NECO GCE Financial Accounting 2022 Questions And Answers
The National Examination Council (NECO) Has Scheduled NECO GCE Financial Accounting 2022 Paper to Kick off today 17th December 2022 by 10:00am.
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Waec gce financial accounting question 2022
Neco gce financial accounting answers 2022
(3a)
Bad debt refers to loans or outstanding balances owed that are no longer deemed recoverable and must be written off.
(3b)
(i) Bookkeeping is the process of recording the financial transactions of an organization
While Accounting is the process of recording, classifying, summarizing, and communicating the financial transactions of an organization.
(ii) Bookkeeping is the records used for day-to-day financial decision making while accounting is the records used mainly for medium and long-term financial decision-making.
(iii) Bookkeeping is the objective to ensure that the financial records are kept in chronological order while accounting is the objective to ensure the performance of an organization.
(iv) Bookkeeping records are used as inputs for the preparation of financial statements While accounting records are analyzed for decision making.
(v) Bookkeeping may be performed by staff with fewer skills in accounting while accounting is performed by staff with special skills in accounting.
(1a)
Public Sector Accounting is the systematic process of recording, communicating, summarizing, analyzing and interpreting the financial statements and statistics of Government in aggregate and details.
(1b)
(i)Economic Growth: Capital Markets help to accelerate the process of economic growth. It reflects the general condition of the economy.
(ii)Promotes Saving Habits: After the development of Capital Markets, the taxation system, and the banking institutions provide facilities and provisions to the investors to save more.
(iii)Stable and Systematic Security prices: Apart from the mobilization of funds, Capital Markets help to stabilize the prices of stocks. Reduction in speculative activities and providing capital to borrowers at a lower interest rate help in the stabilization of the security prices.
(iv)Availability of Funds: Investments are made in Capital Markets on a continuous basis. Both the buyers and sellers interact and trade their capital and assets through an online platform
(v)Provide funding alternative; Capital markets minimize transaction and information costs for Issuers and Investors, and provide an alternative source of funding that may be used in addition to bank finance.
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