Neco 2016 Financial Account Obj & Theory Answers | Neco Expo

Unlimitedapps ACCOUNT OBJ:

1-10: DDDDEABEDD
11-20: BEACBEBCCA
21-30: EEBDEBBDCC
31-40: BDDABEABEB
41-50: CDDADBABED
51-60: ACCEABCCBB

Part I answer 2 Questions only

3a)
i ) federal allocation share
ii ) loans
iii ) grants in aids
iv ) licence of kiosk
v ) tenement rate
vi ) arket ticket fees
vii ) registration of business
viii ) pack ticket fees
ix ) staff monthly tax
x ) fees charged naming of streets
3b)
i ) business entity: state that every economic unit
regardless of it legal form is treated as
separate entity from its owners
ii ) going concern : it assumes that the business
unit will operate in perpetuity
iii ) matching concept : holds that for any
accounting period they earned reveune and the
incomed 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 entry
vii ) error of commission
viii ) error of omission
ix ) error of principle
x ) error of complet reversal of 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
Tablulate 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 ajusted 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 /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 |

# 2016-06-29 19:25 (Edited by 2016-06-30 09:45 Unlimitedapps ) · (0)