NECO Accounting Questions and Answers 2023
by Harini
Updated Jun 30, 2023
NECO Exam 2023
The National Examination Council (NECO) Nigeria is a renowned examination board responsible for conducting various exams such as the National Common Entrance Examination (NCEE), Senior Secondary Certificate Examination (SSCE), and Basic Education Certificate Examination (BECE). In 2023, the NECO exams commenced on Monday, 3rd July to 11th August Following the recent Financial Accounting exam, students have shown an increased interest in finding NECO Financial Accounting Questions and Answers for the year 2023. To assist these students, we have compiled a list of NECO Financial Accounting Questions and Answers for 2023, provided below in the dedicated section.
1. Explain the following:
(i) imprest system;
(ii) petty cash book;
(iii) memorandum entries;
(iv) three-column cash book;
(v) journal proper.
2. Describe three features of each of the following financial statements:
(a) Receipts and Payment Account;
(b) Income and Expenditure Account;
(c) Trading Account;
(d) Profit and Loss Account;
(e) Appropriation Account of a Partnership.
3. (a) Define and list two classifications of each of the following:
(i) asset;
(ii) liabilities.
(b) State and explain the factors to be considered in determining the annual depreciation charge for a fixed asset.
4. Classify revenue and expenditure into;
(a) capital expenditure;
(b) revenue expenditure;
(c) capital receipts;
(d) revenue receipts.
5. (a) Explain three reasons why an accountant will consider end-of-year adjustments.
(b) Explain how the following items are treated in the Profit and Loss Account and Balance Sheet:
(i) Provision for doubtful debts;
(ii) Depreciation on fixed assets;
(iii) Accrued income;
(iv) Prepaid expenses.
6. In the context of the Company account, explain the following:
(i) Promoter;
(ii) Prospectus;
(iii) Underwriting;
(iv) Bonus issue;
(v) Dividend.
Neco Financial Accounting Practice Answers.
7. In this question, candidates were required to prepare:
(i) Trading, Profit, and Loss Account;
(ii) Profit and Loss Appropriation Account.
8. Prepare a statement showing the effect of the errors on the draft net profit and the corrected net profit.
9. In this question, candidates were required to:
(i) prepare a Balance Sheet.
(ii) calculate the following:
(iii) acid test ratio;
(iv) capital employed;
(v) working capital;
(vi) current ratio.
Neco Financial Accounting Objective Questions.
4. Which of the following explains the imprest system of operating petty cash?
A. Weekly expenditure cannot exceed a set amount
B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float
C. All expenditure out of the petty cash must be properly authorized.
D. Regular equal amounts of cash are transferred into petty cash at intervals
E. Expenditure is constant.
5. Which TWO of the following errors would cause the total of the debit column and the total of the credit column
of a trial balance not to agree?
(1) A transposition error was made when entering a sales invoice into the sales day book
(2) A cheque received from a customer was credited to cash and correctly recognized in receivables
(3) A purchase of non-current assets was omitted from the accounting records
(4) Rent received was included in the trial balance as a debit balance.
A. 1 and 2
B. 1 and 3
C. 2 and 3
D. 2 and 4
E. 1 and 4.
6. Peter has not kept accurate accounting records during the financial year. He had an opening inventory of N6,700 and purchased goods costing N84,000 during the year. At the year-end, he had N5,400 left in inventory. All sales are
made at a markup on the cost of 20%.
What is Peter’s gross profit for the year?
A. N13,750
B. N17,060
C. N16,540
D. N20,675
E. N24,000.
7. Shasia Co extracted the trial balance for the year ended 31 December 2017. The total of the debits exceeded the
credits by N300.
Which of the following could explain the imbalance?
A. Sales of N300 were omitted from the sales day book
B. Returns inward of N150 were extracted to the debit column of the trial balance
C. Discounts received of N150 were extracted to the debit column of the trial balance
D. The bank ledger account did not agree with the bank statement by a debit of N300.
NECO Exam Subjects
The NECO 2023 examination is scheduled to take place over a period of two weeks, encompassing a wide range of subjects. The questions and answers for the NECO exam are tailored to specific subjects, which vary depending on the stream chosen by the students. The three main streams in NECO are Science, Commerce, and Arts. Below, we have provided a list of subjects corresponding to each of the NECO streams:
It's important for students to be aware of the subjects covered in their chosen stream to adequately prepare for the NECO exams. By focusing on the subjects relevant to their stream, students can optimize their study efforts and perform well in their respective exams.
Science
Arts
Commerce
NECO Accounting Questions and Answers 2023: FAQs
You can find NECO Accounting Questions and Answers for the year 2023 on various educational platforms, study guides, and preparation resources specifically tailored for NECO exams.
Yes, there are several websites and educational platforms that offer NECO Accounting Questions and Answers, which can be accessed for exam preparation purposes.
While NECO Accounting Questions and Answers can be a helpful study resource, it is recommended to use them as supplementary material alongside comprehensive study guides, textbooks, and practice exams to ensure a well-rounded preparation.
Yes, the NECO Accounting exam includes objective-type questions, which require students to select the correct answer from a set of options provided.
To make the most of NECO Accounting Questions and Answers, it is advisable to practice answering a variety of questions, analyze the solutions provided, and identify areas of improvement. Additionally, understanding the underlying concepts and principles of accounting is crucial for success in the exam.