NECO Book keeping Questions and Answers 2021/2022 (Theory and Objective)

NECO Book keeping Questions and Answers 2021. NECO bookkeeping answers I will make NECO Book Keeping objective and theory repeated questions available to you for free. You’ll also learn how to compose NECO Book Keeping questions, as well as examination details.

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 during the NECO Bookkeeping exam.

Today’s BookKeeping NECO OBJ Answers
(2021 Answers)

1-10: EEEACABEEE
11-20: ECAEBCCCCA
21-30: EEBADBDEDD
31-40: BBBADBDECC
41-50: EAEABEBEBE
51-60: ACCBDCCECE

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NECO Book Keeping Essay Answers:

(1a)
(i)it is used to prevent fraud
(ii)It is used to detect missing figures
(iii)It saves time, money, and labor
(iv)It is used to ascertain the debtors and creditors balance
(v)It is used to locate errors easily

(1b)
Long-term liability; these are debts that become due for settlement after more than one year. While Current liability: these are a debt due for settlement within one year

(ii)fixed assets: these are long-lasting asset that are used for the purpose of production while Current Assets: these are held for a short period of time for running the affairs of business

(iii)Intangible Asset: these are assets that cannot be seen nor touch e.g Goodwill Fictitious Assets: these are assets of unusual character and are not realizable .eg preliminary expenses

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(2a)
(i)Sales daybook: these are books used for recording items sold on credit
(ii)purchase day book: these are books used for recording items bought on credit
(iii)return inward: these are books used for recording items returned by a customer for one reason or the other
(iv)return outward journal: these are books used for recording items returned to the supplier for one reason or the other
(v)cash book; this used for recording items that involve immediate payment

(2b)
(i)Personal Account: this is a ledger account that deals with persons, corporate entities with whom the business has transaction E.g union bank PLC Debtors account

(ii)Impersonal Account: this is a ledger account that deals with Assets, liabilities, incomes and expenditure eg Real Account: Buildings Nominal Account: Expenses

(2c)
(i)Loan from financial institutions
(ii)plough back profit
(iii)trade credit
(iv)capital contributed by all partners
(v)Admission of a new partner  

(4a)
Promotion is an element of marketing mix that consists of all communications efforts aimed at generating sales and building a favorable attitude for an organization and it’s goods or services. It also refer as a process of informing customers of new product features and persuading them to buy the product.

(4b)
(i) Personal selling
(ii) Public relations
(iii) Advertising
(iv) sales promotion

(i) Personal selling: Personal selling involves the direct personal contact of sellers with the potential buyers with a view of making a sale. It can also be referred to as the face-to-face meeting of the sales men with the potential buyers in their houses, offices, or market, e.g door to door selling.

(ii) Public relations: Public relations is another important aspect of promotion. This is a deliberate but sustained effort by a firm to establish a good image for the organization in the eye of its numerous public and by so doing create a goodwill and favorable trading(business) environment for the company and its products or services.

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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 is 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.

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