2023 NECO Book Keeping (OBJ & Essay) Answers [8th August]
Get Free Live 2023 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 (8th August, 2023).
NECO JUNE/JULY 2023 FREE BOOK KEEPING OBJ & ESSAY (DATA) QUESTION AND ANSWER ROOM 
 
Tuesday 8th August, 2023 
Book Keeping (Objective & Essay)
10:00am – 1:50pm
 

A. 2023 NECO BOOK KEEPING (OBJECTIVES) ANSWERS

1-10: ADCDBECDDC
11-10: DDDAEADDBE
21-30: DDEDBBCAAC
31-40: ACDCCBBCCC
41-50: EEDEBABBBB
51-60: CCADCACDDC
 

B. 2023 NECO BOOK KEEPING (THEORY) ANSWERS: 


(1a)
(i) Business owners
(ii) Investors
(iii) Lenders
(iv) Government authorities
(v) Employees
(vi) Auditors
(vii) Creditors
(viii) Tax authorities
(ix) Financial analysts
(x) Suppliers

(1b)
(PICK ANY THREE)
(i) Bookkeeping is more focused on collecting, storing, and organizing financial transactions while accounting is analyzing, interpreting, and communicating financial information.
(ii) Bookkeeping involves recording financial transactions in a journal, while accounting involves summarizing, analyzing, and reporting this financial information in reports.
(iii) Bookkeepers work with smaller details while accountants work with the bigger picture.
(iv) Bookkeepers use manual or computerized systems to record information, whereas accountants use accounting principles in order to interpret the information.
(v) Bookkeepers are mainly concerned with recording data while accountants interpret and analyze the data in order to make informed decisions.

(1c)
(PICK ANY THREE)
(i) Normal Wear and Tear
(ii) Obsolescence
(iii) Physical Deterioration
(iv) Human Error
(v) Market Conditions

(2a)
-Similarities-
(PICK ANY FOUR)
(i) Both are used to record cash transactions.
(ii) Both provide a summary of cash inflows and outflows.
(iii) Both are maintained on a daily basis.
(iv) Both use debit and credit entries to indicate amounts being received or paid out.
(v) Both are reconciled with the bank statement monthly.
(vi) Both track cash expenditures.

-Difference-
Three Column Cashbooks record separate columns for transactions related to sales, purchases and other expenses, while Two Column Cashbooks record separate columns for transactions related to income and expenditure.

(2b)
(PICK ANY EIGHT)
(i) Donations
(ii) Grants
(iii) Fundraising Events
(iv) Sponsorships
(v) Corporate Gifts
(vi) Grants from Government Agencies
(vii) Endowments
(viii) Investment Returns
(ix) Membership Fees
(x) Merchandise Sales

(2c)
(PICK ANY FIVE)
(i) Purchases Book
(ii) Sales Book
(iii) Returns Inwards Book
(iv) Returns Outwards Book
(v) Bills Receivable Book
(vi) Bills Payable Book
(vii) Petty Cash Book
(viii) Journal Proper.

(3i)
Bad debit ; is debt that cannot be collected. It is a part of operating a business if that company allows customers to use credit for purchases.

(3ii)
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.

(3iii)
Discount Allowed ; is a reduction in the price of goods or services allowed by a seller to a buyer and is an expense for the seller. However, the discount received is the concession in the price received by the buyer of the goods and services from the seller and is an income for the buyer.

(3iv)
Discount Received ; is recorded as a reduction to Accounts Receivable on a company's balance sheet. For example, when a seller permits a discount, the drop in revenues is noted and is often credited to a contra revenue account.

(3v)
Credit note ; is a financial document issued by supplier companies to reduce the amount owed to them by the buyers. It helps firms maintain a proper paper trail and is issued when the goods are returned.
 




 

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