NECO GCE FIN.ACCOUNTING THEORY AND OBJ

ACCOUNTING OBJ

1-10: ECCCEACCED

11-20: AABAEDADDB

21-30: AACBCEDBAC

31-40: CBDCACACDD

41-50: BABDAEDDCB

51-60: CBAEEDADCC

SECTION A

(1a)

(i)Provides Platform For Selling And Buying Of Securities: The Nigerian Stock Exchange has been saddling with the responsibility of providing forum for every participant and member to buy securities, and also sell securities.

(ii)Provides Opportunities For Raising New Capital: The Nigerian Stock Exchange has also worked to make sure that, there are opportunities available for new capital to be raised. The Nigerian Stock Exchange is expected to provide facilities that will help enhancing raising of new capital.

(iii)Protects Investing Public From Sharp And Shady Dealings; To ensure that investing public are protected from those, who indulged in sharp practices in the money market in the country. Shading investing public from prevalent shady dealings is fundamentally.

(iv)Facilitates Dealings In Government Securities; Take for instance, dealing in government securities are facilitated by the Nigerian Stock Exchange. NSE must make sure that, such leadings are facilitated in order to meet the objectives as set by the government.

(v)Encourages Savings; the Nigerian Stock Exchange is to encourage savings among Nigerian citizens. Savings, of course you know, is very important and necessary especially, during hard times and economic recession.

(1b)

(i)Conservatism concept.

(ii)Consistency concept.

(iii)Economic entity concept.

(iv)Going concern concept.

(v)Matching concept.

(3a)

(i)Opening Stock.

(ii)Gross Profit.

(iii)Direct Expenses.

(iv)Gross Loss.

(v)Closing Stock.

(3bi)

Subscription; refer to the amount of money paid by the members on periodic basis for keeping their membership with the organisation alive. It is paid monthly, quarterly, half yearly or annually by the members.

(3bii)

Carriage outward; refers to the transportation costs that a seller must pay when it sells merchandise with the terms FOB Destination. In other words The cost of carriage outwards should be reported on the income statement as an operating expense in the same period as the revenue from the sale of the goods

(3biii)

Bad debt; is refer as the portion of receivables that can no longer be collected, typically from accounts receivable or loans. Bad debt in accounting is considered an expense.

(3biv)

Cost of sales; the accumulated total of all costs used to create a product or service, which has been sold. In other words the cost of sales is calculated as beginning inventory + purchases - ending inventory.

(3bv)

Accumulated fund; is where budgetary surpluses are held by a nonprofit organization (NPO), and it is analogous to the corporate profit earned by a traditional entity based on its retained earnings.

SECTION B

(5)