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NECO GCE June/July 2023 FREE FINANCIAL ACCOUNTING QUESTION AND ANSWER ROOM 

NECO FINANCIAL ACCOUNTING OBJ

*FINANCIAL ACCOUNTING THEORY ANSWERS*

“`SECTION A; ANSWER TWO(2) QUESTIONS ONLY“`

(1a)
A bank reconciliation statement is a financial document that compares the balance of a company’s cash book (or general ledger) with the balance shown on its bank statement. This statement is used to identify and rectify any discrepancies or differences between the two balances. It helps ensure that the financial records maintained by the company accurately reflect its financial transactions and the actual bank account activity.

(1b)
(i) Outstanding Checks: These are checks that the company has issued but haven’t yet cleared the bank. Thus, they have been deducted from the company’s cash book but not from the bank statement.

(ii) Deposits in Transit: These are deposits made by the company that haven’t yet been credited to the bank account. They are recorded in the company’s cash book but are not yet reflected in the bank statement.

(iii) Bank Charges and Fees: The bank might deduct various charges and fees for services provided. These deductions might not be immediately reflected in the company’s cash book, causing a discrepancy.

(iv) Errors: Mistakes in recording transactions, such as incorrectly entering amounts, duplicating entries, or entering transactions in the wrong accounts, can lead to differences between the two balances.

(v) Interest and Dividends: The bank might credit the company’s account with interest earned or dividends received. If these credits are not recorded in the company’s cash book, a difference can arise.
========================

(2)
(i) Error of Principle:
An error of principle, also known as an error of fundamental character, occurs when a transaction is recorded in a way that violates the fundamental principles of accounting. This could involve misclassification of an expense as a revenue item or the use of an incorrect accounting treatment. For example, recording personal expenses as business expenses would be an error of principle.

(ii) Error of Compensation:
An error of compensation, also referred to as an offsetting error, happens when an incorrect entry is made, but the error is offset by another incorrect entry. Essentially, one mistake is canceled out by another mistake. This can result in the financial statements appearing correct even though there are errors in the underlying transactions.

(iii) Error of Omission:
An error of omission occurs when a transaction is completely left out or not recorded in the accounting books. This can happen accidentally or deliberately. Omissions can lead to inaccurate financial statements and misrepresentation of the financial position of a business.

(iv) Error of Commission:
An error of commission occurs when an entry is made in the accounting records, but it’s the wrong entry. This could involve using the wrong amount, account, or transaction details. For example, recording a payment to the wrong vendor would be an error of commission.

(v) Error of Complete Reversal of Entries:
This type of error involves transposing entire entries, essentially switching the debits and credits between two accounts. For example, if a debit entry of $500 and a credit entry of $300 were supposed to be recorded, but they are reversed so that the $500 is credited and the $300 is debited, this would be an error of complete reversal of entries. This can lead to significant distortions in financial records and financial statements.
========================

(3a)
(i) Donations and Grants: Nonprofits often rely on financial support from individuals, corporations, foundations, and government agencies. These contributions can be in the form of one-time donations, recurring donations, or grants specifically awarded for projects or initiatives that align with the organization’s mission.

(ii) Membership Fees: Many nonprofit organizations offer membership programs where individuals or entities can become members by paying a fee. In return, members might receive certain benefits such as exclusive content, event access, or the satisfaction of supporting a cause they believe in.

(iii) Fundraising Events: Nonprofits organize various fundraising events like charity galas, auctions, marathons, and community fairs. These events not only generate income through ticket sales or participation fees but also offer opportunities to engage with supporters and spread awareness about the organization’s mission.

(3b)
(i) Lack of Detail: Payment and receipt accounts provide a summarized view of financial transactions, which can lack the detailed information needed for comprehensive financial analysis.

(ii) Limited Analysis: These accounts often focus on cash flows, making it challenging to analyze non-cash items or assets that are not directly related to payments and receipts.

(iii) Timing Differences: Transactions might be recorded based on the timing of payments or receipts, leading to a mismatch between when an expense or income is recognized and when it actually occurred.

(iv) Exclusion of Accruals: Payment and receipt accounts don’t typically include accruals, which means that some expenses and incomes might not be accurately represented, potentially distorting the organization’s financial position.

(v) Lack of Future Projection: These accounts are historical in nature and don’t provide insights into future financial trends or projections, limiting their usefulness for strategic financial planning.

