Bookkeeping NECO Questions and Answers. I will provide repeated objective and theory NECO Book Keeping questions for free. In addition, you will comprehend how NECO Book Keeping inquiries are structured, as well as numerous other exam specifics.
The National Examination Council is an examination body that sets yearly questions on subjects that students should be able to write and pass without undue stress upon completion of their studies in senior secondary school.
This paper consists of sixty multiple-choice questions that must all be answered in 1 hour and thirty minutes.
This paper will have two components, components A and B, as outlined below:
NECO Book Keeping Essay and 2023 Exposition (EXPO)
During the NECO Bookkeeping exam, the NECO Bookkeeping answers will be released here.
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Today’s NECO OBJ Book Keeping Answers:
BOOK KEEPING OBJECTIVE:
ECDDCEACCD (from 1 to 10)
BAEBDDDDAA (11-20)
BCBEBEEDCB (21-30)
ECAEBBDBBA 31-40
EDEDACBBDA 41-50
CDDDDACAAE (51-60)
(3a)
Depreciation is defined as the systematic reduction of the recorded cost of a fixed asset until the asset’s value is zero or inconsequential.
Solved WAEC Mathematics Questions and Answers For 2023/2024 (Essay and Objectives)
(3b)
-Assets-
(i)Present assets
(ii)Stabilized assets
(iii)Financial Resources
Intangible Assets (iv)
(v) Physical Assets
(vi)Operating Capital
-Limitations-
(i)Fixed assets are reported on the Balance Sheet at their book value (historical cost minus depreciation to date). The initial value of assets is not shown on a traditional Balance Sheet.
(ii)Because fixed assets are shown in the Balance Sheet at their book value, they have no relationship with market value.
(iii)The Balance Sheet cannot reflect the value of certain elements that serve as assets, such as staff skill and loyalty.
(iv)In inflationary times, conventional balance sheets may mislead inexperienced readers.
(3c)
(i)Less paperwork required to get started.
(ii)Easier processes and fewer business tax requirements.
(iii)More affordable registration fees.
(iv)Less complicated banking.
(v)Easier business ownership
(4a)
A suspense account is a temporary or permanent account used to hold dubious entries and inconsistencies pending their analysis and permanent classification.
(4b)
(i) Business owners and investors
(ii) Administration
(iii) Banks
(iv) Commercial creditors or suppliers
(v) The government
(vi) Workers
(vii) Clients
(4c)
(i) Adherence to the Law at All Times
(ii) It is simpler to plan.
(iii) Real-Time Reporting
(iv) Improved relationships with banks and investors.
(v) Improved Tax Prediction
vi) Improved Business Response Time
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Answers to Questions for NECO 2023/2024 Book Keeping
NECO Book Keeping Practise Questions and Answers 2023/2024 to OBJ/ESSAY are provided here.
1. A statement that shows assets and liabilities.
A financial statement.
Balance sheet (B).
C. a financial statement.
D. broad journal.
2. Allowable and received discounts are documented in the A. three column Cash Book.
Bank Statement B.
C. Cash Book with a Single Column.
Small Cash Book D.
3. Which of the following does not qualify as a trial balance item?
Opening stock A. Closing stock B.
Discounts received in capital D
4. A. loss is the excess of expenditure over income in an income and expenditure statement.
B. equilibrium.
C. loss D. profit
The aforementioned questions are likely NECO Book-Keeping repeated questions and answers rather than the 2023 NECO Book-Keeping questions and answers.
These are practise questions. On the day of the NECO Book Keeping examination, the 2023 NECO Book Keeping questions and answers will be available on this page. Continue to check and refresh/reload this page for latest answers.
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