Looking for NECO Book Keeping Questions and Answers 2023? We offer the 2023 NECO Bookkeeping Guide, equipping students with the knowledge they need to achieve in their exams.
SOMETHING
The National Examinations Council (NECO) is an examination body in Nigeria that conducts the Secondary School Certificate Examination (SSCE). The NECO exam is a standardized test taken by students in their senior year of high school (senior high school) to assess their academic performance and determine their readiness for higher education or other careers. NECO was established in 1999 with the mandate of organizing and conducting a range of examinations, including the SSCE.
SSCE is divided into two categories: NECO Internal Exam (June/July) and NECO External Exam (November/December). The June/July exam is usually taken by students in their final year of high school, while the November/December exam is available to private candidates and students who may have missed the June/July exam.
The NECO exam covers a wide range of subjects, including core subjects such as mathematics, English and science (physics, chemistry, biology), as well as electives such as English literature, economics, geography and others. The exam is designed to assess students’ knowledge, understanding, and application of the concepts and principles taught in their subjects during their high school education.
The NECO exam is conducted over a period of several weeks, during which students are evaluated through written papers and practical exams, depending on the course requirements. Examination papers are set and graded by experienced teachers and examiners appointed by NECO, thus ensuring the integrity and standardization of the examination process.
NECO bookkeeping Questions and answers 2023
These are not exactly NECO Book Keeping questions and answers for 2023, but these questions and answers are probably repeated in NECO Book Keeping.
ACCOUNTING OBJ:
1-10: ECDDCEACCD
11-20: BAEBDDDDAA
21-30: BCBEBEEDCB
31-40: ECAEBDBBA
41-50: EDEDACBBDA
51-60: CDDDDACAAE
(3a)
Depreciation is defined as reducing the recorded costs 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) Business 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) Since fixed assets are shown in the balance sheet at their book value, therefore it has nothing to do with market value
(iii) The balance sheet may not reflect the value of certain factors that serve as assets, such as the skill and loyalty of staff.
(iv) the conventional balance sheet may mislead untrained readers in situations of inflation.
(3c)
(i) Less paperwork to get started.
(ii) Easier processes and fewer business tax requirements.
(iii) Less registration fees.
(iv) Easier banking.
(v) Simplified Company Ownership
(4a)
A temporary account is an account that is used temporarily or permanently to manage suspicious entries and deviations until 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 in accordance with the law
(ii) It is easier to plan
(iii) Current reporting
(iv) Better relations with banks and investors.
(v) Better tax forecasting
(vi) Faster business response time
Note: Answers will be uploaded soon.
Here are the questions and answers for the 2023/2024 bookkeeping exercise to OBJ/ESSAY
1. A statement prepared to show assets and liabilities is A. a bank statement. B. balance sheet. C. account statement. D. general journal.
2. Allowed and received discounts are recorded in A. cash book with three columns. B. bank statement. C. Cash book with one column. D. petty cash book.
3. Which of the following is not an item of the trial balance? A. Beginning inventory B. Closing inventory C. Equity D. Discounts received
4. The excess of expenditure over income in the income and expenditure account is A. loss. B. balance. C. deficit D. profit
NECO reviews
The National Common Entrance Examination is conducted twice a year and is intended for students in the sixth year of primary education seeking admission to Federal Unity Colleges. However, on July 15, 2013, rumors began to circulate that the Nigerian government was considering eliminating the National Examinations Council (NECO) from the country’s education system.
This was allegedly due to the low and average pass rate among candidates from different states in Nigeria. The government, however, immediately refuted the claims with a statement issued by the then Minister of Education, Mr. Nyesom Wike.
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Categories: General
Source: HIS Education