ICAN Financial Accounting 2024
Past Questions
12+ verified 2024 ICAN Financial Accounting practice questions with Worked answers.
Start practicing 2024 questions →2024 ICAN Financial Accounting questions
Okonkwo & Sons Limited maintains a three-column cash book. On 1 March 2024, the bank column showed a credit balance of ₦750,000. During March, the following transactions occurred: cheques received fro…
Madam Chioma's payables ledger control account shows a closing credit balance of ₦2,385,000. A reconciliation with the list of individual supplier balances reveals the following differences: (i) A pur…
Adaeze, Bello, and Chukwu are partners sharing profits and losses in the ratio 3:2:1 respectively. The partnership profit for the year ended 31 December 2023 before charging interest on capital was ₦7…
On dissolution of a partnership, the firm's assets realised ₦18,400,000 against a book value of ₦22,000,000. Liabilities settled amounted to ₦9,500,000. Realisation expenses were ₦300,000. The partner…
Under CAMA 2020, which of the following statements correctly describes the minimum share capital requirement for a public company incorporated in Nigeria?
Eko Manufacturing Plc reported the following balances at 31 December 2023: Issued share capital ₦50,000,000; Share premium ₦12,000,000; Retained earnings ₦18,500,000; Revaluation surplus ₦6,000,000; 8…
Okonkwo Retail Plc prepares its statement of cash flows using the direct method. During the year ended 30 September 2023, the following data relate to trade receivables and revenue: Revenue per income…
Alhaji Musa runs a small trading business and does not maintain double-entry records. His capital at 1 January 2023 was ₦3,750,000. During the year he introduced additional capital of ₦500,000, withdr…
QUESTION 2 Oluwaseun Pharmaceuticals Plc, a company listed on the Nigerian Exchange Group (NGX), prepares its financial statements in accordance with International Financial Reporting Standards (IFRS…
QUESTION 3 Mr. Emeka Obi is the sole proprietor of Obi Supermart, a retail business located in Enugu. He has just employed a new bookkeeper, Miss Chidinma, who has little experience with bank reconci…
Hajia and Ibrahim are partners in HI Trading Company, a Kano-based wholesale distribution business, sharing profits and losses in the ratio 3:2 respectively. The following trial balance was extracted …
Adeola, Bello and Chukwu are partners in ABC Enterprises, a trading firm based in Lagos. They have been in partnership for five years sharing profits and losses in the ratio 3:2:1 respectively. The fo…