NECO Financial Accounting Questions 2023 Objective and Theory Update, NECO Financial Accounting Questions 2023 Objective and Theory Update
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– NECO Financial Accounting Questions –
NECO Financial Accounting Questions is out now on our website. In this article, I will show you past NECO Financial Accounting random repeated questions for free.
The establishment of the National Examinations Council (NECO) in April 1999 is a culmination of the reaction of the Federal Government.
This was to widespread escalating agitations for a national examination outfit that would respond to the Nigerian needs and demands.
As well as cope with the annually increasing number of secondary school candidates to take Senior School Certificate Examination (SSCE) nationwide.
A Series of panels had earlier been set up to address the issues before this vital decision was taken.
To deliver examinations whose results are trusted worldwide for their credibility.
To become a major player in the global assessment industry.
Redefining the future of the Nigerian child through quality assessment.
The National Examinations Council (also known as NECO) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January, respectively.
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NECO Financial Accounting Question and Answers
Financial Accounting Sample Obj
I) federal allocation share
iii) grants in aids
iv) licence of kiosk
v) tenement rate
vi) market ticket fees
vii) registration of business
viii) pack ticket fees
ix) staff monthly tax
x) feels charged naming of streets
i)business entity: state that every economic unit, regardless of its legal form are treated as a separate entity from its owners
ii)going concerned: it assumes that the business unit will operate in perpetuity
iii)matching concept: holds that for any accounting period, they earned revenue and the income cost must be matched and reported for the period
i) error of omission
ii ) error of original entry
iii ) compensating error
iv) error of original entry
v ) error of commission
vi) error of complete reversal of the entry
vii) error of commission
viii ) error of omission
ix) error of principle
x ) error of complete reversal of the entry
ii ) credit transfer
iii ) standing order
iv) uncredited cheque
v ) dishonoured cheque
part II answer 3 Questions only
Adamu cash book adjusted as at 31st march 1990
Balance b/f 14415
credit transfer 3500
balance b/d 9595
Bank charges 145
standing order 4525
dishonoured cheque 3650
balance c /d 9595
Bank reconciliation statement N
balance as per adjusted cash book =9595
add unpresented cheque =11390
less uncredited cheque =( 4160 )
balance as per bank statement =16825
Manufacturing, trading, profit and loss account for the year 31st Dec 2001
purchase = 38000
carriage = 520
less stock =( 7138 ) /36446
manuf wagies =33850 /70 , 296
factory exp =2180
exp:p/m = 2800
wip -tp = 630
wip -cl =( 750 )
fuel = 2100
maintenace = 9450
insurance =3000 /97 , 906
cost of prod =97906
sales 185 , 600
cost of prod =97906 /106, 122
stock =( 9864 ) /96258
cross profit =89342 /185 , 600
c =ross profit 89342
off rent =1050
dep-M /V =800
runing exp =1350
net profit =78242 /89342
straight line method
dep= 1000000 -400000 /4 =150000
year | 1| 2| 3 | 4|
cost| 1000000 | 850000 | 700000 | 550000 |
dep| 150, 000| 15000 | 15000 | 15000 |
Ac dep | 150000 | 300000 | 450000 | 600000 |
NBV| 850000 | 700000 | 550000 | 400000 |
Reducing balance method
year | 1| 2| 3 | 4|
cost| 1000000 | 795000 | 632025 | 502460 |
dep( 20 .5% )| 205000 | 162975 | 129565 | 103004 |
Ac Dep| 205000 | 367975 | 497540 | 600544 |
NBV| 795000 | 632025 | 502460 | 399456 |
DISCLAIMER! These are not real NECO Financial Accounting Questions, but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to note every question provided on this page.
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