Neco Book Keeping Answers 2021 – August 10th 2021

Neco Answers 2021
Neco Answers 2021

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BOOK KEEPING OBJ:
1-10: ECDDCEACCD
11-20: BAEBDDDDAA
21-30: BCBEBEEDCB
31-40: ECAEBBDBBA
41-50: EDEDACBBDA
51-60: CDDDDACAAE

(3a)
Depreciation is defined as the reduction of recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.

(3b)
-Assets-
(i)Current assets
(ii)Fixed assets
(iii)Financial Assets
(iv)Intangible Assets
(v) tangible Assests
(vi)Operating Assets

-Limitations-
(i)Fixed assets are shown in the Balance Sheet at their book value (Historical cost — Depreciation to date). A conventional Balance Sheet does not reflect the original value of assets.
(ii)As fixed assets are shown in the Balance Sheet at their book value, therefore, it does not have any relationship with the market value
(iii)Balance Sheet cannot reflect the value of certain factors which serve like assets, such as skill and loyalty of the staff.
(iv)conventional Balance Sheet may mislead the untrained readers in inflationary situations.

(3c)
(i)Less paperwork to get started.
(ii)Easier processes and fewer requirements for business taxes.
(iii)Fewer registration fees.
(iv)More straightforward banking.
(v)Simplified business ownership

(4a)
A suspense account is an account used temporarily or permanently to carry doubtful entries and discrepancies pending their analysis and permanent classification.

(4b)
(i) Owners and investors
(ii) Management
(iii) Lenders
(iv) Trade creditors or suppliers
(v) Government
(vi) Employees
(vii) Customers

(4c)
(i) Always Compliant with the Law
(ii) It Is Easier to Plan
(iii) Instant Reporting
(iv) Better Relations with Banks and Investors.
(v) Better Tax Prediction
(vi) Faster Business Response Time

Neco Book Keeping Answers 2021

The long-awaited and highly anticipated 2021 NECO Book Keeping (Obj & Essay) Solution Expo Questions and Answer which is supposed to be written in July/August but now October/November is around the corner for Senior School Certificate Examination (SSCE).

Here is the schedule of the examination.

Tuesday 10th August 2021

  • Paper Ill & Il: Objective & Essay – Book Keeping 10:00am – 1:50pm

Welcome to the Real and Verified NECO Book Keeping (Obj and Essay/Essay) Questions and Answer – July/August 2021 Expo Runz.

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