NECO Economics Past Questions and Answers | Theory and Objectives –Download PDF.

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NECO Accounting Past Questions and Answers | Theory, and Objectives –Download PDF.

The National Examination Council of Nigeria (NECO) Examination is around the corner. This article provides the readers with information on how to download NECO Accounting Past Questions and Answers. NECO Accounting Questions are essential for you to know if you want to pass the NECO SSCE Accounting Exams 2021.

NECO Accounting Past Questions and Answers

NECO Accounting Past Questions and Answers

The NECO Accounting past questions and answers is a compiled material in PDF that contains past questions from NECO Accounting Exams of previous years. The material comes with answers and is easily downloadable.

You can download the materials here. The instructions on how to download the NECO Accounting can be found below. You are expected to follow the instructions in order for you to succeed. The material does not only contain information on NECO Accounting Questions and answers but how to pass exams as well. You can see this article on the 21 indispensable steps to pass any exams with high grade.

Download also: WAEC past Questions and Answers.

NECO Accounting Sample Questions and Answers

Today’s NECO Accounting OBJ Answers: (2020 Answers)

1-10: EBBDEADBDC
11-20: DCCDDECDCA
21-30: DCEAEBBDAA
31-40: BBACAECAAB
41-50: ECDCBCECCC
51-60: ECBCDDDEAE

NECO Accounting Essay Answers Loading…

(3i)
Returns inward: These are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction. A debit (reduction) of accounts payable.

(3ii)
Returns outward: These are goods returned by the customer to the supplier. For the supplier, this results in the following accounting transaction. A debit (reduction) in revenue in the amount credited back to the customer.

(3iii)
Prospectus: This is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds , stocks, bonds and other investments, such as a description of the company’s business, financial statements , biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information.

(3iv)
Prepayments: These are amounts paid for by a business in advance of the goods or services being received later on. Any payment made in advance can be considered a prepayment. A prepayment is not dissimilar to a deposit, but generally falls under a more set time period for fulfillment of the goods or service purchased.

(3v)
Cost of goods sold: This is the accumulated total of all costs used to create a product or service, which has been sold during a particular period. The cost of goods sold is reported on the income statement and should be viewed as an expense of the accounting period. In essence, the cost of goods sold is being matched with the revenues from the goods sold, thereby achieving the matching principle of accounting.

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(4a)
A joint venture is a form of business which is jointly owned by two or more independent firms who continue in their original business but pool their resources in another line of business.

(4b)
[Pick any five]
(i) Accruals concept
(ii) Conservatism concept
(iii) Consistency concept
(iv) Economic entity concept
(v) Going concern concept
(vi) Matching concept
(vii) Materiality concept

(4c)
(i) Departmental accounts help to understand or locate the success, failure, rates of profit, etc.
(ii) It helps the management to make proper plan of action, policies in order to increase profit after analysing the results of operation of various departments.

(iii) Departmental accounting helps us to understand which department should be expanded further or which one should be closed down as per the results of the operation.
(iv) It also helps to encourage a healthy competitive spirit among the various departments which, ultimately, helps to increase profits of the firm as a whole.
(v) Individual result of each department can be known which helps to compare the performances among all the departments, i.e. the trading results can be compared.

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The questions below are not exactly 2021 NECO Financial Accounting questions and answers but likely NECO Accounting repeated questions and answers.

These questions are strictly for practice. The 2021 NECO Accounting expo will be posted on this page on the day of the NECO Accounting examination. Keep checking and reloading this page for the answers.

1. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the

A. Creditor

B. Cashier

C. Auditor General

D. Bursar

ANSWER: C (Auditor General)

2. The cash basis of accounting requires the recognition of revenue only when they are

A. sent Out

B. documented

C. lost

D received

ANSWER: D (Received)

3. Responsibility accounting is particularly concerned with

A. variable cost

B. fixed cost

C. controllable costs

D. uncontrollable costs

ANSWER: C (Controllable costs)

4. Earnings per share is a measure of

A. loss

B. profit

C. income

D. expenditure

ANSWER: B (Profitability)

How to Download NECO Accounting past Questions and Answers

Here are the instructions to be followed in order to download the NECO Accounting Questions and answers without any issue. Please follow our instructions and guide very well.

The cost of the newly updated NECO Past Questions and Answers is 2,000.00 naira only for One Subject e.g

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Download also: The complete NECO Past Questions and answers for all subjects.

Tips on How to Pass NECO Examination 2021

If you want to Past the NECO Examination this year, you will need to follow the instructions below.

  • Practice daily with NECO Past Questions and Answers
  • Write out your subjects, the dates and time.
  • Engage in general revision few days to the examination and dwell more on the subjects you find difficult.
  • Focus on only your first paper a week to the exam. This would make it sweet and you will have energy to read for other papers.
  • Don’t read any other subject when it is two days to a particular subject.
  • When you have two papers that are separated by only one day, read the second one first before going to the subject you have first.
  • Ensure to be in the NECO examination venue at least two hours to the examination so that you would be balanced.
  • Try to be up to date in cases of changes in the timetable.
  • Have a personal copy of the NECO timetable and syllabus.
  • Go through your timetable daily so that you don’t miss any paper.
  • Don’t go to the hall when you are not having paper that day.

Disclaimer: Please note these are not the actual questions and answers that you will find in the NECO Examination this year, but they are the likely questions. to get the actual NECO Past Questions and answers, please call 07063986527.

Download Actual NECO Past Questions and Answers.

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