2024 NECO GCE FINANCIAL ACCOUNTING Questions and Answers: Free Expo Now Available

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2024 NECO GCE FINANCIAL ACCOUNTING Questions and Answers: Free Expo Now Available

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2024 NECO GCE FINANCIAL ACCOUNTING Questions and Answers

NECO GCE 2024 FINANCIAL ACCOUNTING ESSAY AND OBJ ANSWERS-

☑️ EXAM: NECO GCE

☑️ SUBJECT: FINANCIAL ACCOUNTING

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ACCOUNTING OBJ
1-10: CEDEAEDBCC
11-20: EDAEDBDEAD
21-30: BDCDADDDEE
31-40: BBDEBBCBBD
41-50: BACAABABBE
51-60: CEBEBDDCEC

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NECO GCE FINANCIAL ACCOUNTING

(1)
(i) General Warrant: A General Warrant is a legal document issued by the government that authorizes the withdrawal of funds from the Consolidated Revenue Fund or other designated funds to meet specified expenditures. It is usually issued at the beginning of the financial year and serves as a blanket authority for expenditures.

(ii) Capital Expenditure: Capital Expenditure refers to government spending on assets that have a useful life of more than one year, such as buildings, roads, bridges, and equipment. These expenditures are typically financed through borrowing or from the government’s capital budget.

(iii) Recurrent Expenditure: Recurrent Expenditure refers to government spending on goods and services that are consumed within a short period, typically within a year. Examples include salaries, wages, utilities, and maintenance costs. These expenditures are usually financed from the government’s recurrent budget.

(iv) Supplementary Budget: A Supplementary Budget is an additional budget presented by the government during the financial year to request additional funds or to reallocate existing funds. This is usually done to address unforeseen expenditures or changes in economic conditions.
(v) Payment Voucher: A Payment Voucher is a document that authorizes the payment of a specific amount to a supplier, contractor, or employee. It contains details such as the date, amount, and description of the payment, as well as the accounting codes and budget line items. Payment vouchers serve as a control mechanism to ensure that payments are properly authorized and recorded.

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