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Note: This is NECO Financial Accounting objective and theory random repeated past exam questions.
National Examinations Council is an examination body in Nigeria that conducts Senior Secondary Certificate Examination and General Certificate in Education in June / July and December for students who have passed through JSS1-SS2 Exams and ready to write SS3 Exams in partial fulfilment of requirement for the award of NECO Senior Certificate.
NECO Financial Accounting Past Exams Objective Answers
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NECO Financial Accounting Random Repeat Exam Questions and Answers
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) monthly tax staff
X) fees charged naming of streets
3b)
I) business entity: state that every economic unit regardless of its 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
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 checks
V) dishonoured checks
5. Which TWO of the following errors would the total of the debit column and the total of the credit column of a trial balance not to agree?
1. A transposition error was made when entering a sales invoice into the sales day book
2. A cheque received from a customer was credited to cash and correctly recognised in receivables
3. A purchase of non-current assets is omitted from the accounting records
4. Rent received was included in the trial balance as a debit balance
A. 1 and 2
B. 1 and 3
C. 2 and 3
D. 2 and 4
E. 1 and 4.
7. Shasia Co. extracted the trial balance for the year ended 31 December 2017. The total of the debits exceeded the credits by N300.
Which of the following could explain the imbalance?
A. Sales of N300 were omitted from the sales day book
B. Returns inward of N150 were extracted to the debit column of the trial balance
C. Discounts received of N150 were extracted to the debit column of the trial balance
D. The bank ledger account did not agree with the bank statement by a debit of N300.
Part II answer 3 Questions only
1) Keswick Co acquired 80% of the share capital of Derwent Co on June 1, 2015. The summarized draft statements of
Profit or loss for Keswick Co and Derwent Co for the year ended 31 May 2016 are shown below:
Keswick Co. - Derwent Co.
$ 000 - $ 000
Revenue 8,400 - 3,200
Cost of sales (4,600) - (1,700)
----- -----
Gross profit 3,800 - 1,500
Operating expenses (2,200) - (960)
----- -----
Profit before tax 1,600 - 540
Tax (600) - (140)
----- ------
Profit for the year 1,000 - 400
------ ------
During the year Keswick Co sold goods costing $ 1,000,000 to Derwent Co for $ 1,500,000. At 31 May 20X6, 30% of these goods remained in Derwent Co's inventory.
(A) Prepare the Keswick group consolidated statement of profit or loss for the year ended 31 May 2017.
Note: The statement should stop once the consolidated profit for the year has been determined. The amounts attributable to the non-controlling interest and equity owners of Keswick are not required. Show all workings as credit will be awarded to these as appropriate.
(B) Which of the following formulas describes the amount to be entered in the consolidated statement of profit or loss as 'Profit attributable to: Equity owners of Keswick Co'?
A. Group profit after tax - non-controlling interest
B. Group profit after tax + non-controlling interest
C. Keswick Co's profit after tax
D. Group profit after tax.
E. What amount should be shown in the consolidated statement of profit or loss for the non-controlling interest?
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 check 3650
Balance c / d 9595
= 17915
6b)
Bank reconciliation statement N
Balance as per ajusted cash book = 9595
Add unpresented check = 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: 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
89342 total
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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