ICAN Business, Management and Finance 2024
Past Questions

Which of the following BEST describes the concept of 'corporate social responsibility' (CSR) in the context of the Nigerian business environment?

The Financial Reporting Council of Nigeria (FRCN) Act 2011 established the FRCN to, among other things, regulate financial reporting in Nigeria. Which of the following falls OUTSIDE the statutory func…

Under the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended by the Finance Act 2020), which of the following is the CORRECT treatment of the Consolidated Relief Allowance (CRA) for a Nigerian…

The Financial Reporting Council of Nigeria (FRCN) Nigerian Code of Corporate Governance 2018 recommends that the board of a public interest entity should establish which of the following committees to…

The Board of Directors of Dangote Cement Plc is conducting a strategic review. The Chief Executive Officer argues that management should be studied as a set of universal functions applicable across al…

Ngozi Okafor, HR Manager at First Bank of Nigeria Plc, is designing a motivation programme. She proposes that employees who have not yet received consistent monthly salaries, safe working conditions, …

Zenith Manufacturing Ltd, a Lagos-based company, has a production manager who sets specific, measurable targets for each worker, monitors performance closely, and rewards or punishes based on results.…

Dangote Cement Plc's HR Director is reviewing its motivation strategy. Douglas McGregor's Theory Y assumption, as opposed to Theory X, would support which of the following HR policies?

An Abuja-based firm pays its Human Resources Manager a monthly basic salary of ₦850,000, housing allowance of ₦200,000, and transport allowance of ₦150,000. The National Housing Fund (NHF) contributio…

In the context of Nigerian labour law, which of the following actions by an employer constitutes 'constructive dismissal'?

Which of the following BEST distinguishes 'job enlargement' from 'job enrichment' as motivational strategies in Human Resource Management?

A fast-moving consumer goods (FMCG) company in Kano incurs the following costs to bring a product to market: direct materials ₦2,400,000; direct labour ₦1,100,000; manufacturing overhead ₦500,000; sel…

A telecommunications company in Nigeria spends ₦120,000,000 on a marketing campaign that increases its customer base from 800,000 to 980,000 subscribers. The average revenue per subscriber is ₦2,500 p…

Under the Companies and Allied Matters Act (CAMA) 2020, a public company in Nigeria that intends to offer its shares to the general public for the first time must obtain approval from which regulatory…

Under the Finance Act 2021, withholding tax (WHT) deducted on dividends paid by a Nigerian company to a resident individual shareholder is treated as:

A Nigerian company raises finance by issuing a ₦500,000,000 convertible bond at 10% per annum, convertible into ordinary shares after five years. Which of the following correctly identifies a PRIMARY …

Lagos Retail Plc is offered credit terms of 2/10 net 60 by its supplier. The company's cost of short-term borrowing is 24% per annum. Using a 365-day year, what is the approximate annualised cost of f…

Which of the following statements correctly describes the treatment of Value Added Tax (VAT) under the Value Added Tax Act (as amended by the Finance Acts 2019 and 2020) in the context of working capi…

Zenith Manufacturing Plc allocates ₦12,000,000 annually to CSR activities. Under the Companies Income Tax Act (CITA) as amended by the Finance Act 2021, what is the maximum amount of CSR donation to a…

The Nigerian Code of Corporate Governance 2018 issued by the FRCN recommends that the board of a publicly listed company should consist of a majority of which type of directors to safeguard ethical go…

QUESTION 2 Nigerian National Petroleum Company Limited (NNPC Ltd) recently restructured its downstream subsidiary, PetroServe Nigeria Limited, following persistent operational inefficiencies. The new…

QUESTION 1 Adekunle Bello was recently appointed as the Managing Director of Zenith Agro-Allied Industries Limited, a medium-sized food processing company headquartered in Kano. Upon assumption of of…

Evergreen Pharmaceutical Company Limited (EPCL) is a Nigerian pharmaceutical manufacturing company listed on the Nigerian Exchange Group (NGX). The company employs 320 staff and operates from its head…

Eko Beverages Limited (EBL) is a Lagos-based manufacturer of fruit drinks targeting both urban and rural consumers across Nigeria. The company recently conducted a market research exercise and discove…

Abuja Green Farms Limited (AGFL) is an agribusiness company that processes and sells organic vegetables and grains to retail supermarkets, hotels, and individual households in the Federal Capital Terr…

QUESTION 2 Federal Capital Development Authority (FCDA) is a public sector entity responsible for the development of Abuja, the Federal Capital Territory of Nigeria. The Authority is considering rais…