CONFIRM 2012 NABTEB FINANCIAL ACCT THEORY AND OBJECTIVE ANSWER

NABTEB FINANCIAL OBJECTIVE

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Finally nabteb financial account theory is out.

NABTEB FINANCIAL ACCOUNT THEORY

(1a) depreciation is the permanent and continous decrease in the quantity and value of an asset in a year.

It is the reduction in the economic service potentials of an asset as a result of wears, tears, usage and passage of time.

(1b) i. wear and tear

(ii) obstescene

(iii) depletion

(iv) passage of time

(1c)i) cost

(ii) estimated value

(iii) estimated useful life

(iv) asset type.

(2)control account is a memorandium account balance of which shows the aggregate balances of many related subsidiary account which are part of the double entry system.

(b) i]. it helps to locate errors

ii.] Fraud will become difficult

iii]. It saves time

(iv). It can be used to detect missing figures.

(V.) It is a check on the accuracy of balances of the ledger.

(c)( i.) Receipt.

(ii.) Debit note.

iii]. Credit note.

iv]. Invoice.

6. Statement of capital expenditure: tabulate Particulars: construction of hospital wards, prurchase of beds, purchase of theatre equipment, construction of borehole, purchase of incubators, purchase of x-ray machines, Amount(naira):- 28,500.00,920.00,7920.0 1200.00, 3800.00,4200.00 Total:- N46,540,000

Statement of recurrent expenditure Particulars: repair of ambulances, salries &wages, maintenance of vehicles, purchase of petrol&lubricant, purchase of drugs, purchase of vaccines, maintenance of monetary building Amount: 25,000, 31,000,7500,800,10550 13300000, 670000