FREE CHOCKS!!! NECO 2015 STORE KEEPING & BOOK KEEPING (Obj & Essay) ANSWERS

FREE CHOCKS!!! NECO 2015 STORE KEEPING & BOOK KEEPING (Obj & Essay) ANSWERS

Runs Updates Desk:
Upnext 2015 SSCE Exam Schedule.
NECO Exam
Monday, 6th July, 2015
STORE KEEPING (Obj & Essay) 10.00a.m - 12.40p.m 
BOOK KEEPING (Obj & Essay) 10.00am - 1.50pm



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Verified STORE KEEPING Obj
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NECO STORE KEEPING 2015 ANSWERS ESSAY
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Verified BOOK KEEPING Obj
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Book Keeping Obj

1-10: DDEBCACEEA
11-20: BDADEEDBEC
21-30: DBCACBDDBA
31-40: EABACAEABA
41-50: BDAEADEDCC
51-60: BCDCCDEADC

Note: Always indicate the Paper type that you Used. Don’t Panic, You will be Marked Right.

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NECO BOOK KEEPING 2015 ANSWERS ESSAY
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(1a) Asset is anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value

(1b) Liability is defined as the future sacrifices of economic benefits that the entity is presently obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

(1c) Capital can be refers to as financial resources available for use such as cash, the factories, machinery and equipment owned by a business and used in production.

(1d) Balance sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

(1e) The principle of double entry bookkeeping is that there are always two entries for every transaction. One entry is known as a credit entry and the other a debit entry.

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(i) Cash book: Transactions held in cash or by cheque are recorded in this book.

(ii) Purchase book: All credit purchase of goods are written in this book. Cash purchase of goods and credit purchase of assets are not recorded in this book. Other names of purchase book are purchase day book, purchase journal, bought journal, inward invoice book etc.

(iii)Sales Book: All sales of goods are written in this book. Cash sale of goods and credit sale of assets are not recorded in this book. Other names of Sales Book are Sales Day Book, Sales Journal, Sold book, Outward Invoice Book etc.

(iv) Purchase Return Book: It may be necessary to return some goods that the firm has bought on credit for a variety of reasons. All returns of such goods are recorded primarily in Purchase Return Book also known as Return Outward Book.

(v) Sales Return Book: Goods may be returned by the customers for a variety of reasons. All goods returned from customers are recorded in Sales Return Book. This book is also known as Return Inward Book.
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Comments

  1. http://rotimib.blogspot.com/2015/07/free-chocks-neco-2015-store-keeping.html

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    1. http://rotimib.blogspot.com/2015/07/free-chocks-neco-2015-store-keeping.html

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