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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
Answer all questions.
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
E. trading
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
| – | |
| Sales | 27,000 |
| Purchases | 10,000 |
| Carnage inwards | 1,000 |
| Stock 1/1/12 | 9.000 |
| Stock 31/12/12 | 3,500 |
| Return inwards | 1,500 |
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
E. Trading Account
18. Which of the following is not a means of promoting products and services?
A. Advertising
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
| Fixed Assets | 120, 000 |
| Current Assets | 30, 000 |
| Current Liabilities | 25, 000 |
| Long Term Liabilities | 34, 500 |
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(i). starts business with cash.
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)
3(c). State five advantages of sole proprietorship business (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.
| Dr | Cr | |
| Capital | 51,376 | |
| Creditors | 12,180 | |
| Sales | 74.400 | |
| Return Outwards | 1,420 | |
| Drawings | 8,200 | |
| Cash in hand | 480 | |
| Cash at bank | 15,504 | |
| Debtors | 18,308 | |
| Furniture and fittings | 2,400 | |
| Motor vehicle | 9,600 | |
| Purchases | 46,224 | |
| Stock 1/1/2007 | 15,104 | |
| Carriage Outwards | 1,304 | |
| Carriage inwards | 936 | |
| Returns Inwards | 1,760 | |
| Salaries and Wages | 9,788 | |
| Motor expenses | 2,656 | |
| Rent | 2,304 | |
| General expenses | 4,808 | |
| 139,376 | 139,376 |
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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