Questions and Answers on NECO Bookkeeping. NECO bookkeeping answers 2022. I will provide you with free access to NECO Book Keeping objective and theory repeated questions. You’ll also learn how NECO Book Keeping questions are constructed, as well as other examination specifics.
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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:
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NECO BookKeeping Essay and Objective 2022 (EXPO)
The NECO Book Keeping answers will be posted here during the NECO Bookkeeping exam.
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Today’s BookKeeping NECO OBJ Answers
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NECO BookKeeping Theory Answers
(i)it is used to prevent fraud
(ii)It is used yo detect missing figures
(iii)It saves time,money and labour
(iv)It is used to ascertain the debtors and creditors balance
(v)It is used to locate errors easily
Long term liability; these are debt which become due for settlement after more than one year. While Current liability: these are debt due for settlement within one year
(ii)fixed asset: these are long lasting asset which are used for the purpose production while Current Assets: these are held for a short period of time for running the affairs of business
(iii)Intangible Asset: these are asset that cannot be seen nor touch e.g Goodwill Fictitious Assets: these are asset of unusual character and are not realisable .eg preliminary expenses.
(i)Sales day book: these are books used for recording items sold on credit
(ii)purchase day book: these are books used for recording items bought on credit
(iii)return inward: these are books used for recording items returned by a customer for one reason or the other
(iv)return outward journal: these are books used for recording items returned to supplier for one reason or the other
(v)cash book; this used for recording items that involves immediate payment
(i)Personal Account: this is a ledger account that deals with persons, corporate entities with whom the business has transaction E.g union bank PLC Debtors account
(ii)Impersonal Account: this is a ledger account that deals with Assets, liabilities, incomes and expenditure eg Real Account: Buildings Nominal Account: Expenses
(i)Loan from financial institutions
(ii)plough back profit
(iv)capital contributed by all partners
(v)Admission of a new partner
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NECO 2022/2023 possible Book Keeping Questions
Below is NECO Book Keeping Questions and Answers 2022
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
D. Discounts received
4. The excess of expenditure over income in an income and expenditure account is
The above questions are not exactly the 2022 NECO Book Keeping questions and answers but likely NECO Book Keeping repeated questions and answers.
These questions are for practice. The 2022 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.
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