(3c)
(i) Taxation: One of the primary sources of revenue for the federal government is through taxation. This includes income taxes, corporate taxes, sales taxes, excise taxes, and other forms of levies imposed on individuals, businesses, and goods/services.

(ii) Borrowing: Governments often borrow money by issuing bonds and securities. Investors, including individuals, institutions, and foreign governments, purchase these bonds, providing the government with immediate funds. The government agrees to repay the borrowed amount with interest over a specified period.
========================

(4a)
(i) Source Documents:
Source documents are original records that provide evidence of a transaction or an event in accounting. These documents serve as the foundation for financial transactions and are essential for maintaining accurate and reliable financial records. Examples of source documents include invoices, receipts, purchase orders, bank statements, contracts, and payroll records. They offer a trail of evidence that supports the entries made in the accounting system, ensuring transparency and traceability of financial transactions.

(ii) Debit Note:
A debit note is a document used in accounting to inform a customer that they owe additional payment to a business. It is issued by a seller to their customer when there is an increase in the amount owed, usually due to goods being returned, pricing discrepancies, or other adjustments. The debit note serves as a formal request for the customer to pay the outstanding amount, and it often includes details about the reason for the increased charge.

(iii) Prime Entry:
Prime entry, also known as “original entry,” refers to the practice of recording financial transactions directly into the accounting system as they occur. This involves entering transaction details into the appropriate accounts in the general ledger or subsidiary ledgers without the need for intermediate steps like journal entries. Prime entry reduces the risk of errors and enhances the accuracy of financial data.

(4b)
(i) Purpose: The purpose of government accounting is to track and report on the financial activities and performance of government organizations including the allocation and utilization of public funds While Private sector accounting on the other hand focuses on providing financial information to stakeholders like investors shareholders and creditors with the aim of facilitating business decision-making profit maximization and assessing the organization’s financial health.

(ii) Accountability: Government accounting is primarily focused on ensuring transparency and accountability in the use of public funds with a greater emphasis on compliance with legal and regulatory requirements. In contrast private sector accounting is more oriented towards providing reliable and relevant financial information for internal and external stakeholders with a focus on generating profits and increasing the value of the organization.

(4c)
(i) Budgeting and Financial Analysis
(ii) Auditing and Assurance
========================

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NECO GCE June/July 2023 FREE CHEMISTRY QUESTION AND ANSWER ROOM 

NECO CHEMISTRY OBJ

*CHEMISTRY OBJ*
01-10: DEADADECAD
11-20: BAEDDBDBAE
21-30: CCDCABDDCD
31-40: EBEECEBCEE
41-50: BCCECDDADD
51-60: DABBDEAECA

*COMPLETED*✅

(1ai)
(CHOOSE ANY BEST 3)
(i) Sulphur is used to produce sulphur(IV)oxide for manufacturing tetraoxosulphate(VI)acid
(ii) Sulphur is used in the vulcanization of rubber.
(iii) Sulphur and some of its products are used as fungicides and insecticides for spraying crops.
(iv) Sulphur is used to manufacture the bleaching agent used in the pulp and paper industry.

(1aii)
(CHOOSE ANY BEST 2)
(i) Hydrogen Sulphide is a colorless gas with a repulsive smell like that of a rotten egg.
(ii) It is very poisonous.
(iii) It is about 1.18 times denser than air.
(iv) It burns with a pale blue flame.

(1aiii)
Coming…..

(3)
(i) Classifying the alkanols:
– Butan-2-ol: secondary alkanol
– 2-methylpropanol: secondary alkanol
– 2-methylpropan-2-ol: tertiary alkanol

(ii) Two methods to prepare ethanol commercially:
– Fermentation: Ethanol can be produced by the fermentation of sugars using yeast. This is commonly used to produce alcoholic beverages and biofuels.
– Hydration of ethene: Ethanol can be produced by the hydration of ethene (ethylene) in the presence of a catalyst, such as phosphoric acid.

(iii) To calculate the relative molecular mass of Z, we need to compare the rates of effusion or diffusion of Z and hydrogen. The rate of effusion/diffusion is inversely proportional to the square root of the molar mass. Since hydrogen diffuses 6 times as fast, the molar mass of Z is 6 times larger than the molar mass of hydrogen. Therefore, the relative molecular mass of Z is 6 * 2 = 12.

