Accounting NECO Questions and Answers 2022/2023 (Theory and Objectives)

NECO Accounting Questions and Answers 2022/2023. I will be showing you NECO Financial Accounting objective and theory questions and answers for free. You will also understand how NECO Accounting questions are set and many more examination details including some tricks which will enable you pass financial accounting. Keep reading.

Questions and Answers from NECO Accounting objectives and essays will be posted here and the authenticity of this NECO 2022 Financial Accounting Solution has been tested and confirmed for sure.

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NECO Accounting Essay And Objective Questions and Answers 2022 (EXPO)

NECO Financial Accounting

Today’s NECO Accounting OBJ Answers: (2021 Answers)

1-10: EBBDEADBDC

11-20: DCCDDECDCA

21-30: DCEAEBBDAA

31-40: BBACAECAAB

41-50: ECDCBCECCC

51-60: ECBCDDDEAE

NECO Accounting Essay Answers Loading…

NECO Financial Accounting Essay (Section B)

(3i)

Returns inward: These are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction. A debit (reduction) of accounts payable.

(3ii)

Returns outward: These are goods returned by the customer to the supplier. For the supplier, this results in the following accounting transaction. A debit (reduction) in revenue in the amount credited back to the customer.

(3iii)

Prospectus: This is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds , stocks, bonds and other investments, such as a description of the company’s business, financial statements , biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information.

(3iv)

Prepayments: These are amounts paid for by a business in advance of the goods or services being received later on. Any payment made in advance can be considered a prepayment. A prepayment is not dissimilar to a deposit, but generally falls under a more set time period for fulfillment of the goods or service purchased.

(3v)

Cost of goods sold: This is the accumulated total of all costs used to create a product or service, which has been sold during a particular period. The cost of goods sold is reported on the income statement and should be viewed as an expense of the accounting period. In essence, the cost of goods sold is being matched with the revenues from the goods sold, thereby achieving the matching principle of accounting.

(4a)

A joint venture is a form of business which is jointly owned by two or more independent firms who continue in their original business but pool their resources in another line of business.

(4b)

[Pick any five]

(i) Accruals concept
(ii) Conservatism concept
(iii) Consistency concept
(iv) Economic entity concept
(v) Going concern concept
(vi) Matching concept
(vii) Materiality concept

(4c)

(i) Departmental accounts help to understand or locate the success, failure, rates of profit, etc.

(ii) It helps the management to make proper plan of action, policies in order to increase profit after analysing the results of operation of various departments.

(iii) Departmental accounting helps us to understand which department should be expanded further or which one should be closed down as per the results of the operation.

(iv) It also helps to encourage a healthy competitive spirit among the various departments which, ultimately, helps to increase profits of the firm as a whole.

(v) Individual result of each department can be known which helps to compare the performances among all the departments, i.e. the trading results can be compared.

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SEE:

NECO Financial Accounting Likely Questions and Answers 2022

NOTE: The questions below are not exactly 2022 NECO Financial Accounting questions and answers for 2022 but possible 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 expenditure and appropriation 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

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

How to pass Financial Account NECO Exam 2022

Now that you have seen how NECO Financial Accounting 2022/2023 questions will look like, let me give you additional tips on how to your paper at one sitting.

Financial Accounting is one of the Subjects which students complain of due to how hard it is to pass. It is  technical subject which means you need technical tactics to make it.

There are some tips which you cannot do without. I will show you those tips now.

Go for the recommended textbooks:

There were textbooks recommended by WAEC and NECO examination board which contains all the relevant topics. You need to get at least one of those Textbooks to enable you find those topics.

2. Get Economics syllabus:

A syllable contains all the relevant topics which you need to read for each subject and the recommended textbooks and authors.

WAEC and JAMB have their syllabus while NECO does not have such. However, NECO uses the WAEC syllabus as a standard for setting exam questions.

One thing you should note is that your questions can never come outside these recommended NECO topics. So, you need them. You can also search this blog for any Syllable you want.

Start reading on time

Another important tip is to start your preparation on time. If you start on time you will save yourself a whole lot of time and stress when the exam finally starts.

Do not wait till the exam period. Read at least one topic each day and before you know it, you are done.

Apart from these two tips, there are other tricks which you can adopt in and outside your examination hall in order to pass your exams. Check out my article on how to pass any kind of exam.

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