEEBDCDD11-20: ADCBCCABCC
21-30: BEEBBEECCC
31-40: CDDBEAECBA
41-50: EBBDDCBBBB
51-60: ADEBAADCDA
B. 2024 NECO BOOK KEEPING (THEORY) ANSWERS:
(1a)(PICK ANY FIVE)
(i) Control accounts help detect errors in the accounting records, ensuring accuracy and reliability of financial statements.
(ii) Control accounts facilitate account reconciliation, enabling the identification and correction of discrepancies between different sets of records.
(iii) Control accounts provide an internal control mechanism, ensuring that financial transactions are properly authorized, recorded, and reported.
(iv) Control accounts aid in the preparation of accurate financial statements, such as balance sheets and income statements.
(v) Control accounts create an audit trail, allowing for easy tracking and verification of financial transactions.
(vi) Control accounts help prevent fraud by ensuring that all financial transactions are properly recorded and accounted for.
(vii) Control accounts ensure compliance with accounting standards, regulatory requirements, and company policies.
(1b)
(PICK ANY FIVE)
(i) Opening Balance
(ii) Credit Sales
(iii) Receipts from Customers
(iv) Sales Returns
(v) Discounts Allowed
(vi) Bad Debts Written Off
(vii) Closing Balance
(1c)
(i) Cash and Cash Equivalents
(ii) Accounts Receivable
(iii) Inventory
(iv) Property, Plant, and Equipment (PP&E)
(v) Intangible Assets
(vi) Accounts Payable
(vii) Short-term Debt
(viii) Long-term Debt
(ix) Common Stock
(x) Retained Earnings
(2)
(i) Ledger:
A ledger is a book or digital file that contains a collection of accounts, each representing a specific asset, liability, equity, revenue, or expense. It is a central location where all financial transactions are recorded and stored. Ledgers provide a comprehensive view of a company's financial position and are used to prepare financial statements.
(ii) Depreciation:
Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It represents the decrease in value of an asset due to wear and tear, obsolescence, or other factors. Depreciation is recorded as an expense on the income statement and reduces the asset's carrying value on the balance sheet.
(iii) Source Document:
A source document is an original document that supports a financial transaction, such as a receipt, invoice, bank statement, or contract. It provides evidence of the transaction and is used to record the transaction in the accounting system.
(iv) Invoice:
An invoice is a document sent by a seller to a buyer requesting payment for goods or services provided. It typically includes details such as the date, description of goods or services, quantity, price, and payment terms. Invoices are used to record sales revenue and accounts receivable in the accounting system.
(v) Discount:
A discount is a reduction in the price of goods or services, often offered to customers for early payment, bulk purchases, or loyalty. In accounting, discounts can be classified into trade discount and cash discount.
(i) Ledger:
A ledger is a book or digital file that contains a collection of accounts, each representing a specific asset, liability, equity, revenue, or expense. It is a central location where all financial transactions are recorded and stored. Ledgers provide a comprehensive view of a company's financial position and are used to prepare financial statements.
(ii) Depreciation:
Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It represents the decrease in value of an asset due to wear and tear, obsolescence, or other factors. Depreciation is recorded as an expense on the income statement and reduces the asset's carrying value on the balance sheet.
(iii) Source Document:
A source document is an original document that supports a financial transaction, such as a receipt, invoice, bank statement, or contract. It provides evidence of the transaction and is used to record the transaction in the accounting system.
(iv) Invoice:
An invoice is a document sent by a seller to a buyer requesting payment for goods or services provided. It typically includes details such as the date, description of goods or services, quantity, price, and payment terms. Invoices are used to record sales revenue and accounts receivable in the accounting system.
(v) Discount:
A discount is a reduction in the price of goods or services, often offered to customers for early payment, bulk purchases, or loyalty. In accounting, discounts can be classified into trade discount and cash discount.
(3a)
(PICK ANY FIVE)
(i) Receipts and Payments Account is a cash book summary that records all cash receipts and payments over a period, including both capital and revenue transactions WHILE Income and Expenditure Account is an income statement equivalent for non-profit organizations that records income and expenditures related to the current period, focusing on revenue transactions.
(ii) Receipts and Payments Account is prepared on a cash basis, recording transactions when cash is received or paid WHILE Income and Expenditure Account is prepared on an accrual basis, recording income when earned and expenses when incurred, regardless of cash flow.
(iii) Receipts and Payments Account includes all cash and bank transactions, irrespective of the period to which they belong or their nature (capital or revenue) WHILE Income and Expenditure Account includes only revenue items that pertain to the current accounting period, excluding capital transactions.
(iv) Receipts and Payments Account starts with the opening cash and bank balances and ends with the closing cash and bank balances WHILE Income and Expenditure Account does not include opening or closing cash balances. Instead, it starts with revenues and ends with the net result (surplus or deficit).
