VERIFIED NECO 2016 FINANCIAL ACCOUNTING QUESTIONS AND ANSWERS
Thursday 30th June.
Paper III: Objective - Financial Accounting 10:00am - 11:20am
Paper II: Theory & Practice - Financial Accounting 11:20am - 1:50pm
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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
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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
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part II answer 3 Questions only
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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
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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:p/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
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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 |
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