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NECO GCE November/December 2025 Free Financial Accounting Question and Answer.
This is to inform all external candidates sitting for the 2025 National Examinations Council NECO General Certificate Examination GCE that the Financial Accounting Objective and Essay paper will take place on Saturday, 29th November 2025 from 10:00 am to 1:50 pm.
This article provides free access to likely NECO Financial Accounting questions and answers, the exam format, past question practice, and helpful revision tips. It is written in simple English to help you understand and succeed in the exam.
2025 NECO GCE Financial Accounting Paper Schedule
Date: Saturday, 29th November 2025
Time:
Financial Accounting III Objective – 10:00 am to 11:20 am
Financial Accounting II Essay and Practice – 11:20 am to 1:50 pm
Note: This content is created for educational purposes and revision. We do not promote or support examination malpractice.
What is Financial Accounting in NECO GCE
Financial Accounting is a business subject that teaches students how to prepare and keep financial records for individuals and businesses. It involves recording transactions, preparing final accounts, interpreting results, and understanding accounting principles.
The NECO GCE Financial Accounting paper is made up of:
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Paper III Objective: 50 multiple choice questions
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Paper II Essay and Practice: 3 to 5 structured questions and real-life calculations
Likely NECO GCE 2025 Financial Accounting Objective Questions
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Which of these is not a liability
A. Loan
B. Capital
C. Creditors
D. Outstanding wages
Correct Answer: B -
What is the book used to record daily cash receipts and payments
A. Ledger
B. Journal
C. Cashbook
D. Trial balance
Correct Answer: C -
A trial balance is prepared to
A. Record all bank transactions
B. Detect all errors
C. Test the accuracy of ledger entries
D. Record income and expenditure
Correct Answer: C
More objective answers will be uploaded live before the exam. Bookmark this page and check back.
Likely NECO Financial Accounting Essay Questions
Here are some expected theory questions:
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Explain the meaning of financial statements
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List and explain four causes of imbalance in a trial balance
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Mention five differences between capital and revenue expenditure
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Define bank reconciliation statement and its uses
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Draw and explain a format of Trading Profit and Loss Account
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Sample Financial Accounting Essay Answer
Question: List and explain three causes of disagreement in a trial balance
Answer:
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Omission of a transaction – If a transaction is not recorded in any account.
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Wrong posting – Entering an amount in the wrong side or wrong account.
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Error in addition – Incorrect addition of ledger balances.
NECO Financial Accounting Marking Scheme
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Objective Section (Paper III) – 40 marks
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Essay Section (Paper II) – 60 marks
Essay answers are marked based on clarity, correctness, format, and relevance.
NECO Financial Accounting Past Questions PDF
Studying past questions helps you become familiar with the exam format and topics.
Download NECO Financial Accounting Past Questions PDF
Tips to Pass NECO GCE Financial Accounting 2025
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Study the NECO Financial Accounting syllabus
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Practice at least five years of past questions
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Understand the basic principles of accounting
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Revise ledger formats, trial balances, and final accounts
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Write clearly and label diagrams or tables properly
What You Should Take to the Exam Hall
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NECO GCE Photo Card
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Two blue or black pens
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HB pencil and eraser
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Calculator (if allowed)
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Transparent file or bag
Avoid bringing forbidden items like phones, paper, or smart devices.
Join Our Free NECO Financial Accounting Expo Room
Do you want access to live questions and answers before the exam? Join our free support room for:
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Past questions and study tips
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Free revision help
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Essay solutions
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Objective updates
Get live updates, likely questions, and connect with other students preparing for NECO Financial Accounting and other subjects.
Conclusion
The 2025 NECO GCE Financial Accounting exam is important for business students. With good preparation and use of free resources shared in this article, you can pass well. Bookmark this page and come back before the exam to get the latest answers and tips.
Good luck in your NECO GCE Financial Accounting exam.
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