# Free NECO Book Keeping Past Questions and Answers 2022

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BK Keeping Paper 2 – Theory/Essay Questions. (Section A – Theory of Bk Keeping and Section B – Practice )
BK Keeping Paper 3 – Objective Test Questions.

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PAPER III

Each question is followed by five options lettered A – E. Choose the correct option for each question and shade in pencil on your answer sheet, the answer space that bears the same letter as the option you have chosen. Give only one answer to each question and erase completely any answer you wish to change. Do all your rough work on this question paper.

An example is given below.

Loss is the amount

A. Charged by the bank for lending money.
B. of a loan.
C. of goods available for sale.
D. of goods bought on credit.
E. of money when goods are sold for less than they were bought.

The correct option is “of money when goods are sold for less than they were bought,” which is lettered B. Therefore, answer space B would be shaded.

The correct option is “Dog” which is lettered A. Therefore, answer space A would be shaded.
[A] [B] [C] [D] [E]

## NECO Objective Questions on Book Keeping

1. The Book keeping system in which only one aspect of a transaction is recorded is called.
A. book of original entry
B. double entry system.
C. petty cash system
D. Single column cash book
E. single entry system

2. The Accounting Equation is
A. Assets = Capital + Current liabilities.
B. Assets = Capital + drawings.
C. Assets = Capital + Liabilities.
D. Capital = Assets + Long term liabilities.
E. Liabilities = Assets + Capital.

3. Which of the following is a fictitious asset?
A. Cash at bank
B. Cash in hand
C. Debtors
D. Preliminary expenses
E. Reserves

4. Purchase of a computer for office use for N90,000 should be debited to __ _ account.
A. asset
B. bank
C. cash
D. purchases
E. sales

5. The Sales Day Book shows goods sold
A. for cash.
B. for cash and credit.
C. on credit.
D. to retailer.
E. to wholesalers.

6. Which of the following is not a book of prime entry?
A. Cash Book
B. Journal Proper
C. Purchases Day Book
D. Sales Day Book
E. Sales Ledger

7. Factory wages are always charged to ___ account.
A. manufacturing
B. profit and loss
C. purchases
D. sales

8. The purpose of profit and loss account is to ascertain.
A. accumulated fund.
B. gross profit or loss
C. net profit or loss
D. net purchases.
E. net sales.

9. Purchases Journal is used to record
A. cash purchases
B. cash sales
C. credit purchases
D. credit sales
E. purchases returns.

10. Which of the following accounts is nominal in nature?
A. Creditor
B. Debtor
C. Furniture
D. Salaries
E. Stock

11. Commissions received are posted to the
A. credit side of the cash book
B. credit side of the profit and loss Account.
C. credit side of the trading account.
D. debit side of the profit and loss account
E. debit side of the trading account

12. When goods are withdrawn by a proprietor for personal use, the entries are: Credit___ account and debit___ account.
A. Cash Drawings
B. Drawings Capital
C. Drawings Stock
D. Sales Drawings
E. Stock Drawings

Use the following information to answer questions 13 to 15

13. Cost of sales is
A. N27, 000.
B. N25, 000.
C. N20, 000.
D. N19, 000.
E. N16, 500.

14. Net sales is
A. N27, 000.
B. N25, 500.
C. N20, 000.
D. N19, 000
E. N16, 000.

15. Gross profit is
A. NI1, 500
B. N10, 500
C. NI0, 000
D. N9, 000
E. N5, 500

16. If a customer returns goods to the supplier because they are defective, the customer is issued a __ _ note
A. bank
B. credit
C. currency
D. debit
E. delivery

17. Which of the following is prepared to determine the opening capital in a single entry book keeping?
A. Balance Sheet
B. Profit and Loss Account
C. Receipt and Payment Account
D. Statement of Affaire

18. Which of the following is not a means of promoting products and services?
B After-sales services
C. Increased guarantee period
D. Reducing production
E. Sales discount

19. The stock valuation process that emphasizes “first in, first out” is ____ method.
A. FIFO
B. LIFO
C. Replacement
D. Simple average
E. Weighted average

20. The following are assets except
A. bank overdraft.
B. debtors.
C. furniture and fittings
D. machinery
E. stock of goods

21. The double column cash book has ____columns only.
A. bank and folio
B. cash and bank
C. cash and folio
D. discount and bank
E. discount and cash

22. Which of the following fixed assets is not depreciable?
A. Building
B. Furniture
C. Land
D. Machinery
E. Motor van

Use the following information to answer questions 23 to 26.
The assets and liabilities of the business are

23. What is the sum of the total assets?
A. N154, 500
B. N150, 000
C. N145.000
D. N120, 000
E. N30, 000

24. What is the capital of the business?
A. N150, 000
B. N125, 000
C. N120, 000
D. N105, 500
E. N90, 500

25. The amount of total liabilities is
A. N64, 500.
B. N59, 500.
C. N55, 000.
D. N34, 500
E. N25, 000.

26. The working capital is
A. N120, 000.
B N34, 000.
C. N30, 000.
D. N25, 000.
E. N5,000.

27. In the balance sheet of a non-profit making organization, subscription in advance is treated as
A. current asset.
B. current liability.
C. fixed assets.
D. goodwill.
E. long term liability.

28. The impersonal account is made up of ___accounts.
A. capital and nominal
B. cash and real
C. investment and capital
D. nominal and real
E. real and capital

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## NECO Questions on Theory of Book Keeping

PAPER II
Answer five questions in all, two questions from section A
and three questions from section B

SECTION A
(THEORY OF BOOK KEEPING)

1(a). What is Business Entity Concept? (2½ marks)
1(b). State five uses of Journal Proper. (5 marks)
1(c). State the accounts to be debited and the ones to be credited in each of the following cases:
1c(ii). pays cash for rent;
1c(iii). pays cash for goods purchased.
1c(iv). receives cash from debtors; and
1c(v). withdraws money from bank for private use. (5 marks)

2(a). State the principle of double entry in Book keeping (2½ marks)
2(b). List six source documents used tn business transaction. (3 marks)
2(c). Write short notes on the following terms:
2ci. Last in first out (LIFO) (3½ marks)
2cii. First in first out (FIFO) (3½ marks)

3(a). What is Depreciation? (2½ marks)
3(b). List any six assets and four liabilities of a balance sheet (5 marks)

4(a). What is Suspense Account? (2 marks)
4(b). List six users of financial records (3 marks)
4(c). State five benefits of Book keeping to a business organization. (7½ marks)

## NECO Essay Questions on Practice of Book Keeping

SECTION B
(PRACTICE OF BOOKKEEPING)
Answer three questions from this section.

5. The following Trial Balance was extracted from the books of M. A. Kukan Enterprises as at 3lst December, 2013.

Stock in trade as at 3lst December, 2013 was N19, 992.
You are required to prepare;
(a)Trading, Profit and Loss Account for the year ended 31st December, 2013.
(b) Balance Sheet as at 3lst December, 2013 (15 marks)

Essay Questions Number 6 to 8 on Section B Removed/Omitted from the online free copy.

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Link 1: SSCE NECO Past Question on BK Keeping

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