(bi) The electronic configuration of oxygen using s, p, d, f notation is 1s2 2s2 2p4.

(ii) Three physical properties of oxygen:
(i) Oxygen is a colorless and odorless gas.
(ii) It is slightly soluble in water.
(iii) Oxygen supports combustion and is necessary for respiration.

(iii) Two rules for naming alkenes:
1. Alkenes must have the ending “-ene” in their name.
2. The longest continuous carbon chain containing the double bond is used as the base name, and the position of the double bond is indicated by the lowest possible number.

(iv) Equation for the oxidation reaction of ethene:
Ethene + Oxygen → Carbon Dioxide + Water
C2H4 + O2 → CO2 + H2O

(ci) Endothermic reaction: A reaction that absorbs heat (energy) from the surroundings, resulting in a decrease in temperature.

(ii) Equation for the laboratory preparation of hydrogen using dilute tetraoxosulphate(VI) acid and Zinc:
Zn + H2SO4 → ZnSO4 + H2

(iii) The type of reaction involved in (cii) is a displacement reaction, where zinc displaces hydrogen from the acid to form hydrogen gas.

(iv) Three uses of hydrogen:
(i) Hydrogen is used as a fuel for combustion engines and fuel cells.
(ii) It is used in the production of ammonia for fertilizer and other chemicals.
(iii) Hydrogen is used in the hydrogenation of oils and fats in the food industry.

_ALL ANSWERS TO NUMBER 5

(ai)
a base is a substance that can accept protons or donate pairs of electrons. Bases typically have a pH greater than 7 and can neutralize acids.

(ii) Examples of basic oxides include calcium oxide (CaO) and sodium oxide (Na2O).

(iii) Two uses of iodine are:
(i)Iodine is used as an antiseptic to disinfect wounds and prevent infections.
(ii) Iodine is also used in the production of X-ray contrast agents, which helps in visualizing organs and tissues during medical imaging.

(iv) One difference between an aliphatic and aromatic hydrocarbon is the structure. Aliphatic hydrocarbons are linear or branched chains of carbon and hydrogen atoms, while aromatic hydrocarbons contain a ring structure with alternating double bonds.

(v)To calculate the vapour density of XCl3, we need to know the molar mass of X. Without additional information on the element X, we cannot calculate the vapour density.

(bi)Three factors that affect the rate of a chemical reaction are:
(i)Concentration: Increasing the concentration of reactants generally increases the rate of reaction.
(ii)Temperature: Higher temperatures usually increase the rate of reaction as particles have more energy and move faster.
(iii) Catalysts: Catalysts are substances that can speed up a reaction by providing an alternative reaction pathway with a lower activation energy.

(ii)The law of conservation of energy states that energy cannot be created or destroyed in an isolated system; it can only be transferred or transformed from one form to another.

(iii) Two examples of chemical change are:
(i)Combustion, where a substance reacts with oxygen and releases heat and light.
(ii)Rusting of iron, where iron reacts with oxygen in the presence of water and forms iron oxide.

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NECO GCE June/July 2023 FREE AGRICULTURAL SCIENCE QUESTION AND ANSWER ROOM 

NECO AGRICULTURAL SCIENCE OBJ

*AGRICULTURAL SCIENCE-OBJECTIVES*

01-10: BCDDCCAABE
11-20: ECACCEEAAD
21-30: DEEDDCCAAD
31-40: CEEACBAACD
41-50: EDEEACAEDE
51-60: AADACDCCAA
Solved by
COMPLETED!!!
*====================================*

*2023 NECO AGRIC ESSAY ANSWERS*

*INSTRUCTION:* _ANSWER FIVE QUESTIONS IN ALL, ONE FROM EACH SECTION_

(1a)
{CHOOSE ANY BEST 4}
(i) Security of Tenure: It is to safeguard farmers against unreasonable eviction.
(ii) Ensuring Proper Land Use: This is ensure that agricultural land is not unnecessarily diverted to non agricultural purposes.
(iii) Government Projects: This is to make large tracts of land available for government sponsored development of large scale farms or resettlement schemes.
(iv) Influence on Size of Holdings: It is to prevent land fragmentation and encourage the consolidation of small holdings into large units.
(v) Control of Production: It is to encourage the production of certain produce and curtail the production of other through the control of land use.

