NECO Accounting Questions and Answers 2023/2024 (Essay and Objectives)

NECO Accounting Questions and Answers 2023. I will be showing you NECO Financial Accounting objective and theory questions for free. You will also understand how NECO Accounting questions are set and many more examination details.

The National Examination Council is an examination body that set questions annually from areas student should, after their studies in senior secondary school, be able to write and pass without stress.

NECO Accounting answers and questions Objectives and Essay will be provided here in detail and the authenticity of this NECO 2023 Financial Accounting solutions to questions have been tested and confirmed to be sure.

See: NECO Timetable

NECO Accounting Essay And Objective Questions and Answers 2023 (EXPO)

The 2023 NECO Financial Accounting expo will be posted here during the NECO Accounting examination. Keep checking and reloading this page for the answers.

NECO 2023 Accounting Answers Loading...

Today’s NECO Accounting OBJ Answers:

Note: The answers below are for the 2022 NECO exam.

1-10: EACCECCAEA

11-20: EBADCBBEBC

21-30: BDCBCCBCDD

31-40: ADCABCCDCA

41-50: BAABBCEACA

51-60: ABDABCEDBB

(1a)

DISCOUNT ALLOWED

– Discount allowed is granted by the seller to the buyer.

– The discount allowed is the expense of the seller.

– Discount allowed is debited in the books of the seller.

DISCOUNT RECEIVED

– The discount received is received by the buyer from the seller.

– Discount Received is an income of the buyer.

– Discount Received is credited in the books of the buyer.

(1b)

– Cash book

– Purchases book

– Sales book

– Purchases return or return outwards book

– Sales return or return inwards book

– Bills receivable book

(CHOOSE ANY 5)

(1c)

ERROR IT REVEALS

(i) Wrong Totaling of

(ii)Subsidiary Books

Posting of the Wrong Amount

ERROR THAT DOESN’T AFFECT IT

(i) Error of principle

(ii) Error of commission

(iii) Error of omission

(2)

(i) Accumulated fund: An accumulated fund is a type of account that serves as the repository for funds that are collected over time by non-profit organizations and are above and beyond the money needed to cover operational and other expenditures.

 (ii) Depreciation: It’s the reduction of a recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.

(iii) Nominal Capital: It’s the amount of capital that a business can offer to shareholders, in the form of shares of stock. In most nations, the amount of this nominal share capital is regulated by governmental agencies that determine the financial stability of the business and the company’s ability to cover the value of those shares.

(iv) Bad debt: Bad debt is an expense that a business incurs once the repayment of credit previously extended to a customer is estimated to be uncollectible and is thus recorded as a charge off.

(v) Net profit: is the amount of money your business earns after deducting all operating, interest, and tax expenses over a given period of time.

(3a)

(i) Goodwill:

Goodwill is an intangible asset associated with the purchase of one company by another. Specifically, goodwill is recorded in a situation in which the purchase price is higher than the sum of the fair value of all visible solid assets and intangible assets purchased in the acquisition and the liabilities assumed in the process. The value of a company’s brand name, solid customer base, good customer relations, good employee relations, and any patents or proprietary technology represent some examples of goodwill.

 (ii) Fictitious asset:

Fictitious assets have no physical existence or realisable value, but the company shows them as a cash expenditure in the books of accounts. They are a part of the assets column in the financial statements, and they are expenses or losses that do not get written off during the accounting period of their occurrence.

(iii) Gross profit:

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. Gross profit will appear on a company’s income statement and can be calculated by subtracting the cost of goods sold (COGS) from revenue (sales). These figures can be found on a company’s income statement. Gross profit may also be referred to as sales profit or gross income.

(iv) Turnover:

Turnover is an accounting concept that calculates how quickly a business conducts its operations. Most often, turnover is used to understand how quickly a company collects cash from accounts receivable or how fast the company sells its inventory.

(v) Balance sheet:

The term balance sheet refers to a financial statement that reports a company’s assets, liabilities, and shareholder equity at a specific point in time. Balance sheets provide the basis for computing rates of return for investors and evaluating a company’s capital structure. In short, the balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. Balance sheets can be used with other important financial statements to conduct fundamental analysis or calculate financial ratios.

