Neco 2016 Book Keeping 100% Chockes

NECO BOOK KEEPING Answers

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OBJ ANSWERS
1-10 CBAEEBBCBD
11-20 BDEDDABABD
31-40 DEECABDEED
41-50 BAADAECAEE
51-60 BCBBAAECDA

4a.
FIFO stands for first-in, first-out, meaning that the oldest inventory items are recorded as sold first but do not necessarily mean that the exact oldest physical object has been tracked and sold. In other words, the cost associated with the inventory that was purchased first is the cost expensed first.

b. LIFO" stands for last-in, first-out, meaning that the most recently produced items are recorded as sold first. Since the 1970s, some U.S. companies shifted towards the use of LIFO, which reduces their income taxes in times of inflation, but since IFRS banned LIFO, more companies returned to FIFO.

2a
- it helps in locating errrors
- there are allow homogenous account to b grouped together
-there can be use to detect missing figures

2b
asset
- we are land and building
- furnitures and fitting
- plant and machinaries

liability
- we have loan
- we have creditors
- we have accrual expensince
2c)
-invoice
-credit note
-debit note
-pretty cash voucher
statement of account

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