2020/2021 WAEC/NECO Answers: 2021 neco book keeping answers



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This is actually the 2018 neco book keeping answersAnswers as questions sent to our subscribers on WHATSAPP, if you are looking for 2020 WAEC/NECO Answers midnight before the exam, try contacting us.


Use this No. 2

(2a)
Under BOOK KEEPING:
(i)
Book keeping is responsible for the recording of financial transactions
(ii) Bookkeeping does not involve interpreting and analyzing data.
(iii)
Bookkeeping is capable of handling the recording part of the accounting process

Under ACCOUNTING:
(i) Accounting is responsible for interpreting, classifying, reporting and summarizing financial data.
(ii) Accounting involves interpreting and analyzing data
(iii) Accountant handle all parts of the accounting process.


(2b)
(i) Bookkeeping gives companies a reliable measure of their performance
(ii) It also provides information on general strategic decisions and a benchmark for its revenue and income goals
(iii) It helps in maintaining the spending extra time and money on records
(iv) It helps in keeping records of any penny spent 
(v) It is a professional firm

(2c)
Bookkeeping refers to the organization and storage of accounting and financial documents such as ledgers, journals, financial statements, income tax records, and more. In part one of a two-part series, we expand upon why record keeping and bookkeeping is important for your business.

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4)

Assets


Stock

Debtors 

Furniture and fittings

Cash in hand 

Cast at bank

Land and building 

Income in advance 

Investment 


*Liabilities*

Loan 

creditor

Bank overdraft 

Rent accuals



4b).

Personal account: these are for the name of individual,firm and business enterprise e.g segun account languju Nig.  Ltd account,debtors and creditors account 

While

Impersonal account: these are account for properties,item of ecpenditure and income. 


4c)

Error of commission 

Error of omission 

Error of original entery 

Error of principle

compesating error

Error of complete reversal of entry

=============


1a)Personal Capital

Ii.Sale of Assets

iii.Sale and Lease Back

iv.Loans and Credit Lines from Banks

v.Hire Purchase

=================

1b)Most of the product companies have dedicated sales staff while in the service industry the service deliverers often do the selling. Coordinating marketing, operations and human resource efforts is a tedious task.


Passion works for the service industry. More the passion, spirit and desire among the service staff more is the revenue generation and success generated every day. There is a direct correlation between staff passion and financial success and similarly lack of passion leads to failure in the service industry. Staffs need to be constantly motivated and efforts have to make to sustain employee commitment.


While testing new services is a constant challenge communicating about these services simultaneously is also not easy.


Setting prices does not come easily for service industry.


Standardization versus personalization is another major issue the service industry has to face.


I)Most of the product companies have dedicated sales staff while in the service industry the service deliverers often do the selling. Coordinating marketing, operations and human resource efforts is a tedious task.


Ii)Passion works for the service industry. More the passion, spirit and desire among the service staff more is the revenue generation and success generated every day. There is a direct correlation between staff passion and financial success and similarly lack of passion leads to failure in the service industry. Staffs need to be constantly motivated and efforts have to make to sustain employee commitment.


iii)While testing new services is a constant challenge communicating about these services simultaneously is also not easy.


iv)Setting prices does not come easily for service industry.


v)Standardization versus personalization is another major issue the service industry has to face.


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