NECO Book Keeping Questions and Answers 2023
by Ushapriyanga | Updated Jun 29, 2023
NECO
The National Examinations Council (NECO) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination (SSCE). The NECO exam is a standardized test taken by students in their final year of secondary school (senior secondary school) to assess their academic performance and determine their readiness for higher education or other career paths. NECO was established in 1999 with the mandate to organize and administer a range of examinations, including the SSCE.
The SSCE is divided into two categories: the NECO Internal (June/July) examination and the NECO External (November/December) examination. The June/July examination is typically taken by students in their final year of secondary school, while the November/December examination is available for private candidates and students who may have missed the June/July exam.
The NECO exam covers a wide range of subjects, including core subjects like Mathematics, English Language, and the Sciences (Physics, Chemistry, Biology), as well as elective subjects like Literature in English, Economics, Geography, and others. The exam is designed to evaluate students' knowledge, understanding, and application of the concepts and principles taught in their respective subjects throughout their secondary education.
The NECO exam is conducted over a period of several weeks, during which students are assessed through written papers and practical examinations, depending on the subject requirements. The exam papers are set and marked by experienced teachers and examiners appointed by NECO, ensuring the integrity and standardization of the examination process.
NECO Book Keeping Questions and Answers 2023
These are not exactly the 2023 NECO Book Keeping questions and answers but these questions and answers are likely repeated in NECO Book-Keeping.
BOOK KEEPING OBJ:
1-10: ECDDCEACCD
11-20: BAEBDDDDAA
21-30: BCBEBEEDCB
31-40: ECAEBBDBBA
41-50: EDEDACBBDA
51-60: CDDDDACAAE
(3a)
Depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible.
(3b)
-Assets-
(i)Current assets
(ii)Fixed assets
(iii)Financial Assets
(iv)Intangible Assets
(v) tangible Assets
(vi)Operating Assets
-Limitations-
(i)Fixed assets are shown in the Balance Sheet at their book value (Historical cost — Depreciation to date). A conventional Balance Sheet does not reflect the original value of assets.
(ii)As fixed assets are shown in the Balance Sheet at their book value, therefore, it does not have any relationship with the market value
(iii)Balance Sheet cannot reflect the value of certain factors which serve like assets, such as skill and loyalty of the staff.
(iv)conventional Balance Sheet may mislead the untrained readers in inflationary situations.
(3c)
(i)Less paperwork to get started.
(ii)Easier processes and fewer requirements for business taxes.
(iii)Fewer registration fees.
(iv)More straightforward banking.
(v)Simplified business ownership
(4a)
A suspense account is an account used temporarily or permanently to carry doubtful entries and discrepancies pending their analysis and permanent classification.
(4b)
(i) Owners and investors
(ii) Management
(iii) Lenders
(iv) Trade creditors or suppliers
(v) Government
(vi) Employees
(vii) Customers
(4c)
(i) Always Compliant with the Law
(ii) It Is Easier to Plan
(iii) Instant Reporting
(iv) Better Relations with Banks and Investors.
(v) Better Tax Prediction
(vi) Faster Business Response Time
Note: answers will be uploaded soon.
Here are 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
NECO Examinations
The National Common Entrance Examination is conducted twice a year and is intended for students in their 6th year of basic education who seek admission into Federal Unity Colleges. However, on July 15, 2013, rumors began circulating that the Nigerian government was considering eliminating the National Examination Council (NECO) from the country's education system.
This was allegedly due to the low and average passing rates among candidates from various states in Nigeria. The government, however, promptly refuted these claims through a statement made by the Minister of Education at that time, Mr. Nyesom Wike.
NECO Book Keeping Questions and Answers 2023-FAQs
NECO stands for the National Examination Council. It is an examination body in Nigeria responsible for conducting the Senior Secondary Certificate Examination (SSCE) and the General Certificate in Education (GCE).
The SSCE is held in June/July, while the GCE takes place in November/December.
NECO was established in April 1999 by Abdulsalami Abubakar, the former Head of State of Nigeria.
NECO conducts fair and credible examinations that assess the knowledge and skills of secondary school students in Nigeria. It provides a standardized and recognized certification, facilitating the transition of students to higher education or employment opportunities.
Yes, NECO was the first federal organization in Nigeria to offer subsidized registration to academic candidates. This makes it more accessible for students to participate in the examinations.