2020 NECO Financial Accounting Questions For All Candidates

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  • NECO GCE  Financial Accounting questions
  • NECO Financial Accounting questions
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  • NECO Financial Accounting questions
  • GCE Financial Accounting questions
  • NECO Financial Accounting questions
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  • 2020 NECO Financial Accounting questions

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Check Out NECO Financial Accounting Answers on Objective


Check Out 2019 NECO Accounting Answers on Essay

1a) A discount allowed is when the seller of goods or services grants a payment discount to a buyer. This discount is frequently an early payment discount on credit sales, but it can also be for other reasons, such as a discount for paying cash up front, or for buying in high volume, or for buying during a promotion period when goods or services are offered at a reduced price.

Discount received is the situation where the buyer is granted a discount by the seller. Buyers can receive discounts in the form of trade, settlement or volume discounts. The buyer can be the intermediary company/ wholesaler who purchases the products from the manufacturer to sell to the end customer.

1b) -Cash Book
– Sales Book
– Bills Receivable Book
– Bills Payable Book
– Journal Proper

Preference shares are shares in a company that are owned by people who have the right to receive part of the company’s profits before the holders of ordinary shares are paid. They also have the right to have their capital repaid if the company fails and has to close.



bank reconciliation statement is a process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank and the corresponding amount shown in the organization’s own accounting records.

Depreciation can be defined as a reduction in the economic service potential of an asset as a result of wears, tears, usage, and passage of time. When fixed assets are sold, the part of cost are recovered is termed depreciation

(i)Single column cash book
(ii)Double column cash book
(iii)Three column cash book
(iv)Petty cash book

Bad debt are those debt that cannot be recovered ie irrecoverable debts. Such a debt must be written off from the debtor balance so that the accounts will not give a false picture
Provision for bad debts is an estimated amount set aside for doubtful debts which cannot be accurately

calculated. The provision must be charged to the profit and loss as expenses and deducted from the debtors balance in the balance sheet.

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