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Ikiodiete George
- 3 Min Read
Neco Accounting Exam (2025/2026): Full List Of Most Repeated Topics & Past Questions
The NECO Financial Accounting exam can be very easy to pass—if you focus on what matters: the topics that repeat, mastering past questions, and practicing accurate bookkeeping entries.
This guide will walk you through:
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The most repeated Accounting topics
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Sample past objective and theory questions
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Key definitions and exam tips
NECO Accounting Exam Format (2025/2026)
| Paper | Type | Details |
|---|---|---|
| Paper 1 | Objectives (OBJ) | 50 multiple choice questions – compulsory |
| Paper 2 | Theory/Essay | 6–7 theory questions (answer any 4) |
Most Repeated Topics in NECO Accounting
| Topic Area | Description |
|---|---|
| Double Entry System | Principles of debit and credit |
| Ledger and Trial Balance | Balancing accounts, types of ledgers |
| Bank Reconciliation Statement | Causes of disagreement, format, adjustments |
| Final Accounts of Sole Traders | Trading, Profit & Loss A/C, Balance Sheet |
| Control Accounts | Sales ledger and purchases ledger control |
| Depreciation of Assets | Methods: straight-line, reducing balance |
| Source Documents | Invoice, receipt, credit note, debit note |
| Petty Cash Book & Imprest System | Format, importance, how it works |
| Errors and Correction | Types of errors, suspense account |
| Partnership Accounts | Profit sharing, capital accounts, admission/retirement |
| Journal Entries | Opening, adjusting and closing entries |
Most Repeated Objective Questions (Samples)
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Which of the following is a liability?
A. Debtors
B. Stock
C. Creditors
D. Equipment
✅ Answer: C -
What is the main purpose of a trial balance?
A. To show net profit
B. To balance the bank statement
C. To check the accuracy of double-entry records
D. To show assets and liabilities
✅ Answer: C -
In which book is a cash discount recorded?
A. Ledger
B. Cash Book
C. Petty Cash Book
D. Journal
✅ Answer: B
Most Repeated Theory Questions in NECO Accounting
These questions are often repeated across different NECO years:
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Explain the principle of double-entry system with examples.
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Prepare a trial balance using the following ledger balances.
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List and explain five causes of bank statement and cash book differences.
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State and explain five differences between capital and revenue expenditure.
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Journalize the following transactions in the General Journal.
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Prepare a Trading, Profit & Loss Account and Balance Sheet from a given trial balance.
Year-by-Year Topic Appearance Summary
| Year | Repeated Topics |
|---|---|
| 2024 | Bank reconciliation, depreciation, journal entries |
| 2023 | Ledger entries, final accounts, errors and suspense a/c |
| 2022 | Partnership accounts, control accounts, petty cash |
| 2021 | Source documents, trial balance, double-entry system |
| 2020 | Depreciation, accounting concepts, ledger posting |
Accounting Terms You Must Know
| Term | Meaning |
|---|---|
| Asset | What the business owns (e.g., cash, equipment) |
| Liability | What the business owes (e.g., loans, creditors) |
| Capital | Owner’s investment in the business |
| Ledger | A book of final entry where all accounts are kept |
| Trial Balance | A statement showing total debits and credits |
| Revenue Expenditure | Daily running cost like salaries, repairs |
| Capital Expenditure | Long-term investment like buying machinery |
| Journal | A book for recording first-time transactions not captured elsewhere |
Most Common NECO Accounting Calculations
| Area | Calculation Task |
|---|---|
| Depreciation | Calculate annual depreciation using straight-line method |
| Final Accounts | Prepare P&L and balance sheet from trial balance figures |
| Bank Reconciliation | Prepare adjusted bank statement and cash book |
| Control Accounts | Balance sales/purchases ledger control account |
Tips to Pass NECO Accounting With A1
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Focus on repeated topics listed above
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Practice balancing accounts and trial balances
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Don’t cram—understand the logic behind every entry
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Revise past questions, especially journal entries
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Draw up a study timetable and practice under timed conditions
Frequently Asked Questions (FAQs)
Q: Does NECO repeat Accounting questions?
Yes, NECO repeats many theory and objective questions over the years.
Q: Can I pass Accounting without a calculator?
A calculator makes calculations faster and neater. It’s strongly advised.
Q: What is the hardest part of NECO Accounting?
Balancing trial balances and final accounts. But with practice, it becomes easy.
Q: Is Accounting a compulsory subject in NECO?
No, it’s an elective for commercial students, but highly recommended.
Conclusion
The NECO Financial Accounting exam is very passable when you know what topics to focus on. Concentrate on bank reconciliation, journal entries, trial balance, depreciation, and final accounts—these show up almost every year.
With consistent practice, especially from past NECO questions, you can score A1 confidently.
“Accounting is not just numbers—it’s about understanding the story behind the figures.”
