ICAN Financial Accounting 2020
Past Questions

The Financial Reporting Council of Nigeria (FRCN) was established by which legislation, and what is its primary mandate?

Under the IASB Conceptual Framework (2018), which of the following correctly describes the relationship between the two fundamental qualitative characteristics of useful financial information?

According to the IASB Conceptual Framework (2018), an entity recognises a liability in its statement of financial position when:

A company purchased a motor vehicle on 1 April 2021 for ₦12,000,000. It is the company's policy to depreciate motor vehicles at 25% per annum on the reducing balance basis, with a full year's charge i…

Eko Retailers Limited has the following inventory data at its year-end: Cost ₦350,000; Estimated selling price ₦380,000; Estimated costs to complete ₦35,000; Estimated selling costs ₦20,000. In accord…

In preparing the receivables ledger control account for Sunrise Manufacturing Plc for the quarter ended 30 September 2023, the accountant discovered that the total of the sales day book for August 202…

The trial balance of Ngozi Ventures as at 30 June 2023 did not agree. A suspense account with a debit balance of ₦56,400 was created. Investigation revealed: (i) Bank charges of ₦12,600 appeared in th…

Mrs Adaeze operates a sole trader business. At 1 January 2023 her capital was ₦2,100,000. During the year she introduced additional capital of ₦300,000, withdrew ₦480,000 for personal use, and earned …

Under the Companies and Allied Matters Act (CAMA) 2020, which of the following reserves is a capital reserve that CANNOT be distributed to shareholders as cash dividend?

Port Harcourt Energy Plc had 40,000,000 ordinary shares of 50 kobo each in issue on 1 January 2023. On 1 April 2023, the company made a rights issue of 1 for 4 at ₦2.20 per share. The market price imm…

Chukwuemeka & Sons Plc acquired 100% of the shares of Nkemdirim Ltd on 1 July 2023 for a total consideration of ₦185,000,000, of which ₦150,000,000 was paid in cash and ₦35,000,000 was satisfied by is…

In accordance with IAS 7, which of the following items is EXCLUDED from cash and cash equivalents in the statement of cash flows?

QUESTION 3 Fatima Agro-Allied Services Limited is a medium-sized agribusiness company operating in Kaduna State, Nigeria. The company's accountant is preparing the financial statements for the year e…

QUESTION 3 Chukwuemeka Agro-Processing Industries Limited (CAPIL) is an agro-allied company listed on the Nigerian Exchange Group (NGX). It processes cassava into various products including cassava f…

QUESTION 1 Lagos Breweries Plc is a public limited company incorporated under the Companies and Allied Matters Act (CAMA) 2020. The following balances were extracted from the books of Lagos Breweries…

QUESTION 2 Abuja Properties and Construction Plc (APC Plc) is a company quoted on the Nigerian Exchange Group (NGX). The company's draft financial statements for the year ended 30 September 2023 have…