Neco Accounting Exam: Full List Of Highly Repeated Topics & Past Questions

Are you sitting for the NECO Accounting Exam 2025/2026? Whether you're aiming for a distinction or just want to avoid surprises, mastering highly repeated topics and past questions is a proven strategy for success. This official guide highlights all the topics you must not ignore, with real sample questions to guide your practice.

Highly Repeated Topics in NECO Accounting Exam

1. Accounting Concepts and Conventions

• Business entity

• Accrual, consistency, and prudence concepts

• Matching concept

Sample Question:
Explain the business entity concept and its importance in accounting.

2. Principles and Systems of Double Entry

• Debit and credit rules

• The ledger and posting

• Balancing accounts

Sample Question:
Record the following in a double-entry format: Bought goods worth ₦50,000 on credit.

3. Source Documents and Books of Original Entry

• Receipts, invoices, credit notes

• Sales and purchases day books

• Petty cash book

Sample Question:
State three examples of source documents used in accounting.

4. Trial Balance and Errors

• Preparing a trial balance

• Types of errors (compensating, omission, commission)

• Correction of errors

Sample Question:
List four errors not revealed by a trial balance.

5. Bank Reconciliation Statement

• Reasons for differences in cash book and bank statement

• Adjustments and preparation of reconciliation statement

Sample Question:
Explain three reasons why a bank statement may differ from a company’s cash book.

6. Depreciation of Fixed Assets

• Methods: Straight-line and reducing balance

• Causes and effects of depreciation

Sample Question:
Calculate depreciation using straight-line method: Cost = ₦200,000, Life span = 5 years.

7. Final Accounts of a Sole Trader

• Trading, Profit & Loss Account

• Balance Sheet preparation

• Adjustments for closing stock, depreciation, etc.

Sample Question:
Prepare a Trading Account from given data to show Gross Profit.

8. Accounts for Non-Profit Making Organizations

• Receipts and payments account

• Income and expenditure account

• Balance sheet of clubs and societies

Sample Question:
Distinguish between receipts and payments account and income and expenditure account.

9. Control Accounts

• Purpose and types (sales and purchases)

• Preparation and interpretation

Sample Question:
What are control accounts and why are they prepared?

10. Single Entry and Incomplete Records

• Conversion to double entry

• Statement of affairs

• Calculating missing figures

Sample Question:
How is profit ascertained from single entry records?

11. Manufacturing Accounts

• Direct and indirect costs

• Prime cost, factory cost, and cost of goods manufactured

Sample Question:
List and explain three items you will find in a manufacturing account but not in a trading account.

12. Partnership Accounts

• Profit sharing ratio

• Partners’ capital and current accounts

• Admission, retirement, and death of a partner

Sample Question:
State four differences between a partnership and a sole proprietorship.

13. Company Accounts

• Share capital (authorized, issued, paid-up)

• Debentures and reserves

• Final accounts of limited liability companies

Sample Question:
Explain the difference between ordinary shares and preference shares.

14. Public Sector Accounting

• Differences from private sector accounting

• Sources of public revenue

• Types of government expenditures

Sample Question:
Mention three sources of revenue for the government.

15. Accounting Ratios and Interpretation

• Liquidity, profitability, and efficiency ratios

• Uses and limitations of accounting ratios

Sample Question:
Calculate the current ratio from the following: Current Assets = ₦300,000, Current Liabilities = ₦100,000.

Sample NECO Accounting Objective Questions

1. Which of the following is not a source document?
   A. Invoice
   B. Cheque
   C. Balance sheet
   D. Receipt
   Answer: C

2. A credit balance in the cash book indicates:
   A. Overdraft
   B. Cash in hand
   C. Loan
   D. Surplus
   Answer: A

3. The purpose of a trial balance is to:
   A. Detect all errors in the ledger
   B. Show the financial position
   C. Check the arithmetical accuracy of the ledger
   D. Balance the accounts
   Answer: C

4. Which of the following is an intangible asset?
   A. Land
   B. Building
   C. Goodwill
   D. Machinery
   Answer: C

5. Which of the following accounts is real?
   A. Capital
   B. Drawings
   C. Debtor
   D. Cash
   Answer: D

Study Tips for NECO Accounting Success

• Focus on solving real past questions from the last 10 years

• Master double entry principles — they show up in every paper

• Practice drawing up final accounts from raw data

• Learn formulas for ratios and depreciation

• Use flashcards for definitions and key terms

Frequently Asked Questions (FAQs)

Q1: What is the NECO Accounting paper format?

You’ll write:

• Paper I: Objective (multiple-choice)

• Paper II: Essay/Theory

• Some years include simple financial statements preparation

Q2: Are NECO Accounting questions repeated?

Yes, many questions are repeated or rephrased from past papers. Reviewing at least 10 years of past questions gives a strong edge.

Q3: What are the most important topics in NECO Accounting?

• Final Accounts

• Double Entry

• Control Accounts

• Depreciation

• Trial Balance

• Accounting Concepts

Q4: Can I pass NECO Accounting without attending a tutorial center?

Absolutely! With dedicated self-study, access to past questions, and good textbooks like Frank Wood’s Business Accounting, you can succeed.

Q5: Is NECO Accounting hard?

Not if you understand the basic principles and practice regularly. Accounting rewards logic and practice.

Conclusion

The NECO Accounting Exam 2025/2026 doesn't have to be stressful. With this official guide covering highly repeated topics, sample past questions, and smart exam tips, you are fully equipped to score high. Stay consistent, stay motivated — and success will follow!