NECO Accounting Questions and Answers 2022. I will be showing you NECO Financial Accounting objective and theory questions for free. You will also understand how NECO Accounting questions are set and many more examination details.
The National Examination Council is an examination body that set questions annually from areas student should, after their studies in senior secondary school, be able to write and pass without stress.
NECO Accounting answers and questions Objectives and Essay will be provided here in detail and the authenticity of this NECO 2022 Financial Accounting solutions to questions have been tested and confirmed to be sure.
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- 1 NECO Accounting Essay And Objective Questions and Answers 2022 (EXPO)
- 1.1 How To Pass NECO Financial Accounting Examination
NECO Accounting Essay And Objective Questions and Answers 2022 (EXPO)
The 2022 NECO Financial Accounting expo will be posted here during the NECO Accounting examination. Keep checking and reloading this page for the answers.
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Today’s NECO Accounting OBJ Answers:
(Answer Only TWO Questions)
Capital expenditure may be described as outlay resulting in the increase or acquisition of an asset or increase in the earning capacity of a business WHILE Revenue expenditure is such outlay as is necessary for the maintenance of earning capacity, including the upkeep of the fixed assets in a fully efficient state, and the normal total involved in selling, including the cost of goods and services of the business to which it relates.
(i) Purchases day book or journal
Source document: Incoming invoices.
(ii) Sales day book or journal
Source document: Outgoing invoices.
(iii) Returns outwards book
Source document: Incoming credit notes.
(iv) Sales returns book
Source document: Credit notes sent out.
(v) Cash book
Source document: Incoming cheques.
(Pick Any Three)
(i) Active partner
(ii) Dormant(sleeping) partner
(iii) Nominal partner
(iv) Limited partners
(v) General partner
Click Here for The Completed Solved Financial Account 2021 NECO
Public sector Accounting is the system of accounting that involves recording, communicating, summarizing, analyzing and interpreting the financial statements and statistics of Government in aggregate and details. It deals with the receipts, custody, disbursement and rendering of stewardship on public funds entrusted”.
(i) Public sector accounting is the accounting of financial documents which is required to be disclosed to the public by the individual or corporation WHILE Private sector accounting is the accounting of financial information of the company in which the accountant is employed generally for the internal manager.
(ii) Private sector comprises of business which is owned, managed and controlled by individuals. WHILE public sector comprises of various business enterprises owned and managed by Government.
Account sales: Account sales is a statement specifying the price at which the goods are sold, the commission earned by the consignee, the expenses incurred by the consignee on behalf of the consignment and the net balance for which the consignee is liable. It is prepared by the consignee and does not have a fixed or specified format.
Consignee: consignee is the entity who is financially responsible (the buyer) for the receipt of a shipment. If a sender dispatches an item to a receiver via a delivery service, the sender is the consignor, the recipient is the consignee, and the deliverer is the carrier.
Work in progress: Work in progress is a production and supply-chain management term describing partially finished goods awaiting completion. Work in Progress refers to the raw materials, labor, and overhead costs incurred for products that are at various stages of the production process. Work In Progress is a component of the inventory asset account on the balance sheet.
Cost of Production:
Cost of production refers to the total cost incurred by a business to produce a specific quantity of a product or offer a service. Production costs may include things such as labor, raw materials, or consumable supplies. The cost of production is defined as the expenditures incurred to obtain the factors of production such as labor, land, and capital, that are needed in the production process of a product.
Ordinary share: Ordinary share is an equity instrument subordinate to all other equity classes. The holder of an ordinary share participates in an entity’s profits only after all other types of shares have participated. There may be more than one class of ordinary shares. The owner of ordinary shares can vote on a variety of corporate matters, such as the election of board members and whether the business should be sold.
Control account is an account which contains the debit and credit totals of other accounts, and is used to prepare financial statements. A control account is a summary account, where entries are made from totals of transactions for a period.
(i) Sales ledger (Receivables) control Account.
(ii) Purchases Ledger (payables) Control Account.
(Choose any four)
(i) Control account facilitate delegation of duties among the debtors and creditors clerks.
(ii) Control account detect and prevent errors and frauds in the customers and suppliers account
(iii) It helps to speeds up the preparation of final accounts
(iv) It Provide for arithmetical check on the postings made in the individual accounts
(v) Removes bulky details from the general ledger.
The questions below are not exactly 2022 NECO Financial Accounting questions and answers but likely NECO Accounting repeated questions and answers.
These questions are strictly for practice. The 2022 NECO Accounting expo will be posted on this page on the day of the NECO Accounting examination. Keep checking and reloading this page for the answers.
1. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the
C. Auditor General
ANSWER: C (Auditor General)
2. The cash basis of accounting requires the recognition of revenue only when they are
A. sent Out
ANSWER: D (Received)
3. Responsibility accounting is particularly concerned with
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
ANSWER: B (Profitability)
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How To Pass NECO Financial Accounting Examination
The National Examination Council (NECO) is a body in charge of the Senior Secondary School Certificate Examination. The Certificate offered here is a very important credential that awards or certifies the completion of your Secondary School Education.
It is a major document that qualifies you into any tertiary institution and is equally a major factor affecting admission today.
For this reason, every Student preparing for this examination NECO 2022 is preparing for something great.
Care should be taken when participating in this examination in other not to come out with bad grades. The following are the key answers to NECO Accounting 2022.
1. Be Determined to Pass
The NECO 2022 Accounting is mainly for those who have made up their mind to pass it with a good grade.
Any candidate who, at this point in time, has not made up his or her mind to make the excellent grade in the forthcoming NECO 2022 Accounting is actually not ready to pass.
Your mind should be ready for the task ahead, do not follow lazy friends who believe in a miracle on the day of the exams, stay positive and study your books.
2. Have self-confidence
Self-confidence is another factor that affects a candidate’s performance. Promise to do it all by yourself and everything will come out very simple for you.
It is a well-known fact that many students cancel the right answers just to copy the wrong ones because of a lack of self-confidence. Study and pray hard and you are the miracle for the day.
3. Start Studying Early
Studying is very important in your life as a student. NECO is a very simple Exam to deal with as long as studies are involved. Studying is one thing and studying on time is another thing entirely.
Do not wait for the NECO 2022 Accounting exam to be so close before you start studying for it. Late preparation will not really help you. When you start studying early there will be time for you to revise before the exams.
2. Make Use the NECO 2022 Syllabus
Using the NECO 2022 syllabus is very essential as it will guide you on major topics to cover. Studying without the Syllabus will make you focus on unnecessary topics that will not appear in the exams.
Also, most of the Accounting topics you have not done in class are there in the NECO syllabus.
3. Pray to God Your creator
Many think that they can do it all alone without God. The Almighty God is your creator, seek His assistance and He will never fail to help you. Your faith in God determines your success. God is there for you, call upon Him.
4. Adhere to exams instructions.
Any student who is not ready to adhere to the examination conducts is planning to fail. The majority of NECO Candidates that have their results held are from those that were not ready to follow the Exam instructions.
5. Use Your Time Wisely.
It is a well-known fact that NECO Accounting requires a lot of time, manage the little time given to you wisely. Consider the number of questions you are to answer and the time given so that you can time wisely.
6. Be punctual to the examination venue
Punctuality matters during the exams. Go to the exam venue early so that your brain can settle for the task. Rushing to the exam hall will make you unstable for the exam and can prone you to so many mistakes.
Take time to go through the exam question paper before you start answering. NECO Accounting Questions and Answers
If you have any questions about the 2022 NECO Accounting questions and answers, do well to let us know in the comment box.
Last Updated on January 9, 2022 by Admin