2017 NECO Financial Accounting Answers & Questions | OBJ and Theory Expo

In this article, you will see some past Financial Accounting objective and theory random repeated questions and answers free of charge. The main aim is to make you understand how NECO Financial Accounting questions are set, including many other examination guidelines. As you may have presumes, this is not an expo answer site. Its just past questions and answers. That being said, you must remain focused and read through all the questions.

NECO Financial Accounting Questions 2017

First and foremost, who is NECO? The National Examinations Council is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January respectively.

2017 NECO Financial Accounting Question and Answers

WARNING: This is not an exam expo answer 2017. Do not copy it and use in this exam because you will fail. This is simply a past exam question and answers for objectives and answers. however, you can keep accessing this page as update will be made in a jiffy.

NECO Financial Accounting OBJ Answers (F/acct)

01 – 10 aabcdeaedd

11 – 20 daccbebcca

21 – 30 acdeebbdcc

31 – 40 edcabeabeb

41 -50 baacedabed

51 – 60 badcabccba

NECO Financial Accounting Theory/Essay Answers (F/acct)

3a)

1. federal allocation share
2. loans
3. grants in aids
4. licence of kiosk
5. tenement rate
6. market ticket fees
7. registration of business
8. pack ticket fees
9. staff monthly tax
10. fees charged naming of streets

3b)

1. business entity:state that every economic unit regardless of it legal form is treated as separate entity from its owners
2. going concern:it assumes that the business unit will operate in perpetuity
3. matching concept:holds that for any accounting period they earned reveune and the incomed cost must be matched and reported for the period

4a)

1. error of omission
2. error of original entry
3. compensating error
4. error of original entry
5. error of commission
6. error of complete reversal of entry
7. error of commission
8. error of omission
9. error of principle
10. error of complet reversal of entry

4b)

1. error
2. credit transfer
3. standing order
4. uncredited cheque
5. 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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