NECO 2016/17 FINANCIAL ACCOUNTING FREE ANSWERS / EXPO OBJ AND THEORY FOR JUNE 30,2016

Account Obj and Essay

F/acct
1ddddeaedd
11beacbebcca
21eebdebbdcc
31bddabeabeb
41cddaddabed
51acceabccbb

3a.
They are
I.federal allocation share
2.loans
3.grants in aid
4.licenses of kiost
5.tenement rate
6.market tickect fee
7.registration of business premisses
8.pack tickect fee
9.staff monthly tax
10.fees changed naming of streets

3b
Business entity state that every economy unit regardless of its legal form is treated as separate entity from its owner.
Ii.GOING CONCERN.it assumes that the business unit will operate in perpetivity.
Iii.MARKETING CONCEPTS holds that for any accounting period the earned revenue and the incurred costs must be
Matched and reported for the period

4a
-error of omission
-error of original entry
-compasating error
-error of commission
-error of complete reversal entry
-error of omission
-error of principle
-Error of complete revisal gentry

4b
-unrepresented cheque
-uncredited cheque
-standing order
-dishonoured cheque

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
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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