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NECO Book Keeping 2022 Verified Essay and Objective Answers

Posted by Hedowho on 10 August, 2022

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NECO Book Keeping Theory and Objective Answers (100%legit) Book Keeping Essay verified Free (Expo) for National Examination Council. NECO Book Keeping Questions For you to have good NECO result in Book Keeping as well as repeated questions for free in this post.

NECO GCE June/July 2022 FREE Book Keeping QUESTION AND ANSWER ROOM

NECO Book Keeping OBJ

Book Keeping Obj:
01-10: CBCACDEDEE
11-20: BCDBAEEBBE
21-30: BECDBDCDBA
31-40: BDACDDCAAE
41-50: ACABBADDBC
51-60: BEDDEAEDBB

*COMPLETED*

2022 NECO BOOK KEEPING ANSWERS

_ANSWER FIVE QUESTIONS IN ALL, TWO FROM SECTION A AND THREE FROM SECTION B._

*SECTION A*

(1a)
Services are those which are connected with Banking, transport, warehousing, Insurance communication etc. and are helpful for the smooth running of the businesses.

(1b)
(i) Intangible
(ii) Involvement of customers
(iii) Inseparability
(iv) Inventory

(i) Intangible: An individual can only experience the services. These services cannot be seen or touched by individuals that’s why these are called intangible.

(ii) Involvement of customers: Customers are necessary to avail of the services given by the service provider. For example, the communication sector or telecom sector provides services but to use these services customer has to receive the call. If customers will not take interest in the service then this sector can suffer a loss.

(iii) Inseparability: Services cannot be separated from the service provider. In this case, the service provider gives services to its customers at the same time and place. For example, Lawyers, Chartered Accountants, Teachers, and Doctors are service providers and their services are inseparable.

(iv) Inventory: Services are not stored like goods or materials. These are perishable. These services are given to the customers in present, not saved for the future. For example cinema tickets, bus tickets etc.

(v) Heterogeneous: Services are different according to the expectations of the customers. These services are also different in different sectors. For example public sector services and private sector services. These sectors perform their functions according to the rules and regulations set by the top authorities.
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(3a)
A contra entry is an entry that is recorded when both the debit and credit affect the same account and which results in a net-zero effect on the account. These transactions are recorded between bank and cash accounts

(3b)
(i) straight-line
(ii) declining balance
(iii) double-declining balance
(iv) units of production
(v) sum-of-years digits.

(3c)
(i) Donations
(ii) Subscriptions/ Dues
(iii) Entrance fees
(iv) Fines
(v) Profits from bar
Interest from
(vi) Investments.
(vii) Income from raffle draws animal fees, dinners etc.
(viii) Grants
(ix) Program Service Revenue
(x) Fundraising campaigns.
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(4a)
(i) Sales Ledger Control Account
(ii) Purchases Ledger Control Account

(4b)
(i) Debtors’ and Creditors’ account balances can be extracted for the preparation of the final accounts because it performs the same functions as the trial balance.

(ii) It reduces the size of the General ledger and has up-to-date records of debtors and creditors.

(iii) It encourages the division of labour among book-keepers keeping the books of original entry.

(4c)
=SIMILARITIES=
(i) Both cash discounts and trade discounts are popular choices in the market to increase sales revenue and attract more buyers.

(ii) Both trade discounts and cash discounts involve the same number of parties. Each of them has two parties involved, the buyer and the seller.

=DIFFERENCES=
(i) Cash discount is executed when the buyer initiates payment WHILE Trade discount is executed when a buyer is initiating a buy order.

(ii) Cash discount is more specific to the timing of payments and instalments WHILE Trade discount varies with the products and the quantity purchased by the seller.

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