2022–2023 NECO Bookkeeping Exam Questions and Answers (Essay and Objectives)

2022–2023 NECO Bookkeeping Exam Questions and Answers (Essay and Objectives)

Bookkeeping Questions & Answers from NECO. I’ll be providing free access to the NECO Bookkeeping objective and theory repeated questions. Along with many other exam information, you will comprehend how NECO Bookkeeping questions are constructed.NECO Results 2022–2023

The National Examination Council is a testing organization that annually assigns questions from subject areas that students should be able to write and pass without difficulty after completing their senior secondary school coursework.neco-book-keeping-questions-and-answers/

Paper 1: consists of 60 multiple-choice questions that must all be solved in one hour and 30 minutes.

Paper 2: This paper will be divided into two portions, A and B, as shown below:

Essay and Objective for NECO Bookkeeping 2022 (EXPO)

Throughout the NECO Bookkeeping exam, the solutions will be shared here.

Answers for NECO Bookkeeping Loading… For the solutions, keep checking and refreshing this page.

Today’s Bookkeeping NECO OBJ Answers:

BOOKKEEPING OBJ:

ECDDCEACCD: 1-10

BAEBDDDDAA: 11-20

BCBEBEEDCB: 21-30

ECAEBBDBBA: 31-40

EDEDACBBDA: 41-50

CDDDDACAAE: 51-60

(3a)

Depreciation is defined as the recovery of your cost from the purchase of an asset with a useful life of more than one year.

(3b)

-Assets-

(i)Current assets

(ii)Fixed assets

(iii)Financial Assets

(iv)Intangible Assets

(v) tangible Assets

(vi)Operating Assets

-Limitations-

(i)Fixed assets are listed at their book value (historical cost minus depreciation to date) on the balance sheet. The initial value of assets is not shown on a traditional balance sheet.

(ii) Because fixed assets are listed on the balance sheet at their book value, there is no correlation between their market value and their book value.

(iii) The value of some elements that function as assets, such as the staff’s ability and loyalty, cannot be captured in the balance sheet.

(iv)In inflationary circumstances, a typical balance sheet may mislead unskilled readers.

(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)

Suspense accounts are used either temporarily or permanently to hold disputed entries and inconsistencies while they are investigated and given a final 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

More Answers Loading…

NECO 2022/2023 Bookkeeping Answers to Questions

Below is NECO Bookkeeping Practice Questions and Answers 2022/2023 to OBJ/ESSAY

1.A statement drawn up to make known the information about assets and liabilities is

a) bank statement.

b) balance sheet.

c)statement of account.

d)general journal.

2.Discounts permitted and received are recorded in the

a) three Column Cash Book.

b) bank Statement.

c)single Column Cash Book.

d)petty Cash Book.

3.One of the following isn’t 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 questions and answers above are probably NECO Bookkeeping repeated questions and answers, but they are not exactly the 2022 NECO Book-Keeping questions and answers.

These inquiries are practice ones. On the day of the NECO Bookkeeping exam, information about the 2022 Expo will be available on this page. For the answers, keep checking and refreshing/reloading this page.