NECO 2024 Financial Accounting (OBJ/ESSAY) Questions and Answers

NECO FINANCIAL ACCOUNTING (OBJECTIVE, THEORY & PRACTICE) QUESTIONS AND ANSWERS 2024 

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NECO 2024 FINANCIAL ACCOUNTING OBJ & ESSAY QUESTIONS

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2024 NECO FINANCIAL ACCOUNTING OBJ ANSWERS

FINANCIAL ACCOUNTING OBJ

01-10: CABEDACADB

11-20: DEBCCBECEA

21-30: ……..

31-40: ……..

41-50: …….

51-60: CECCABCDBE

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2024 NECO FINANCIAL ACCOUNTING THEORY ANSWERS

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FINANCIAL ACCOUNTING THEORY

NUMBER 1

(1a)
(PICK ANY THREE)
(i) Increased Cost of Goods Sold (COGS): This includes the direct costs of producing or acquiring the goods/services sold by the business. If the cost of raw materials, labor, or manufacturing rises, and the business cannot offset these increases with higher prices, the gross profit margin will shrink.

(ii) Decreased Sales Revenue: A decline in sales volume, without a corresponding decrease in COGS, will directly reduce gross profit. This could be due to factors like increased competition, economic downturns, changes in consumer preferences, or ineffective marketing strategies.

(iii) Pricing Pressure: Competitive markets might force a business to lower its prices to remain competitive. If the business cannot cut costs elsewhere, the lower prices will lead to a reduced gross profit margin.

(iv) Product Mix Changes: If a business shifts its focus towards selling products or services with lower profit margins, the overall gross profit will decline, even if the sales volume remains the same.

(v) Inventory and Production Issues: Problems like inefficient production processes, wastage of materials, or overstocked inventory can increase costs and reduce the profitability of each unit sold. This can also tie up capital that could be used for other growth initiatives.

(1b)
(PICK ANY FIVE)
(i) Initial cost
(ii) Useful life
(iii) Residual (salvage) value
(iv) Depreciation method
(v) Date of purchase
(vi) Legal and regulatory requirements
(vii) Asset usage
(viii) Maintenance and repairs

(1c)
(PICK ANY THREE)
(i) Wear and tear
(ii) Obsolescence
(iii) Physical deterioration
(iv) Depletion
(v) Economic factors
(vi) Legal or regulatory changes
(vii) Market conditions
(viii) Technological advancements

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NUMBER 2

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NUMBER 5

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2024 FINANCIAL ACCOUNTING PRACTICE ANSWERS 

NUMBER 1

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NUMBER 5 

NUMBER 6 

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2024 NECO FINANCIAL ACCOUNTING QUESTIONS

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