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NECO Book Keeping Questions and Answers 2022. Objective and Essay answers (Expo), for the National examination council (June/July 2022. NECO Book Keeping Objective and Essay Answers. This post will provide you with repeated questions as well as the answers to your NECO Book Keeping Book Keeping exam. This post will help you understand the NECO Book Keeping objectives and answers.
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Book Keeping (Objective & Essay) – 10:00am – 1:50pm
services are those which are connected with Banking, transport, warehousing, Insurance communication etc. and are helpful for the smooth running of the businesses.
(ii)Involvement of customers
(i)Intangible: An individual can only experience the services. These services cannot be seen or touched by individuals that’s why these are called intangible.
(ii)Involvement of customers: Customers are necessary to avail the services given by the service provider. For example, the communication sector or telecom sector provide services but to use these services customer has to receive the call. If customers will not take interest in the service then this sector can suffer loss.
(iii)Inseparability: Services cannot be separated from the service provider. In this case, the service provider gives services to its customers at the same time and place. For example, Lawyer, Chartered Accountant, Teacher, Doctor are service providers and their services are inseparable.
(iv)Inventory: Services are not stored like goods or material. These are perishable in nature. These services are given to the customers in present, not saved for the future. For example cinema tickets, bus tickets etc.
(v)Heterogeneous: Services are different according to the expectations of the customers. These services are also different in different sectors. For example public sector services and private sector services. These sectors perform their functions according to the rules and regulations set by the top authorities.
A contra entry is an entry that is recorded when both the debit and credit affect the same account and which results in a net-zero effect on the account. These transactions are recorded between bank and cash accounts
(ii) declining balance
(iii) double-declining balance
(iv) units of production
(v) sum-of-years digits.
(ii) Subscriptions/ Dues
(iii) Entrance fees
(v) Profits from bar
(vii) Income from raffle draws, animal fees, dinners etc.
(ix) Program Service Revenue
(x) Fundraising campaigns
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2022 NECO Book Keeping Questions & Answers
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