(1b)
(i) Education and Training: NGOs conduct workshops, training sessions, and awareness programs to educate beekeepers, farmers, and local communities about the importance of bees and sustainable beekeeping practices.
(ii) Access to Improved Beekeeping Equipment: Many NGOs work to provide beekeepers with modern and improved beekeeping equipment, such as beehives, protective gear, smokers, and honey extractors.
(iii) Research and Development: NGOs often conduct research on bee-related issues, such as bee diseases, habitat loss, and environmental threats.
(iv) Establishment of Beekeeping Cooperatives: NGOs facilitate the formation of beekeeping cooperatives to encourage collective efforts and resource-sharing among beekeepers.

(1c)
{CHOOSE ANY BEST 3}
(i) Tree puller does not compress the soil.
(ii) It does not remove the top soil which is very fertile.
(iii) The removal of the soil cover is avoided, thy retaining mulching effects of vegetative cover.
(iv) Land is less prone to erosive forces.
(v) The organic matter content of the soil is retained.
(vi) It leads to no na destruction of soil structure.

(1d)
{CHOOSE ANY BEST 4}
(i) Topography.
(ii) Soil type.
(iii) Accessibility.
(iv) Water Supply.
(v) Health/Hygiene.
(vi) Nearness to the Market.
(vii) Drainage.

*===================================*

(3a)
*{CHOOSE ANY BEST 4}*
(i) Closely related crops do not follow each other in the same sequence, since such crops will be drawing the same type of nutrients from the soil. e.g. Maize should not be followed by rice or sorghum in rotation.
(ii) Deep rooted crops should not follow each other in the same sequence. Therefore, deep rooted crops should be followed by shallow rooted crops. For examples, yam should be followed by maize.
(iii) Crops of the same family should not follow each other, since they will be susceptible to the same diseases and pests. e.g. maize, wheat, rice, sorghum and millet.
(iv) Period of fallow should be included in the rotational course, as thus will help to replenish the soil fertility.
(v) During fallowing, leguminous crops may be planted for building up more nitrogen.

(3b)

(i) Commensalism is a type of ecological association where one organism benefits while the other is neither harmed nor benefited. Symbiosis, on the other hand, is a type of ecological association where two organisms live together in a close relationship.

(ii) Predation is a type of ecological association where one organism (predator) kills and eats another (prey) for food While Parasitism is a type of ecological association where one organism (parasite) benefits at the expense of the other (host).

(3c)
{CHOOSE ANY BEST 4}
(i) Formation of soil.
(ii) Source of plant nutrients.
(iii) Construction Purposes.
(iv) Erosion Control.
(v) Obstacles to farm implements.
(vi) Sharpening of farm tools.

(3d)
{CHOOSE ANY BEST 4}
(i) Irrigation softens the soil for easy tillage operations.
(ii) It increase crop productivity or crop yield.
(iii) Irrigation dissolves nutrients for root absorption.
(iv) Irrigation encourages the spread of weed seeds.
(v) Irrigation enables the crop to be well established even when rain is erratic.

*===================================*

(5ai)
*GIVEN:*
D=1960cm
R=D/2=1960/2cm
=>The area of the farmland is A = πr²/4 = π(1960cm/2)²/4 = 3,018,306.92 cm²
(5aii) The number of mounds on the farmland is N = A/2m² = 1,509,153.46 mounds
(5aiii) The total number of setts needed is S = N * 5000 sett/ha = (N * 5000 sett/ha) * (10,000 m²/ha) = 75,457,673,000 setts
(5aiv)
(I) intercropping with legumes or vegetables to improve soil fertility and reduce weed growth
(II)crop rotation with other crops like maize or cassava to reduce pest and disease pressure
(III)mulching to conserve soil moisture and suppress weed growth.

(5b)
(i)Selecting appropriate tree species that are compatible with other crops in the system and can provide multiple benefits such as shade, soil improvement, and biodiversity conservation.
(ii) Planting trees at the appropriate density and spacing to avoid competition with other crops for resources such as water and nutrients.
(iii). Pruning and managing trees regularly to maintain a balance between their growth and the needs of other crops in the system.

