NECO Book Keeping Questions and Answers 2023/2024 (Essay and Objectives)

NECO Book-Keeping Questions and Answers. I will be showing you NECO Book Keeping objective and theory repeated questions for free. You will also understand how NECO Book Keeping questions are set and many more examination details.

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

PAPER 1: This paper will consist of sixty multiple-choice questions all of which must be answered in 1hr 30 minutes.
PAPER 2: This paper will consist of two sections, Sections A and B as follows:

NECO Book Keeping Essay and Objective 2023 (EXPO)

The NECO Book Keeping answers will be posted here today 8th August during the NECO Bookkeeping exam.

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(1a)

(i) Business owners

(ii) Investors

(iii) Lenders

(iv) Government authorities

(v) Employees

(vi) Auditors

(vii) Creditors

(viii) Tax authorities

(ix) Financial analysts

(x) Suppliers

(1b)

(PICK ANY THREE)

(i) Bookkeeping is more focused on collecting, storing, and organizing financial transactions while accounting is analyzing, interpreting, and communicating financial information.

(ii) Bookkeeping involves recording financial transactions in a journal, while accounting involves summarizing, analyzing, and reporting this financial information in reports.

(iii) Bookkeepers work with smaller details while accountants work with the bigger picture.

(iv) Bookkeepers use manual or computerized systems to record information, whereas accountants use accounting principles in order to interpret the information.

(v) Bookkeepers are mainly concerned with recording data while accountants interpret and analyze the data in order to make informed decisions.

(1c)

(PICK ANY THREE)

(i) Normal Wear and Tear

(ii) Obsolescence

(iii) Physical Deterioration

(iv) Human Error

(v) Market Conditions

(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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NECO 2023/2024 BookKeeping Answers to Questions

Below are NECO Book Keeping Practice Questions and Answers 2023/2024 to OBJ/ESSAY

1. A statement drawn up to show assets and liabilities is
A. bank statement.
B. balance sheet.
C. statement of account.
D. general journal.

2. Discounts allowed and received are recorded in the
A. three Column Cash Book.
B. bank Statement.
C. single Column Cash Book.
D. petty Cash Book.

3. Which of the following is not a trial balance item?
A. Opening stock
B. Closing stock
C. Capital
D. Discounts received

4. The excess of expenditure over income in an income and expenditure account is
A. loss.
B. balance.
C. deficit
D. profit

The above questions are not exactly the 2023 NECO Book Keeping questions and answers but likely NECO Book-Keeping repeated questions and answers.

See: NECO Literature Questions and Answers

These questions are for practice. The 2023 NECO Book Keeping expo will be posted on this page on the day of the NECO Book Keeping examination. Keep checking and refreshing/reloading this page for the answers.

If you have any questions about NECO 2023 Book Keeping Questions and Answers, kindly let us know in the comment box.

Last Updated on August 8, 2023 by Admin