Here you can find NECO Accounting Questions and Answers 2023, which will help you prepare for the NECO Accounting Exam 2023.
NECO exam 2023
The National Examinations Council (NECO) Nigeria is a renowned examination board responsible for the conduct of various examinations such as the National Common Entrance Examination (NCEE), the Secondary School Certificate Examination (SSCE) and the Basic Education Certificate Examination (BECE). In 2023 NECO exams started on Monday 3rd July to 11th August. Following the recent financial accounting exam, students have shown increased interest in finding the 2023 NECO financial accounting questions and answers. To help these students, we have compiled a list of NECO Financial Accounting Questions and Answers 2023, listed below in the dedicated section.
1. Explain the following: (i) impression system; (ii) petty cash book; (iii) memorandum items; (iv) cash book in three columns; (v) own magazine.
2. Describe three features of each of the following financial statements: (a) Receipts and payments account; (b) Income and expenditure account; (c) Merchant account; (d) Profit and loss account; (e) Partnership Distribution Account.
3. (a) Define and state two classifications of each of the following: (i) property; (ii) liabilities. (b) State and explain the factors to be considered in determining the annual depreciation charge on fixed assets.
4. Classify income and expenses into; (a) capital expenditure; (b) income expenditure; (c) capital receipts; (d) income receipts.
5. (a) Explain three reasons why an accountant would consider year-end adjustments. (b) Explain how the following items are treated in the income statement and balance sheet: (i) Provisions for doubtful debts; (ii) Depreciation of fixed assets; (iii) Calculate income; (iv) Prepaid expenses.
6. In the context of company accounts, explain the following: (i) Promoter; (ii) Prospectus; (iii) assumption of risk; (iv) Bonus Edition; (v) Dividend.
Neco Financial Accounting Practice Answers.
7. In this question, candidates had to prepare: (i) Trading, profit and loss account; (ii) Profit and loss distribution account.
8. Prepare a statement showing the effect of the errors on the draft net income and adjusted net income.
9. In this question candidates had to: (i) prepare a balance sheet. (ii) calculate the following: (iii) acid test ratio; (iv) invested capital; (v) working capital; (vi) current ratio.
Neco Financial Accounting Objective Questions.
4. Which of the following explains the petty cash impression system? A. Weekly disbursements must not exceed a set amount B. The exact amount of disbursements is reimbursed at intervals to maintain a fixed fluctuation C. All petty cash disbursements must be properly authorized.
D. Regular equal amounts of cash are transferred to petty cash at intervals E. The expenditure is constant.
5. Which TWO of the following errors would cause the total amount of the debit column and the total amount of the credit column of the trial balance to disagree?
(1) A transposition error was made when entering the sales invoice in the sales day book (2) The check received from the customer was posted in cash and correctly recognized in receivables (3) The purchase of fixed assets was omitted from the accounting records (4) The rent received was included in trial balance as a debt balance.
A. 1 and 2 B. 1 and 3 C. 2 and 3 D. 2 and 4 E. 1 and 4.
6. Peter did not keep accurate accounting records during the financial year. He had an opening stock of N6,700 and purchased goods amounting to N84,000 during the year. At the end of the year, he had N5400 left in his inventory. All sales are made with a cost margin 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 produced a trial balance for the year ended 31 December 2017. Total debits exceeded credits by N300. Which of the following could explain the imbalance? A. Sales of N300 were omitted from the sales day book B. Inward returns of N150 were allocated to the debit column of the trial balance C. Discounts received of N150 were allocated to the debit column of the trial balance D. The bank ledger account did not agree with the debit bank statement from N300.
NECO exam subjects
The NECO 2023 exam is scheduled to take place over a period of two weeks, covering a wide range of subjects. The questions and answers for the NECO exam are adapted to specific subjects, which differ depending on the major the students choose. The three main streams in NECO are science, commerce and art. Below we have provided a list of subjects that correspond to each of the NECO streams:
It is important that students are familiar with the subjects covered in the chosen major in order to adequately prepare for the NECO exams. By focusing on subjects relevant to their stream, students can optimize their study efforts and achieve good results in their exams.
Science
- Additional general science
- Additional math
- Agricultural science
- Applied mathematics
of art
- English language
- Literature in English
- History
- Fine and applied arts
- French
- Igbo
- Other Nigerian languages
- music, music
- Government
- Food and nutrition
- Islamic religious education
- Christian religious education
the market
- economy
- the market
- Government
- Geography
- Civil education
- Principles of calculus
- Biology
- Food science
- Botany
- Chemistry
- General biology
- General science
- Geology
- Health science
- Human biology
- Hygiene
- Integrated science
- Mathematics
- Physics
- Pure and applied mathematics
- Rural biology
- Science of the village
- Statistics
- Zoology
- Geography.
Disclaimer: The above information is for general information purposes only. All information on the website is provided in good faith, however we make no representations or warranties of any kind, express or implied, as to the accuracy, adequacy, validity, reliability, availability or completeness of any information on the website.
Categories: General
Source: HIS Education