Neco Bookkeeping 2021 Answers

Neco BookKeeping Answers 2021. neco BookKeeping 2021, Here you will the the verified neco Book Keeping expo 2021, neco Book Keeping questions and answers 2021, Neco 2021 Book Keeping Answers, neco question and answer 2021, 2021 neco Book Keeping obj and Theory Answers, neco BookKeeping 2021, Many NECO candidates find it difficult to answer the NECO 2021 Book Keeping obj and theory question and Answers correctly due to not understanding the questions. I will show you the best way to answer NECO Book Keeping Obj and Theory questions and make a good NECO result in your Book Keeping examination.


BOOK KEEPING OBJ:
1-10: ECDDCEACCD
11-20: BAEBDDDDAA
21-30: BCBEBEEDCB
31-40: ECAEBBDBBA
41-50: EDEDACBBDA
51-60: CDDDDACAAE


(6)


(5)


(9)



(3a)
Depreciation is defined as the reduction of recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.

(3b)
-Assets-
(i)Current assets
(ii)Fixed assets
(iii)Financial Assets
(iv)Intangible Assets
(v) tangible Assests
(vi)Operating Assets

-Limitations-
(i)Fixed assets are shown in the Balance Sheet at their book value (Historical cost — Depreciation to date). A conventional Balance Sheet does not reflect the original value of assets.
(ii)As fixed assets are shown in the Balance Sheet at their book value, therefore, it does not have any relationship with the market value
(iii)Balance Sheet cannot reflect the value of certain factors which serve like assets, such as skill and loyalty of the staff.
(iv)conventional Balance Sheet may mislead the untrained readers in inflationary situations.

(3c)
(i)Less paperwork to get started.
(ii)Easier processes and fewer requirements for business taxes.
(iii)Fewer registration fees.
(iv)More straightforward banking.
(v)Simplified business ownership


(4a)
A suspense account is an account used temporarily or permanently to carry doubtful entries and discrepancies pending their analysis and permanent classification.

(4b)
(i) Owners and investors
(ii) Management
(iii) Lenders
(iv) Trade creditors or suppliers
(v) Government
(vi) Employees
(vii) Customers

(4c)
(i) Always Compliant with the Law
(ii) It Is Easier to Plan
(iii) Instant Reporting
(iv) Better Relations with Banks and Investors.
(v) Better Tax Prediction
(vi) Faster Business Response Time


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