2024 NECO GCE FINANCIAL ACCOUNTING: 2024 NECO GCE FINANCIAL ACCOUNTING ANSWERS (3997)

(1a)
Share premium can be thought of as the difference between the par value of a company's shares and the total amount a company received for shares recently issued.

(1b)
(i) used to pay the expenses of issuing equity, such as underwriter fees or for issuing bonus shares to shareholders
(ii)used Beyond selling shares above par
(iii) the share premium account can be credited if the government donates land to the company.

(1c)
Goodwill is an intangible asset that is associated with the purchase of one company by another.

(4a)
(i) Name of the firm as determined by all
partners.
(ii) Name and details of all the partners of the firm.
(iii) The date on which business commenced.
(iv) Firm's existence duration.
(v) Amount of capital contributed by each
partner.
(vi) Profit sharing ratio between the
partners.

(4b)
(i) To keep the General ledger nice.
(ii) Clean without any details.
(iii) To correct the balances to be used in a financial statement's.
(iv)To provide totals of debtors and creditors quickly when a trial balance is being prepared.

(4c)
[Pick any three]
(i) Bank statement.
(ii) Cash register tape.
(iii) Credit card receipt. ...
(iv) Lockbox check images.
(v) Packing slip.
(vi) Sales order.