NECO Book-Keeping Questions and Answers. I will be showing you NECO Book Keeping objective and theory repeated questions for free. You will also understand how NECO Book Keeping questions are set and many more examination details.
The National Examination Council is an examination body that set questions yearly from areas student should, after their studies in the senior secondary school, be able to write and pass without stress.
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:
NECO Book Keeping Essay and Objective 2021 (EXPO)
The NECO Book Keeping answers will be posted here today, 10th August during the NECO Bookkeeping exam.
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Today’s Book Keeping NECO OBJ Answers:
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 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 Assests
(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
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NECO 2021/2022 Book Keeping Answers to Questions
Below is NECO Book Keeping Questions and Answers 2021/2022 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
The above questions are not exactly the 2021 NECO Book Keeping questions and answers but likely NECO Book-Keeping repeated questions and answers.
These questions are for practice. The 2021 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.
If you have any questions about NECO 2021 Book Keeping Questions and Answers, kindly let us know in the comment box.
