2022 NECO Financial Accounting (OBJ & Essay) Answers [25th July]
Get Free Live 2022 NECO June/July Financial Accounting (ACCOUNT) OBJ & Essay Questions and Answers Free of Charge | NECO June/July Free Accounting (Objectives and Theory) Questions and Answers EXPO Room (25th July, 2022).
NECO JUNE/JULY 2022 FREE FINANCIAL ACCOUNTING OBJ & ESSAY (ACCOUNT) QUESTION AND ANSWER ROOM 
 
Monday 25th July 2022
Financial Accounting (Objective, Theory & Practice)
2:00pm – 5:50pm


A. 2022 NECO FINANCIAL ACCOUNTING (OBJECTIVES) ANSWERS:

1-10: EACCECCAEA
11-20: EBADCBBEBC
21-30: BDCBCCBCDD
31-40: ADCABCCDCA
41-50: BAABBCEACA
51-60: ABDABCEDBB


B. 2022 NECO FINANCIAL ACCOUNTING (ESSAY) ANSWERS: 

(1a)
(i) Discount allowed is the discount given to the customers for prompt payment of their account WHILE Discount received is the discount received from supplier for prompt payment of our accounts.

(ii) Discount allowed must be treated as an expenses and hence debited to discounts allowed and credited to the personal account of the customers WHILE Discount received is treated as revenue and hence it is credited to the discounts received account and debited to the personal account of the supplier.

(1b)
(Pick Any Five)
(i) Purchase day book
(ii) Sales day book 
(iii) Return outwards book
(iv) Sales returns book
(v)Cash book
(vi) Petty cash book 

(1c)
Two errors Trial balance can reveal are;
(Pick Any Two)
(i) Posting of the Wrong Amount
(ii) Wrong Totaling of Subsidiary Books
(iii) Posting an Amount on the Wrong side of the Account

Three errors that does not affect Trial balance are;
(Pick Any Three)
(i) Error of omission
(ii) Error of commission
(iii) Error of original entry
(iv) Error of principle
(v) Error of complete reversal of entry

(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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