NECO 2023 BOOK KEEPING ESSAY AND OBJ ANSWERS – EXAMKING.NET

NECO 2023 BOOK KEEPING ESSAY AND OBJ ANSWERS – EXAMKING.NET
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STORE KEEPING-Obj
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STORE KEEPING -ESSAY -Answers
Section A ANSWER(2) ONLY IN THIS SECTION)
(1a)
(i) Investors: They use the information to make decisions about buying, holding, or selling shares.

(ii) Management: Managers use it for strategic planning, decision making, controlling and directing operations.

(iii) Employees: They use this information to negotiate wages and other benefits.

(iv) Creditors: Creditors need it to assess the creditworthiness of the company, whether it can repay its loans on time or not.

(v) Suppliers: To assess whether a company can pay for goods or services delivered.

(vi) Customers: They may be interested in a company’s financial health for long term product/service availability.

(vii) Government: Government bodies use the data for taxation purposes and to ensure legal compliance.

(viii) Financial institutions: Banks and other financial institutions use it to assess the creditworthiness of a company for loan approval.

(ix) Competitors: They use it for benchmarking their performance and strategic purposes.

(x) Public: They use the information to evaluate the impact of businesses on the economy or community.

(1b)
(i)Bookkeeping involves recording financial transactions systematically, WHILE accounting involves summarizing, interpreting, and communicating financial transactions.

(ii)Bookkeeping is more of a transactional and administrative role that requires less expertise, WHILE accounting is more strategic, requires more interpretation and analysis, and requires more professional understanding.

(iii)Bookkeeping doesn’t involve decision making, it is about accurately recording data. WHILE accounting provides insights based on the data which aids in decision-making.

(1c)
(I) Wear and Tear
(ii) Obsolescence
(iii) Depletion
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(3i)
Bad debit ; is debt that cannot be collected. It is a part of operating a business if that company allows customers to use credit for purchases.

(3ii)
Gross profit ; is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

(3iii)
Discount Allowed ; is a reduction in the price of goods or services allowed by a seller to a buyer and is an expense for the seller. However, the discount received is the concession in the price received by the buyer of the goods and services from the seller and is an income for the buyer.

(3iv)
Discount Received ; is recorded as a reduction to Accounts Receivable on a company’s balance sheet. For example, when a seller permits a discount, the drop in revenues is noted and is often credited to a contra revenue account.

(3v)
Credit note ; is a financial document issued by supplier companies to reduce the amount owed to them by the buyers. It helps firms maintain a proper paper trail and is issued when the goods are returned. .
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