Here is the neco financial accounting answers 2021, share with your friends so everyone will pass.
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F/ACCOUNTING-THEORY
(9)
[img]https://i.imgur.com/PQAhxub.jpg[/img]
(8)
[img]https://i.imgur.com/rh8EhAr.jpg[/img]
(5)
[img]https://i.imgur.com/hZqV9n3.jpg[/img]
(7)
[img]https://i.imgur.com/9J0znaT.jpg[/img]
(1a)
Capital expenditure may be described as outlay resulting in the increase or acquisition of an asset ot increase in the earning capacity of a business WHILE Revenue expenditure is such outlay as is necessary for the maintenance of earning capacity,
(1b)
(i)Sales day book or sales journal
(ii)Purchase day book or journal
(iii)Sales returns or return inwards journal
(iv)Purchases returns or returns outwards day book
(v)Cash book
(1c)
(i)Active partner
(ii)Sleeping or dormant partner
(iii)Nominal partner
(4a)
Control account can be defined as memorandum account,
(4b)
(i)Total debtor control account or sales ledger control account
(ii)Total creditors control account or purchase ledger control account
(4c)
(i)Control accounts help in locating errors
(ii)It can provide a check on the accuracy of balance o the ledgers
(iii)Fraud will become difficult
(iv)They allow homogenous accounts to be grouped together
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