![2023 NECO GCE Financial Accounting Answers [25th November]](https://2.bp.blogspot.com/-xLxpwRX1em4/Wl94CFeJRZI/AAAAAAAAATw/G-0VjUcT71Mp59T6MeRUlvZr1nyojVY0gCPcBGAYYCw/s1600/NECO.jpg "2023 NECO GCE Financial Accounting Answers [25th November]")
Saturday 25th November, 2023
Financial Accounting Paper III (Objective)
Financial Accounting Paper II (Theory & Practice)
NECO GCE FINANCIAL ACCOUNTING (ESSAY) ANSWERS 2023:
(1a)
A control account in financial accounting is a general
ledger account that summarizes the total balances or transactions of a
subsidiary ledger. It serves as an overview or summary of individual
accounts within a specific category, allowing for a more organized and
streamlined recording and monitoring of financial transactions.
(1b)
(PICK ANY FOUR)
(i)
Non-profit organizations are driven by a specific mission or purpose,
often focused on benefiting society or a particular cause.
(ii) Non-profits are restricted from distributing profits or surpluses to individuals or shareholders.
(iii) Non-profits typically rely on donations, grants, or volunteer efforts to support their operations and achieve their goals.
(iv) Non-profits are accountable to their stakeholders, including donors, volunteers, and the public.
(v) Non-profits are often focused on achieving social impact and positive outcomes rather than financial returns.
(vi) Non-profits deliver programs and services that align with their mission.
(vii) Non-profits often qualify for tax-exempt status, meaning they are not required to pay income taxes on their earnings.
(1c)
(PICK ANY SIX)
(i) The control account summarizes the details from the subsidiary ledger.
(ii) Recording financial transactions is simplified through the use of a control account.
(iii) During the reconciliation process, the control account aids in ensuring accuracy.
(iv) The control account streamlines the process of reporting financial information.
(v) The control account provides a comprehensive overview of a specific category's financial status.
(vi) It is used to reduce clutter in the general ledger by summarizing information from the subsidiary ledger.
(vii) Discrepancies in financial records can be highlighted and addressed through the control account.
(viii) The control account assists in the auditing process by providing a clear summary of transactions.
(ix) The control account tracks the financial position of a specific category or account.
(4a)
(i) Consignee:
A
consignee is a person or business entity to whom goods are shipped or
consigned by the consignor. The consignee is typically responsible for
receiving the goods, selling them on behalf of the consignor, and
remitting the proceeds, minus any agreed-upon commissions or fees, back
to the consignor. The consignee does not take ownership of the goods but
acts as an agent for the consignor.
(ii) Consignor:
The
consignor is the party (individual or business) that sends or consigns
goods to another party, known as the consignee. The consignor retains
ownership of the goods until they are sold by the consignee. The
consignor may receive payment for the sold goods or the unsold goods may
be returned, depending on the terms of the consignment agreement.
(iii) Consignment Outwards:
Consignment
outwards refers to the process by which a business sends or dispatches
goods to another party for the purpose of selling those goods on behalf
of the sender. The sender, known as the consignor, retains ownership of
the goods until they are sold. Consignment outwards is a common practice
in retail and distribution where manufacturers or wholesalers consign
goods to retailers.
(iv) Del Credere Commission:
Del credere
is an Italian term meaning "of belief" or "of credit." In business, a
del credere commission is a type of commission paid by a seller to an
agent (often a consignee) for taking on additional credit risk when
selling goods on credit to customers. If the customer defaults on
payment, the del credere agent (consignee) is responsible for making
payment to the seller. The del credere commission compensates the
consignee for this added risk.
(v) Account Sales:
Account
sales refer to a document or statement provided by a consignee to the
consignor detailing the sales of consigned goods. It includes
information such as the quantity and description of goods sold, the
selling prices, any expenses or commissions deducted, and the net amount
due to the consignor. Account sales serve as a record of transactions
and are used for financial reporting and reconciliation between the
consignor and consignee.
(4b)
(PICK ANY FIVE)
(i) Invoice
(ii) Receipt
(iii) Purchase Order
(iv) Sales Order
(v) Credit Memo
(vi) Debit Note
(vii) Voucher
(viii) Bank Statement
(ix) Delivery Note
(x) Bill of Lading
NECO GCE FINANCIAL ACCOUNTING (OBJECTIVE) ANSWERS 2023:
1-10: EBECDBBCBD
11-20: ADDCBBCCAB
21-30: DEEAADCCDC
31-40: EEBBABCDDC
41-50: ADDAEEABEA
51-60: EBEDEECACC
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