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The questions below are not exactly 2022 NECO Financial Accounting questions and answers but likely NECO Accounting repeated questions and answers.

These questions are strictly for practice. The 2022 NECO Accounting expo will be posted on this page on the day of the NECO Accounting examination. Keep checking and reloading this page for the answers.

1. The officer responsible for ascertaining whether all public expenditures and appropriations are in time with the approved guideline is the

A. Creditor

B. Cashier

C. Auditor General

D. Bursar

ANSWER: C (Auditor General)

2. The cash basis of accounting requires the recognition of revenue only when they are

A. sent Out

B. documented

C. lost

D received

See: NECO Book Keeping Questions and Answers

ANSWER: D (Received)

3. Responsibility accounting is particularly concerned with

A. variable cost

B. fixed cost

C. controllable costs

D. uncontrollable costs

ANSWER: C (Controllable costs)

4. Earnings per share is a measure of

A. loss

B. profit

C. income

D. expenditure

ANSWER: B (Profitability)

See:

• NECO Data Processing Questions and Answers
• NECO Biology Questions and Answers
• NECO Further Mathematics Questions and Answers
• NECO Animal Husbandry Questions and Answers

How To Pass NECO Financial Accounting Examination

The National Examination Council (NECO) is a body in charge of the Senior Secondary School Certificate Examination.

The Certificate offered here is a very important credential that awards or certifies the completion of your Secondary School Education.

It is a major document that qualifies you into any tertiary institution and is equally a major factor affecting admission today.

For this reason, every Student preparing for this examination NECO 2023 is preparing for something great.

Care should be taken when participating in this examination in other not to come out with bad grades. The following are the key answers to  NECO Accounting 2023.

1. Be Determined to Pass

The NECO 2023 Accounting is mainly for those who have made up their mind to pass it with a good grade.

Any candidate who, at this point in time, has not made up his or her mind to make the excellent grade in the forthcoming NECO 2023 Accounting is actually not ready to pass.

Your mind should be ready for the task ahead, do not follow lazy friends who believe in a miracle on the day of the exams, stay positive and study your books.

2. Have self-confidence

Self-confidence is another factor that affects a candidate’s performance. Promise to do it all by yourself and everything will come out very simple for you.

It is a well-known fact that many students cancel the right answers just to copy the wrong ones because of a lack of self-confidence. Study and pray hard and you are the miracle for the day.

3. Start Studying Early

Studying is very important in your life as a student. NECO is a very simple Exam to deal with as long as studies are involved. Studying is one thing and studying on time is another thing entirely.

Do not wait for the NECO 2023 Accounting exam to be so close before you start studying for it. Late preparation will not really help you. When you start studying early there will be time for you to revise before the exams.

2. Make Use the NECO 2023 Syllabus

Using the NECO 2023 syllabus is very essential as it will guide you on major topics to cover. Studying without the Syllabus will make you focus on unnecessary topics that will not appear in the exams.

Also, most of the Accounting topics you have not done in class are there in the NECO syllabus.

3. Pray to God Your Creator

Many think that they can do it all alone without God. The Almighty God is your creator, seek His assistance and He will never fail to help you. Your faith in God determines your success. God is there for you, call upon Him.

4. Adhere to exam instructions.

Any student who is not ready to adhere to the examination conducts is planning to fail. The majority of NECO Candidates that have their results held are those that were not ready to follow the exam instructions.

5. Use Your Time Wisely.

It is a well-known fact that NECO Accounting requires a lot of time, manage the little time given to you wisely. Consider the number of questions you are to answer and the time given so that you can time wisely.

6. Be punctual to the examination venue

Punctuality matters during the exams. Go to the exam venue early so that your brain can settle for the task. Rushing to the exam hall will make you unstable for the exam and can prone you to so many mistakes.

Take time to go through the exam question paper before you start answering. NECO Accounting Questions and Answers

If you have any questions about the 2023 NECO Accounting questions and answers, do well to let us know in the comment box.

Last Updated on April 4, 2023 by Admin