NECO financial accounting questions and answers for 2021/2022 are out for Essay and objectives.
Are you in search of NECO financial accounting answers for 2021? then search no further because in this post we will provide you with the real NECO accounting questions and their answers for free.
According to the NECO timetable, Paper-II & III (Objective/Theory/Practice) Financial Accounting 2:00 pm- 5:50 pm will hold on the 28th July 2021.
The main 2021 NECO Financial Accounting answers will be posted here during the NECO Accounting examination. Keep checking and reloading this page for the answers. the current is meant for practice only.
NECO Accounting OBJ Answers
NECO GCE Financial Accounting Theory Questions 2021.
1. Explain the following:
(i) imprest system;
(ii) petty cash book;
(iii) memorandum entries;
(iv) three-column cash book;
(v) journal proper.
2. Describe three features of each of the following financial statements:
(a) Receipts and Payment Account;
(b) Income and Expenditure Account;
(c) Trading Account;
(d) Profit and Loss Account;
(e) Appropriation Account of a Partnership.
3. (a) Define and list two classifications of each of the following:
(b) State and explain the factors to be considered in determining the annual depreciation charge for a fixed asset.
4. Classify revenue and expenditure into;
(a) capital expenditure;
(b) revenue expenditure;
(c) capital receipts;
(d) revenue receipts.
5. (a) Explain three reasons why an accountant will consider end-of-year adjustments.
(b) Explain how the following items are treated in the Profit and Loss Account and Balance Sheet:
(i) Provision for doubtful debts;
(ii) Depreciation on fixed assets;
(iii) Accrued income;
(iv) Prepaid expenses.
6. In the context of the Company account, explain the following:
(iv) Bonus issue;
Neco Gce Financial Accounting Practice Answers.
7. In this question, candidates were required to prepare:
(i) Trading, Profit and Loss Account;
(ii) Profit and Loss Appropriation Account.
8. Prepare a statement showing the effect of the errors on the draft net profit and the corrected net profit.
9. In this question, candidates were required to:
(i) prepare a Balance Sheet.
(ii) calculate the following:
(iii) acid test ratio;
(iv) capital employed;
(v) working capital;
(vi) current ratio.
4. Which of the following explains the imprest system of operating petty cash?
A. Weekly expenditure cannot exceed a set amount
B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float
C. All expenditure out of the petty cash must be properly authorised
D. Regular equal amounts of cash are transferred into petty cash at intervals
E. Expenditure is constant.
5. Which TWO of the following errors would cause the total of the debit column and the total of the credit column
of a trial balance not to agree?
(1) A transposition error was made when entering a sales invoice into the sales day book
(2) A cheque received from a customer was credited to cash and correctly recognised in receivables
(3) A purchase of non-current assets was omitted from the accounting records
(4) Rent received was included in the trial balance as a debit balance
A. 1 and 2
B. 1 and 3
C. 2 and 3
D. 2 and 4
E. 1 and 4.
6. Peter has not kept accurate accounting records during the financial year. He had opening inventory of N6,700 and purchased goods costing N84,000 during the year. At the year end he had N5,400 left in inventory. All sales are
made at a mark up on cost of 20%.
What is Peter’s gross profit for the year?
7. Shasia Co extracted the trial balance for the year ended 31 December 2017. The total of the debits exceeded the
credits by N300.
Which of the following could explain the imbalance?
A. Sales of N300 were omitted from the sales day book
B. Returns inward of N150 were extracted to the debit column of the trial balance
C. Discounts received of N150 were extracted to the debit column of the trial balance
D. The bank ledger account did not agree with the bank statement by a debit of N300.
How to pass NECO Accounting 2021
There’s no magic to pass NECO in 2021. However, some things must be properly done and put in place in order to pass the examination without expo in flying colors.
To pass NECO financial accounting examination, below are what you must do.
- Get the recommended textbooks
- Be determined to pass
- Have self belief and confidence
- practice NECO past questions
- Get and use NECO syllabus to study
Those are what you need to actually pass NECO accounting examination easily without expo.
Also, I will like to bring to your notice that the NECO Financial accounting answers above are not yet the real ones set by NECO. They are meant for practice only.
The main answers will be posted on the day of the examination. So you are advised to keep checking back and reloading this page till it will be updated here.
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