NECO GCE Financial Accounting 2025 Past Question & Answer

Introduction

Preparing for the NECO GCE Financial Accounting 2025 exam can feel challenging, but with the right tools, success is within reach. Many candidates actively search for NECO GCE Financial Accounting 2025 past question & answer, reliable practice questions PDF, and an effective study guide to boost performance.Working through real exam-style questions helps students understand the exam structure, identify repeated topics, and develop confidence. This guide provides practice questions with answers, exam strategies, and important topics that will help candidates prepare smartly and pass their NECO GCE Financial Accounting exam with ease.SEE ALSO;NECO GCE Civics Past Questions and Answers 2025 | Free PDF

Why You Should Use NECO GCE Financial Accounting Practice Questions

• Reveals the exam pattern and question style.

• Builds confidence through consistent practice.

• Improves speed and accuracy in answering questions.

• Highlights areas where more study is needed.

NECO GCE Financial Accounting Exam Structure

1. Objective Questions (Multiple Choice) – Short questions covering the full syllabus.

2. Theory/Essay Questions – Longer, detailed questions requiring calculations and explanations.

Sample NECO GCE Financial Accounting Objective Questions (with Answers)

Question 1:
The main purpose of accounting is to:
A. Employ more workers
B. Provide financial information
C. Control inflation
D. Pay government taxes

Answer: B. Provide financial information

Question 2:
Which of the following is NOT a current asset?
A. Inventory
B. Trade debtors
C. Cash in hand
D. Building

Answer: D. Building

Question 3:
The double-entry system means:
A. Recording a transaction once
B. Debit one account, credit another
C. Recording only expenses
D. Recording only income

Answer: B. Debit one account, credit another

Question 4:
Which of the following is an example of capital expenditure?
A. Office stationery
B. Salaries of staff
C. Purchase of machinery
D. Fuel for delivery van

Answer: C. Purchase of machinery

Question 5:
The trial balance is used to:
A. Record daily transactions
B. Prepare final accounts
C. Test arithmetic accuracy of the ledger
D. Control bank accounts

Answer: C. Test arithmetic accuracy of the ledger

Sample NECO GCE Financial Accounting Theory Questions (with Answers)

Question 1:
Define depreciation and state two methods of calculating it.

Answer:
Depreciation is the reduction in value of a fixed asset over time due to wear and tear, passage of time, or obsolescence.

• Straight-line method: Equal amount written off each year.

• Reducing balance method: A fixed percentage charged on the net book value yearly.

Question 2:
Prepare a Trading Account with the following:

• Opening stock: ₦80,000

• Purchases: ₦250,000

• Closing stock: ₦100,000

• Sales: ₦400,000

Answer:

Trading Account for the year ended …

Question 3:
State four differences between capital and revenue expenditure.

Answer:

1. Capital expenditure acquires fixed assets; revenue expenditure is for daily operations.

2. Capital expenditure gives long-term benefit; revenue expenditure gives short-term benefit.

3. Capital expenditure appears in the balance sheet; revenue expenditure in the income statement.

4. Examples: Building (capital), Salaries (revenue).

Key Topics to Focus on for NECO GCE Financial Accounting 2025

• Principles of double-entry bookkeeping

• The accounting equation

• Ledger accounts and trial balance

• Source documents and books of original entry

• Depreciation methods and adjustments

• Final accounts of sole traders, partnerships, and companies

• Control accounts and bank reconciliation

• Public sector accounting

Study Tips for Candidates

• Practice daily with past questions.

• Memorize key accounting terms and principles.

• Work through calculation problems step by step.

• Revise with a trusted NECO GCE Financial Accounting study guide.

• Form group discussions for better understanding.

Final Advice

Passing Financial Accounting in NECO GCE requires both theory and practical knowledge. Students who consistently practice NECO GCE Financial Accounting 2025 questions and answers will gain confidence, improve their accuracy, and perform excellently in the exam.

VISIT NECO GCE OFFICIAL WEBSITE HERE;https://neco.gov.ng/

Disclaimer

This content is strictly for educational and revision purposes only. It is not intended to promote exam malpractice. Students are advised to use these practice questions responsibly and prepare diligently for the NECO GCE Financial Accounting 2025 examination.