The National Examination Council Nigeria (NECO) is an examination board that administers exams such as the NCEE, SSCE, and BECE. NECO exam 2022 started on June 27, 2022. The most recent Financial Accounting exam was conducted by students who are looking for NECO Financial Accounting Questions And Answers. For students who are interested, we have included the NECO Financial Accounting Question and Answers 2022 list in the section below.
NECO Financial Accounting Questions & Answers 2022
National Examination Council Nigeria will hold the NECO Financial Accounting exam 2022 on July 25th 2022. Students have shown a keen interest to the NECO Financial Accounting Answer 2022 exam. The exam is still in progress so it will not be possible for students to complete all NECO Financial Accounting Questions And Answers. However, we were able to obtain a few NECO Financial Accounting questions and answers 2022 which we have provided below.
NECO Financial Accounting Questions 2022
We have a rough idea of the NECO Financial Accounting Questions and Answers 2022. It is expected that there will be approximately 60 objectives NECO Accounting Questions and a few objectives questions. We have not been able yet to access NECO Financial Accounting Questions 20,22. However, we will soon update the NECO Financial Accounting Questions 2020.
NECO Financial Accounting Answers 2022
Today, July 25, 2022 at 2:00 pm is the NECO Financial Accounting exam 2022. This exam is the reason we were not able to answer the NECO Financial Accounting questions.
Objective NECO Financial Accounting 2022
Subjective NECO Financial Accounting Answers
– Discount allowed is granted by the seller to the buyer.
– The discount allowed is the expense of the seller.
– Discount allowed is debited in the books of the seller.
– The discount received is received by the buyer from the seller.
– Discount Received is an income of the buyer.
– Discount Received is credited in the books of the buyer.
– Cash book
– Purchases book
– Sales book
– Purchases return or return outwards book
– Sales return or return inwards book
– Bills receivable book
ERROR IT REVEALS
(i) Wrong Totaling
(iii). Subsidiary Books
Posting the wrong amount
ERROR THAT DOESN’T AFFECT IT
(i) Error in principle
(iii) Error in commission
(iii). Error of omission
(i) Accumulated funds: An accumulated fund refers to a type account that is used as a repository for funds that have been collected by non-profit organizations over time. These funds are beyond what is necessary to cover operational or other expenditures.
(ii) Depreciation: It’s the reduction of a recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.
(iii) Nominal Capital: It’s the amount of capital that a business can offer to shareholders, in the form of shares of stock. In most nations, the amount of this nominal share capital is regulated by governmental agencies that determine the financial stability of the business and the company’s ability to cover the value of those shares.
(iv) Bad Debt: A business incurs bad debt when the customer’s credit is not being repaid. This is known as a charge off.
(v) Net Profit: The amount your business makes after subtracting all operating, interest and tax expenses.
Questions and Answers PDF from NECO Financial Accounting
NECO Financial Accounting Questions And Answers have been a popular topic among students. However, the complete NECO Financial Accounting questions and answers 2022, as also the NECO Financial Accounting questions and answers PDF, have only just been released.
|Financial Accounting||25th July 2022||Objective, Theory & Practice||Paper III & II||2:00 PM – 5: 50 PM|
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