NECO Accounting Questions and Answers 2022/2023 (Essay and Objectives)

NECO Accounting Questions and Answers 2022/2023 (Essay and Objectives)

NECO Accounting 2022 Exam Questions and Solutions. I’ll be providing free access to NECO Financial Accounting theory and objective test questions. Along with many other exam-related data, you will comprehend how NECO Accounting problems are structured.NECO English Language Questions and Answers 2022/2023 ( Essay/Objectives)

The National Examination Council is an examination body that annually assigns questions from subject areas that students should be able to write and pass without stress after their senior secondary school studies.neco-accounting-questions-and-answers

NECO Accounting clarifications and queries Detailed explanations of the objectives and essay will be given here, and the validity of the NECO 2022 Financial Accounting solutions to the problems has been checked and validated.

Answers to the 2022 NECO Accounting Essay and Objective Questions (EXPO)

During the NECO Accounting exam, a link to the 2022 NECO Financial Accounting Expo will be posted here.For the solutions, keep checking and refreshing this page.

NECO 2022 Accounting Answers Loading…

Today’s NECO Accounting OBJ Answers:

EACCECCAEA: 1-10

EBADCBBEBC: 11-20

BDCBCCBCDD: 21-30

ADCABCCDCA: 31-40

BAABBCEACA: 41-50

ABDABCEDBB: 51-60

(1a)

DISCOUNT ALLOWED

– 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.

DISCOUNT RECEIVED

– 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.

(1b)

– Cash book

– Purchases book

– Sales book

– Purchases return or return outwards book

– Sales return or return inwards book

– Bills receivable book

(CHOOSE ANY 5)

(1c)

ERROR IT REVEALS

(i) Wrong Totaling of

(ii)Subsidiary Books

Posting of the Wrong Amount

ERROR THAT DOESN’T AFFECT IT

(i) Error of principle

(ii) Error of commission

(iii) Error of omission

(2)

(i) Accumulated fund: An accumulated fund is a sort of account that houses funds that non-profit organizations acquire over time and that go above and beyond what is required to pay for operating costs and other expenses.

(ii) Depreciation: Depreciation is the systematic decline of a fixed asset’s recorded cost until the asset’s value is zero or insignificant.

(iii) Nominal Capital: This is the maximum amount of capital that a company can grant to investors in the form of stock shares. Governmental bodies that assess the financial viability of the company and its capacity to pay the value of those shares regulate the quantity of this nominal share capital in the majority of countries.

(iv) Bad debt: A bad debt is an expense incurred by a firm when it is determined that a customer’s repayment of previously granted credit is unlikely to be collected and is therefore recorded as a charge off.

(v) Net profit: This is the amount of money your company makes during a specific time period after subtracting all operational, interest, and tax costs.

(3a)

(i) Generosity

An intangible asset connected to the acquisition of a company by another is goodwill. In particular, goodwill is documented when the purchase price exceeds the total of the fair values of all tangible and intangible assets acquired in the acquisition as well as the liabilities taken on throughout the process. Examples of goodwill include the value of a company’s brand name, strong customer base, positive customer and employee interactions, and any patents or proprietary technology.

(ii) Fanciful asset

Despite having no real worth or physical presence, fictitious assets are recorded as cash expenditures in the books of the corporation. In the financial statements, they are included in the assets column and areThey are costs or losses that are not written off during the accounting period in which they occur, and they are included in the assets column of the financial statements.

(iii)Gross profit

Gross profit is the amount of money a business makes after deducting costs for producing, distributing, and selling its goods or services. A company’s income statement will show gross profit, which is derived by deducting cost of goods sold (COGS) from revenue (sales). The income statement of a business will contain these numbers. Sales profit or gross income are other names for gross profit.

(iv)Turnover

The accounting notion of turnover determines how rapidly a corporation runs its operations. MostMost frequently, turnover is used to determine how quickly an organization sells its inventory or receives money from accounts receivable.

(v)Balance sheet

A financial statement that lists a company’s assets, liabilities, and shareholder equity at a certain point in time is referred to as a balance sheet. The foundation for calculating investor return rates and assessing the capital structure of a company is provided by balance sheets. The balance sheet is a financial statement that gives a quick overview of the assets and liabilities of a firm as well as the amount of shareholder investment. When doing basic analysis or calculating financial ratios, balance sheets can be utilized in conjunction with other crucial financial data.

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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 whose role is for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the

(a)Creditor

(b)Cashier

(c)Auditor General

(d)Bursar

ANSWER: C (Auditor General)

2.The cash basis of accounting need the recognition of revenue only when they are

(a)sent Out

(b)documented

(c)lost

(d)received

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

(a)loss

(b)profit

(c)income

(d)expenditure

ANSWER: B (Profitability)

Accounting Solutions for NECO 2022 are loading.The Senior Secondary School Certificate Examination is overseen by the National Examination Council (NECO). The Certificate that is being presented here is a crucial document that recognizes or attests to your successful completion of secondary school.

It is a significant document that qualifies you for admission to any postsecondary institution and has a significant impact on admission today.

Because of this, every student preparing for the NECO 2022 exam is prepared for a fantastic thing.

It is important to use caution when taking this exam in order to avoid receiving poor results. The main responses to NECO Accounting 2022 are listed here.

Prior to beginning your answers, give the exam question paper some thought. Accounting NECO Exam Questions and Solutions.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.

Take time to go through the exam question paper before you start answering. NECO Accounting Questions and Answers..