(v) Receipts and Payments Account provides a summary of all cash inflows and outflows to show the cash position of the organization WHILE Income and Expenditure Account measures the financial performance over a period, showing the excess of income over expenditure or vice versa.
(vi) Receipts and Payments Account includes both capital and revenue items without distinction WHILE Income and Expenditure Account focuses solely on revenue items, excluding capital receipts and payments.
(vii) Receipts and Payments Account excludes non-cash transactions like depreciation, bad debts, and accrued expenses WHILE Income and Expenditure Account includes non-cash transactions to reflect the true financial performance.
(viii) Receipts and Payments Account covers all transactions within the period without distinguishing between current and previous periods WHILE Income and Expenditure Account reflects transactions that belong to the current accounting period only.
(3b)
(PICK ANY FIVE)
(i) Recording Non-Routine Transactions
(ii) Correcting Errors
(iii) Adjusting Entries
(iv) Closing Entries
(v) Reversing Entries
(vi) Recording Depreciation
(vii) Recording Amortization
(viii) Recording Bad Debts
(ix) Recording Obsolete Inventory
(x) Other Non-Standard Transactions
(PICK ANY FIVE)
(i) Receipts and Payments Account is a cash book summary that records all cash receipts and payments over a period, including both capital and revenue transactions WHILE Income and Expenditure Account is an income statement equivalent for non-profit organizations that records income and expenditures related to the current period, focusing on revenue transactions.
(ii) Receipts and Payments Account is prepared on a cash basis, recording transactions when cash is received or paid WHILE Income and Expenditure Account is prepared on an accrual basis, recording income when earned and expenses when incurred, regardless of cash flow.
(iii) Receipts and Payments Account includes all cash and bank transactions, irrespective of the period to which they belong or their nature (capital or revenue) WHILE Income and Expenditure Account includes only revenue items that pertain to the current accounting period, excluding capital transactions.
(iv) Receipts and Payments Account starts with the opening cash and bank balances and ends with the closing cash and bank balances WHILE Income and Expenditure Account does not include opening or closing cash balances. Instead, it starts with revenues and ends with the net result (surplus or deficit).
(v) Receipts and Payments Account provides a summary of all cash inflows and outflows to show the cash position of the organization WHILE Income and Expenditure Account measures the financial performance over a period, showing the excess of income over expenditure or vice versa.
(vi) Receipts and Payments Account includes both capital and revenue items without distinction WHILE Income and Expenditure Account focuses solely on revenue items, excluding capital receipts and payments.
(vii) Receipts and Payments Account excludes non-cash transactions like depreciation, bad debts, and accrued expenses WHILE Income and Expenditure Account includes non-cash transactions to reflect the true financial performance.
(viii) Receipts and Payments Account covers all transactions within the period without distinguishing between current and previous periods WHILE Income and Expenditure Account reflects transactions that belong to the current accounting period only.
(3b)
(PICK ANY FIVE)
(i) Recording Non-Routine Transactions
(ii) Correcting Errors
(iii) Adjusting Entries
(iv) Closing Entries
(v) Reversing Entries
(vi) Recording Depreciation
(vii) Recording Amortization
(viii) Recording Bad Debts
(ix) Recording Obsolete Inventory
(x) Other Non-Standard Transactions
(4a)
Accounting conventions refer to the general rules, guidelines, and practices that accountants follow when preparing financial statements and reporting financial information. These conventions ensure consistency, comparability, and transparency in financial reporting, enabling stakeholders to make informed decisions.
(4b)
(PICK ANY FOUR)
(i) Opening Stock
(ii) Purchases
(iii) Purchases Returns
(iv) Direct Expenses
(v) Sales
(vi) Sales Returns
(vii) Closing Stock
(viii) Gross Profit
(4c)
(PICK ANY FIVE)
(i) Limits spending to a predetermined amount.
(ii) Minimizes the risk of fraudulent activities.
(iii) Streamlines cash handling and accounting.
(iv) Eases the process of tracking and recording expenses.
(v) Helps in budgeting and forecasting cash requirements.
(vi) Ensures timely replenishment of funds.
(vii) Promotes accountability and transparency.
Accounting conventions refer to the general rules, guidelines, and practices that accountants follow when preparing financial statements and reporting financial information. These conventions ensure consistency, comparability, and transparency in financial reporting, enabling stakeholders to make informed decisions.
(4b)
(PICK ANY FOUR)
(i) Opening Stock
(ii) Purchases
(iii) Purchases Returns
(iv) Direct Expenses
(v) Sales
(vi) Sales Returns
(vii) Closing Stock
(viii) Gross Profit
(4c)
(PICK ANY FIVE)
(i) Limits spending to a predetermined amount.
(ii) Minimizes the risk of fraudulent activities.
(iii) Streamlines cash handling and accounting.
(iv) Eases the process of tracking and recording expenses.
(v) Helps in budgeting and forecasting cash requirements.
(vi) Ensures timely replenishment of funds.
(vii) Promotes accountability and transparency.
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