NECO 2024 Financial Accounting Objective, Theory & Practice answers is officially out. See 100% legit 2024 NECO Financial Account Questions June/July fully solve according to the marking scheme. Information on our desk has it that the exam will be written on 8th July, 2024. The National Examinations Council (NECO) is a Nigerian examination body responsible for conducting and administering national examinations at the secondary school level. NECO plays a crucial role in assessing and certifying students’ academic achievements across various subjects.
The Examinations in Financial Accounting check the student’s ability to understand the principles of finance, including the preparation and analysis of relevant financial reports. It covers the topics within accounting standards, bookkeeping, and the interpretation of financial information when making decisions.
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This article will guide you on the NECO Financial Accounting June/July expo questions and answers. You will see the question papers and their objective and theory solution.
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Is NECO Financial Accounting Questions 2024 Answers Out?
Yes, the National examination board Financial Accounting theory and Obj answers is now released. Everything you need concerning the subject is uploaded in this page.
If you are writing this subject, we advise you follow carefully the instructions on how many questions to answer and the best way to pass the subject.
The National Examination Council (NECO) has scheduled the Financial Accounting examination (Papers III & II: Objective, Theory & Practice) for Tuesday, 9th July, 2024, from 10:00 am to 1:30 pm (3 hours and 30 minutes).
Make sure you thoroughly review all key concepts, practice past questions, and manage their time effectively during the exam to ensure they cover all sections.
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NECO Financial Account Essay Answers
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*NECO 2024 FINANCIAL ACCOUNTING ANSWERS*
`SECTION A: ANSWER TWO (2) QUESTIONS ONLY“`
(1a)
(i) Increased Cost of Goods Sold (COGS): If the cost to produce or acquire goods increases, it directly reduces the gross profit margin. Factors such as rising raw material costs, increased labor costs, or higher production expenses can contribute to this.
(ii) Competitive Pricing Pressure: When competitors lower prices or enter the market with lower-priced alternatives, a business may need to reduce its own prices to remain competitive. This can squeeze the gross profit margin unless offset by increased sales volume.
(iii) Declining Sales Volume: If a business experiences lower sales volumes, it may not generate enough revenue to cover fixed costs and maintain previous levels of profitability. This decline in revenue directly impacts the gross profit margin.
(1b)
(i) Cost of the asset
(ii) Useful life
(iii) Salvage value
(iv) Depreciation method
(v) Residual value
(1c)
(i) Wear and tear
(ii) Obsolescence
(iii) Accidental damage
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(2)
(i) Proforma Invoice:
A proforma invoice is a preliminary invoice sent by a seller to a buyer before the shipment of goods. It’s a quote or an estimate of the goods’ value, indicating the terms of sale, including price, quantity, and payment terms. It’s not a demand for payment but rather a declaration of the seller’s intention to supply the goods.
(ii) Goodwill:
Goodwill is an intangible asset that represents the value of a business’s reputation, customer relationships, and brand recognition. It’s the excess amount paid for a business over its net asset value. Goodwill is a non-current asset that appears on the balance sheet and is amortized over its useful life.
(iii) Consignee:
A consignee is the person or business to whom goods are shipped, but who does not own the goods until they are sold. The consignee acts as an agent for the owner of the goods (the consignor) and is responsible for storing, displaying, and selling the goods. The consignee receives a commission on the sale price, and the remaining amount is remitted to the consignor.
(iv) Preference Share:
Preference shares are a type of share that has a higher claim on assets and dividends than ordinary shares. Preference shareholders receive a fixed dividend payment before ordinary shareholders and have priority in receiving assets in case of liquidation. However, they usually don’t have voting rights.
(v) Three Column Cash Book:
A three column cash book is a specialized accounting record that includes columns for cash transactions, bank transactions (such as cheques received and issued), and discounts allowed and received. It provides a structured way to record and reconcile cash and bank transactions in a single book, aiding in accurate financial management and reporting.
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(3a)
(i) Compensating errors: These errors occur when two or more errors in different accounts cancel each other out, resulting in a correct total. For example, if a company accidentally records a $1,000 increase in both assets and liabilities, the trial balance will still be correct, but the financial statements will be inaccurate.
(ii) Errors of principle: These errors occur when a transaction is recorded in the wrong account category. For example, recording an expense as an asset or a revenue as an expense. This type of error will not be detected by the trial balance, but it will affect the financial statements.
(iii) Errors of omission: These errors occur when a transaction is not recorded at all. For example, if a company fails to record a sale or a purchase, the trial balance will still be correct, but the financial statements will be incomplete.
(iv) Entry in the wrong account: These errors occur when a transaction is recorded in a correct account but with the wrong amount. For example, recording a $100 sale as $1,000. This type of error will not be detected by the trial balance, but it will affect the financial statements.
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Tips For passing NECO Financial Account exam
To excel in the NECO Financial Accounting exam, start by thoroughly understanding and practicing key accounting principles and concepts. Regularly solve past exam questions to familiarize yourself with the format and types of questions you might encounter. Lastly, manage your time effectively during the exam, ensuring you allocate sufficient time to both objective and theory sections to maximize your score.
Getting NECO Financial Account June/July questions And Answers 2024
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