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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.

About NECO

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.

The Mission

To deliver examinations whose results are trusted worldwide for their credibility.

The Vision

To become a major player in the global assessment industry.

Core Value

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

1 ddddeaeddd

11 beacbebcca

21 eebdebbdcc

31 bddabeabeb

41 cddaddabed

51 acceabccbb

3a)

I) federal allocation share

ii) loans

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

3b)

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

===================

4a)

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

4b)

i) error

ii ) credit transfer

iii ) standing order

iv) uncredited cheque

v ) dishonoured cheque

=======================

part II answer 3 Questions only

=======================

6a)

Adamu cash book adjusted as at 31st march 1990

Tabulate N

Balance b/f 14415

credit transfer 3500

=17915

balance b/d 9595

Tabulate N

Bank charges 145

standing order 4525

dishonoured cheque 3650

balance c /d 9595

=17915

6b)

Bank reconciliation statement N

balance as per adjusted cash book =9595

add unpresented cheque =11390

=20985

less uncredited cheque =( 4160 )

balance as per bank statement =16825

=======================

8)

Tabulate

Manufacturing, trading, profit and loss account for the year 31st Dec 2001

stock =5064

purchase = 38000

carriage = 520

=43, 584

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

lighting =4500

salaries =3700

insurance =3000 /97 , 906

cost of prod =97906

sales 185 , 600

stock =8216

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

advert =410

runing exp =1350

commission =690

lighting =3000

salaries =2300

insurance =1500

net profit =78242 /89342

total 89342

=======================

9a)

Tabulate

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 |

9b)

Tabulate

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.

If you need us to help you with updated questions and answers at the right time about NECO Financial Accounting Questions, kindly provide us with your phone number and email address in the comment box below.

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