NECO Accounting Questions and Answers 2020. 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 the 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 2020 Financial Accounting solutions to questions have been tested and confirmed to be sure.
See: NECO Timetable
- 1 NECO Accounting Essay And Objective Questions and Answers 2020 (EXPO)
- 1.1 How To Pass NECO Financial Accounting Examination
- 1.2 Related
NECO Accounting Essay And Objective Questions and Answers 2020 (EXPO)
The 2020 NECO Financial Accounting expo will be posted here today, 18th November 2020 during the NECO Accounting examination. Keep checking and reloading this page for the answers.
NECO 2020 Accounting Answers Loading..
Today’s NECO Accounting OBJ Answers:
NECO Accounting Essay Answers Loading…
Returns inward: These are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction. A debit (reduction) of accounts payable.
Returns outward: These are goods returned by the customer to the supplier. For the supplier, this results in the following accounting transaction. A debit (reduction) in revenue in the amount credited back to the customer.
Prospectus: This is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds , stocks, bonds and other investments, such as a description of the company’s business, financial statements , biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information.
Prepayments: These are amounts paid for by a business in advance of the goods or services being received later on. Any payment made in advance can be considered a prepayment. A prepayment is not dissimilar to a deposit, but generally falls under a more set time period for fulfillment of the goods or service purchased.
Cost of goods sold: This is the accumulated total of all costs used to create a product or service, which has been sold during a particular period. The cost of goods sold is reported on the income statement and should be viewed as an expense of the accounting period. In essence, the cost of goods sold is being matched with the revenues from the goods sold, thereby achieving the matching principle of accounting.
A joint venture is a form of business which is jointly owned by two or more independent firms who continue in their original business but pool their resources in another line of business.
[Pick any five]
(i) Accruals concept
(ii) Conservatism concept
(iii) Consistency concept
(iv) Economic entity concept
(v) Going concern concept
(vi) Matching concept
(vii) Materiality concept
(i) Departmental accounts help to understand or locate the success, failure, rates of profit, etc.
(ii) It helps the management to make proper plan of action, policies in order to increase profit after analysing the results of operation of various departments.
(iii) Departmental accounting helps us to understand which department should be expanded further or which one should be closed down as per the results of the operation.
(iv) It also helps to encourage a healthy competitive spirit among the various departments which, ultimately, helps to increase profits of the firm as a whole.
(v) Individual result of each department can be known which helps to compare the performances among all the departments, i.e. the trading results can be compared.
The questions below are not exactly 2020 NECO Financial Accounting questions and answers but likely NECO Accounting repeated questions and answers.
These questions are strictly for practice. The 2020 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)
NECO Accounting Questions and Answers 2020 Loading…
- NECO Data Processing Questions and Answers
- NECO Biology Questions and Answers
- NECO Further Mathematics Questions and Answers
- NECO Animal Husbandry Questions and Answers
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 certify the completion of your Secondary School Education.
It is a major document that qualifies you into any tertiary institution and equally a major factor affecting admission today.
For this reason, every Student preparing for this examination NECO 2020 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 2020.
1. Be Determined to Pass
The NECO 2020 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 2020 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 2020 Accounting exams 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 2020 Syllabus
Using the NECO 2020 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 topic 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 result 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 2020 NECO Accounting questions and answers, do well to let us know in the comment box.
Last Updated on November 18, 2020 by Admin