The NECO Questions and Answers for Bookkeeping for 2023/2024 is now available for all Bookkeeping students. Alwaysvibes.com has the best interests of students in mind and has conducted extensive study to obtain the correct and genuine questions and answers for the NECO Bookkeeping 2023/2024.
The National Examinations Council (NECO) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in June/July and December/January respectively.
NECO Bookkeeping clarifications and queries The validity of these NECO 2023 Bookkeeping solutions to questions has been checked and confirmed to be sure. Objectives and an essay will be provided.
NECO Possible Questions and Answer For Bookkeeping 2023/2024
(i) Business owners
(iv) Government authorities
(viii) Tax authorities
(ix) Financial analysts
(PICK ANY THREE)
(i) Bookkeeping is more focused on collecting, storing, and organizing financial transactions while accounting is analyzing, interpreting, and communicating financial information.
(ii) Bookkeeping involves recording financial transactions in a journal, while accounting involves summarizing, analyzing, and reporting this financial information in reports.
(iii) Bookkeepers work with smaller details while accountants work with the bigger picture.
(iv) Bookkeepers use manual or computerized systems to record information, whereas accountants use accounting principles in order to interpret the information.
(v) Bookkeepers are mainly concerned with recording data while accountants interpret and analyze the data in order to make informed decisions.
(PICK ANY THREE)
(i) Normal Wear and Tear
(iii) Physical Deterioration
(iv) Human Error
(v) Market Conditions
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Bad debit ; is debt that cannot be collected. It is a part of operating a business if that company allows customers to use credit for purchases.
Gross profit ; is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.
Discount Allowed ; is a reduction in the price of goods or services allowed by a seller to a buyer and is an expense for the seller. However, the discount received is the concession in the price received by the buyer of the goods and services from the seller and is an income for the buyer.
Discount Received ; is recorded as a reduction to Accounts Receivable on a company’s balance sheet. For example, when a seller permits a discount, the drop in revenues is noted and is often credited to a contra revenue account.
Credit note ; is a financial document issued by supplier companies to reduce the amount owed to them by the buyers. It helps firms maintain a proper paper trail and is issued when the goods are returned.
More questions and answers loading…..
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
D. Discounts received
4. The excess of expenditure over income in an income and expenditure account is
The above questions are not exactly the 2023 NECO Book Keeping questions and answers but likely NECO Book-Keeping repeated questions and answers.
These questions are for practice. The 2023 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.
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