NECO 2022 Financial Accounting Obj And Essay Answer – July/Aug Expo

WELCOME TO AYOSTUFFS PORTAL BEST EXAM EVER ================================== KEEP REFRESH THIS PAGE IN EVERY 5MIN ================================== ACCOUNTING OBJ 01-10: EACCECCAEA 11-20: EBADCBBEBC 21-30: BDCBCCBCDD 31-40: ADCABCCDCA 41-50: BAABBCEACA 51-60: ABDABCEDBB COMPLETED *************************************** 2022 NECO FINANCIAL ACCOUNTING ANSWERS *************************************** INSTRUCTIONS: Answer. Five (5) Questions in All. Two (2) Questions from section A and Three (3) Questions from Section B SECTION A (1a) (i)Discount allowed is the discount given to the customers for prompt payment of their account WHILE Discount received is the discount received from supplier for prompt payment of our accounts. (ii) Discount allowed must be treated as an expenses and hence debited to discounts allowed and credited to the personal account of the customers WHILE Discount received is treated as revenue and hence it is credited to the discounts received account and debited to th...