NECO GCE 2017 FINANCIAL ACCOUNTING Obj and Theory ANSWERS

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1ai.

Uncredited cheques: Cheques received by business, paid into bank and debited in cash book but not yet cleared by bank and entered in its record.

1aii.

Unpresented cheques: Cheques drawn or paid by business and credited in cash book but these cheques have not yet been presented to bank for payment.

 

1aiii.

Dishonored Cheque is a cheque which is presented for payment and the drawer has insufficient fund in his or her account to cover the cheque which will then be returned to the payee marked “ refer to drawer”

1iv.

The term bank charge covers allcharges and fees made by a bank to their customers. In common parlance, the term often relates to charges in respect of personal current accountsor checking account. 

1b.

The partnership deed must contain the following particular:

–The name of the firm.

–The names and addresses of the partners.

–The nature of the business.

–The term or duration of partnership.

–The amount of capital to be contributed by each partner.

 

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