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2020 NECO FINANCIAL ACCOUNT ANSWERS

Financial Accounting-Obj!

1-10: EBBDEADBDC

11-20: DCCDDECDCA

21-30: DCEAEBBDAA

31-40: BBACAECAAB

41-50: ECDCBCECCC

51-60: ECBCDDDEAE

2020 NECO FINANCIAL ACCOUNTING ANSWERS

 

COMPLETED.

Theory Answers

(2a)

(i)Enable Average Balance Processing for Specified Sets of Books.

(ii)Capture Average Balances.

(iii)Effective-Date Transaction Processing.

(iv)Transaction Calendar Control.

(v)Control Transaction Balancing by Effective

Date.

 

(2b)

(i)Marketing expenses

(ii)Discounts on the issue

of shares

(2c)

(i)Opening stock.

(ii)Purchase and purchase return.

(iii)Purchase related expenses.

(iv)Factory or manufacturing expenses.

(v)Sales and sales return

(2d)

(i)Active/Managing Partner .

(ii)Sleeping Partner .

(i)Active/Managing Partner: An active partner mainly takes part in the day-to-day running of the business and also takes active participation in the conduct and management of the business firm.

(ii)sleeping partner; is also known as a “dormant partner”. This partner does not participate in the day-to-day functioning activities of the partnership firm. A person who has sufficient money or interest in the firm, but cannot devote his time to the business, can act as a sleeping partner in the firm.

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(3i)

Returns inwards; this are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction. A debit (reduction) of accounts payable.

(3ii)

Returns outwards; this are goods returned by the customer to the supplier. For the supplier, this results in the following accounting transaction. A debit (reduction) in revenue in the amount credited back to the customer.

(3iii)

prospectus; in finance is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds , stocks, bonds and other investments, such as a description of the company’s business, financial statements , biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information.

(3iv)

Prepayments; this are amounts paid for by a business in advance of the goods or services being received later on. Any payment made in advance can be considered a prepayment. A prepayment is not dissimilar to a deposit, but generally falls under a more set time period for fulfillment of the goods or service purchased.

(3v)

Cost of goods sold is the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out, or average cost.

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Posted by on November 19, 2020.

Categories: NECO

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