Free NECO Financial Accounting Questions and Answers 2022 are now available for the May/June 2022 exam period. NECO Accounting 2022 Questions and Answers for Theory and Objective is 100% legit and verified. Our NECO Financial Accounting 2022 Expo Answers will help you have a good 2022 Financial Accounting NECO result. The material for NECO Accounting questions 2022 will be released on this page for both theory and OBJ answers 2022.
NECO Financial Accounting Questions and Answers 2022
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NECO Accounting 2022 Theory and Objectives (Obj) Answers Getting Ready
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NECO Financial Accounting 2022 Questions and Answers
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Today’s NECO Accounting 2022 Question and Answer for Theory (25th July, 2022)…
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SEE NECO ACCOUNTING 2022 ANSWERS BELOW
– 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
(CHOOSE ANY 5)
ERROR IT REVEALS
(i) Wrong Totaling of
Posting of the Wrong Amount
ERROR THAT DOESN’T AFFECT IT
(i) Error of principle
(ii) Error of commission
(iii) Error of omission
More On NECO Accounting 2022 Questions and Answers
We’re glad you’ve come to find the Accounting answers for 2022 NECO. In the minutes leading up to the Accounting exam, the entire solution will be made available for free.
(i) Accumulated fund: An accumulated fund is a type of account that serves as the repository for funds that are collected over time by non-profit organizations and are above and beyond the money needed to cover operational and 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: Bad debt is an expense that a business incurs once the repayment of credit previously extended to a customer is estimated to be uncollectible and is thus recorded as a charge off.
(v) Net profit: is the amount of money your business earns after deducting all operating, interest, and tax expenses over a given period of time.
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EXAMINATION SCHEME FOR NECO 2022 Financial Accounting
If you’re interested in learning more about the format of the 2022 NECO Financial Accounting exam, you can get the main gist/expo here because we fully and honestly reveal and explain everything.
The 2022 NECO Financial Accounting QUESTIONS exam will separate the theoretical and objective parts. Here are some hints as to what the contents of these TWO parts will be. Please keep in mind that you only have a certain amount of time to complete both (two) portions, and you must do so on the SAME DAY. Join us as we examine the two sections of the Geography exam for 2022.
2022 NECO Financial Accounting paper 1: You should be aware that the object (OBJ) section will require you to provide answers to at least 50 questions, each of which is worth one mark, for a total of 50 marks.
2022 NECO Financial Accounting paper 2: In this section, under “Theory,” only five of the eleven questions must be answered.
EXAMINATION INSTRUCTIONS FOR THE NECO 2022 Financial Accounting EXAMINATION
- If you aren’t told to, don’t take out your booklet.
- After the test, make sure to sign your name on the NECO attendance sheet.
- To color the questions on your objectives, use only an HB pencil.
- Keep in mind that if you are found using expo, your WAEC score could be withheld (it shall not be your portion amen)
- Your names must be spelled correctly, and you must include the subject and exam number.
- Calculators are needed because Financial Accounting involve calculations.
- Before submitting, make sure your writing is error-free by checking it.
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