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NECO Financial Accounting 2024 Questions And Answers

NECO GCE Financial Accounting 2024 Questions And Answers Expo

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The National Examination Council (NECO) Has Scheduled The NECO GCE Financial Accounting 2024 Questions And Answers Paper To Take Place on 23rd November, 2024.

NECO GCE ACCOUNTING ANSWER 2024

NUMBER ONE

(1)
(i) General Warrant: A General Warrant is a legal document issued by the government that authorizes the withdrawal of funds from the Consolidated Revenue Fund or other designated funds to meet specified expenditures. It is usually issued at the beginning of the financial year and serves as a blanket authority for expenditures.

(ii) Capital Expenditure: Capital Expenditure refers to government spending on assets that have a useful life of more than one year, such as buildings, roads, bridges, and equipment. These expenditures are typically financed through borrowing or from the government’s capital budget.

(iii) Recurrent Expenditure: Recurrent Expenditure refers to government spending on goods and services that are consumed within a short period, typically within a year. Examples include salaries, wages, utilities, and maintenance costs. These expenditures are usually financed from the government’s recurrent budget.

(iv) Supplementary Budget: A Supplementary Budget is an additional budget presented by the government during the financial year to request additional funds or to reallocate existing funds. This is usually done to address unforeseen expenditures or changes in economic conditions.
(v) Payment Voucher: A Payment Voucher is a document that authorizes the payment of a specific amount to a supplier, contractor, or employee. It contains details such as the date, amount, and description of the payment, as well as the accounting codes and budget line items. Payment vouchers serve as a control mechanism to ensure that payments are properly authorized and recorded.

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NECO GCE Financial Accounting 2024 Questions And Answers

In this section, you will read the steps and requirements needed for you to get NECO GCE Financial Accounting 2024 Questions And Answers before exam.

NECO GCE Financial Accounting 2024 Paper is Categorized in to 2 parts:

  • NECO GCE Financial Accounting Essay 2024
  • NECO GCE Financial Accounting Objective 2024

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2024 NECO GCE EXPO NECO GCE Financial Accounting 2024 Questions And Answers
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NECO GCE Financial Accounting Expo 2024

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Area of concentration for NECO GCE Financial Accounting 2024

Below are the Area of concentration for NECO GCE Financial Accounting 2024 exam :

  • Introduction to Financial Accounting
  • The Accounting Equation and Double Entry Principles
  • Accounting Concepts
  • The Final Accounts of a Sole Trader/Proprietorship
  • Provisions and Reserves
  • Depreciation
  • Manufacturing Accounts
  • Control Accounts and Self-balancing Ledgers
  • Single Entry and Incomplete Records
  • Mark up and Margin
  • Accounts of Not-for-Profit Making Organizations
  • Partnership Accounts
  • Company Accounts
  • Interpretation of accounts using simple ratios
  • Purchase of business account
  • Statement of Cash Flow
  • Accounting for Value Added Tax
  • Departmental and Branch Accounts
  • Public Sector Accounting
  • Information Technology in Accounting
  • Miscellaneous Accounts
  • Financial System

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