(5c)
(i) Impatiens spp. (touch-me-nots)
(ii) Cardamine hirsuta (hairy bittercress)
(iii) Oxalis spp. (wood sorrels)

*===================================*

(6ai)
It helps to reduce soil temperature, conserve soil moisture and prevent rotten of yam setts.

(6aii)
It ensures adequate exposure of the leaf surface to sunlight and increases yield.

(6aiii)
To ensure even spreading and neatness of the vines to receive sunlight.

(6bi)
Pennisetum purpureum.

(6bii)
Axonopus compressus.

(6biii)
Stylosanthes gracilis.

(6biv)
Pueraria phaseoloides.

(6c)
(i) Weeds help in checking soil erosion.
(ii) Some weeds ate useful as food for humans.
(iii) Some weeds serve as feed for livestock.
(iv) Certain weeds have medicinal properties.

(6d) Farmland calculations:

(i) Area of the farmland:
Length = 60m
Width = 30m

Area = Length × Width
Area = 60m × 30m
Area = 1800m²

(ii) Plant population in the farmland:
Spacing = 30cm by 30cm

To calculate the number of plants, we need to convert the spacing to meters:
30cm = 30/100 = 0.3m

Plant population = (Length in meters / Spacing in meters) × (Width in meters / Spacing in meters)
Plant population = (60m / 0.3m) × (30m / 0.3m)
Plant population = 200 × 100
Plant population = 20,000 plants
Therefore, the plant population in the farmland is 20,000.

*===================================*
(7a)
(i) Health status of the rabbit
(ii) Age and weight of the rabbit
(iii) Reproductive history of the rabbit
(iv) Conformation and breed of the rabbit

(7b)
(i) Proper temperature and humidity control
(ii) Regular turning of the eggs
(iii) Adequate ventilation
(iv) Proper sanitation and disinfection of equipment

(7c)
(i) Environmental temperature
(ii) Feed intake
(iii) Type of feed and its nutrient content
(iv) Physiological state of the animal (e.g. lactation, growth, pregnancy)

(7d)
(i) Amylase – breaks down carbohydrates
(ii) Protease – breaks down proteins
(iii) Lipase – breaks down fats
(iv) Nuclease – breaks down nucleic acids

*====================================*

(8a)
{CHOOSE ANY BEST 4}
(i) It maintains body temperature by disturbing heat during circulation.
(ii) The red blood cell carries oxygen with help of haemoglobin to different parts of the body.
(iii) It transports hormones from ductless glands to their areas of activities
(iv) It helps to transport digested food to the cells.
(v) It also helps to maintain the water level of the body.

(8bi)
(i) They serve as source of income to farmers.
(ii) They are used in clothing materials, such as jackets.

(8bii)
(i) Egg is a source of protein in human food or diet.
(ii) Egg is industrially processed and is used to make paints and vanishes of printer’s ink.

(8biii)
(i) It is a rich source of protein, e.g. cow tail pepper soup.
(ii) It is used for some traditional outings in some societies.

(8c)

*=================================*

(10a)
Scale of preference is defined as a list of unsatisfied wants arranged in the order of their relative importance. OR It is a list showing the order in which we want to satisfy our wants arranged in order of priority.
*(CHOOSE ANY ONE YOU LOVE FROM THE BOTTOM OF YOUR SOUL)*

10b

(i) Elasticity of demand = [(Q2 – Q1) / ((Q2 + Q1) / 2)] / [(P2 – P1) / ((P2 + P1) / 2)]
= [(28,500 – 59,800) / ((28,500 + 59,800) / 2)] / [(750 – 450) / ((750 + 450) / 2)]
= -0.77

(ii) The demand for grape fruits is inelastic.

(iii) Three factors that may affect the demand of grape fruit are:
1. Price of grape fruits
2. Availability of substitutes
3. Consumer income levels

(iv) Two farm accounts where the information will be documented are:
(1) Sales ledger
(2) Inventory ledger
(3) Purchase Account.

(10c)
(i) It enables participants to debate issues and make sound judgments about lessons being taught.
(ii) It appeals to logic and reasoning.
(iii) It provides a problem-solving practical experience. That is, it makes learning easier.
(iv) It allows the teaching of a larger number of farmers at the same time.
(v) It is more economical in terms of time, energy and other resources compared to other methods.
(vi) Communication is made much easier for the extension officer and agent.

*====================================*
*COMPLETED🤝🤝🤝*
*====================================*

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