NECO FINANCIAL ACCOUNT ANSWER 2019

2019 NECO FINANCIAL ACCOUNT ANSWERS ++++++++++++++++++++++++++++++++++++++++++++ OBJ 1-10:ACEEEAADBA 11-20:EECDAEBCEE 21-30:EBCDBDBBBC 31-40:CABDACEEDB 41-50:BCDCABBCDA 51-60:BDDCCBEDBD ++++++++++++++++++++++++++++++++++++++++++++ SECTION A Answer 2 questions from this section (1a) (i)discount allowed means the discount which is given by a seller to the buyer. While discount received means the discount received by the seller for purchases made (ii)Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others. (1b) (i)Petty cash book (ii)Cash book (iii)Returns outwards book (iv)Sales returns book (v)Purchase day book or journal (1ci) (i)An item that is entered on the wrong side of the trial balance. (ii)An item can be omitted from the trial balance. (1cii ) (i)Error of omission (ii)Error of compensation (iii)Error of principle ++++++++++++++++++++++++++++++++++...