NECO SSCE FINANCIAL ACCOUNTING THEORY 2023 PAST QUESTION
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Table of Content
About NECO SSCE
Full meaning of NECO SSCE
N - National
E - Examinations
CO - Council
S - Senior
S - School
C - Certificate
E - Examination
What is NECO SSCE
The National Examinations Council (NECO) Senior School Certificate Examination (SSCE) examination is done by students who just finished senior secondary school. It was the first federal body in Nigeria to provide academic candidates with discounted registration and it was ordered to assume the National Board of Education Measurement's duties (NBEM). The Senior Secondary Certificate Examination and the General Certificate in Education are conducted by National Examinations Council (NECO) every June/July and December/January of the year, respectively.
For more information, you can visit the NECO official website
How to check NECO SSCE Result
To check your NECO SSCE result, check the easy steps given in this post where we explained in detail step by step how you can check your NECO result online. Click here to check easy steps to check NECO result online
About FINANCIAL ACCOUNTING
Financial Accounting is a subject that deals with the recording, summarizing, analyzing, and reporting of financial transactions of a business. It focuses on preparing accurate financial statements such as the Income Statement, Balance Sheet, and Cash Flow Statement, which help business owners, investors, and other stakeholders understand the financial performance of an organization.
The subject helps students understand how to keep records of income, expenses, assets, and liabilities, and how to follow accounting principles and standards to maintain transparency and consistency in business transactions.
Important Topics In FINANCIAL ACCOUNTING
- Introduction to Accounting
- Definition and Importance of Accounting
Objectives and Functions of Financial Accounting
Users of Accounting Information
Differences Between Financial, Cost, and Management Accounting
- Accounting Concepts and Principles
- Accounting Equation
Double Entry Principle
Accrual and Cash Basis
GAAP (Generally Accepted Accounting Principles)
Accounting Conventions (e.g., Consistency, Prudence, Matching)
- Source Documents and Books of Original Entry
- Invoices, Receipts, Credit Notes, Debit Notes
Petty Cash Book
Sales and Purchases Day Book
Cash Book (Single, Double, and Three-Column)
- Ledger and Trial Balance
- Posting to Ledger Accounts
The General Ledger
Balancing of Accounts
Preparation of Trial Balance
- Subsidiary Books
- Purchases Journal
Sales Journal
Returns Inward and Returns Outward
General Journal and Opening Entries
- Bank Reconciliation
- Reasons for Differences in Bank and Cash Book Balances
Procedure for Bank Reconciliation
Preparation of Bank Reconciliation Statement
- Depreciation and Provisions
- Meaning and Causes of Depreciation
Methods of Depreciation (Straight Line, Reducing Balance, etc.)
Provision for Bad and Doubtful Debts
Adjustment for Accruals and Prepayments
- Financial Statements Preparation
- Income Statement (Trading, Profit and Loss Account)
Balance Sheet (Statement of Financial Position)
Adjustments in Final Accounts
Interpretation of Financial Statements
- Control Accounts
- Meaning and Uses of Control Accounts
Sales and Purchases Ledger Control
Preparation of Control Accounts
Reconciliation of Control Accounts
- Incomplete Records / Single Entry System
- Characteristics and Limitations
Conversion to Double Entry
Preparation of Final Accounts from Incomplete Records
- Partnership Accounts
- Formation of Partnerships
Profit Sharing, Interest on Capital, and Drawings
Admission and Retirement of a Partner
Dissolution of Partnership
- Company Accounts (Basic Level)
- Types of Companies
Share Capital (Authorized, Issued, Paid-up)
Profit and Loss Appropriation Account
Final Accounts of Limited Liability Companies
- Not-for-Profit Organisations
- Receipts and Payments Account
Income and Expenditure Account
Balance Sheet of Clubs and Societies
Importance of Past Questions
Past questions are important in your studies to help you have an insight of how the exam looks like and how to face questions related to different topics covered in the subject examination to be taken
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