ICAN Financial Accounting 2025
Past Questions
21+ verified 2025 ICAN Financial Accounting practice questions with Worked answers.
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Goldleaf Nigeria Plc prepares financial statements for the year ended 31 December 2023. Total assets are ₦850,000,000, revenue is ₦1,200,000,000, and profit before tax is ₦95,000,000. Under Section 39…
Zenith Trading Limited purchased goods on credit from Supplier X for ₦1,200,000 plus 7.5% Value Added Tax (VAT) as required under the VAT Act Cap V1 LFN 2004 (as amended). What is the correct double e…
Adaeze Limited's petty cash book operates on the imprest system with a float of ₦50,000. During the month, the following payments were made: stationery ₦8,500; refreshments ₦6,200; courier services ₦4…
Adaeze Enterprises prepares accounts to 31 December each year. On 1 April 2023, the company paid an annual insurance premium of ₦480,000 covering the period 1 April 2023 to 31 March 2024. What amount …
Kelechi & Sons Ltd received an electricity bill of ₦75,000 on 5 January 2024 in respect of consumption for the quarter ended 31 December 2023. The company's year-end is 31 December 2023. Under IAS 37 …
Lagos Chemicals Plc uses the weighted average cost method for inventory valuation. The following transactions occurred during October 2024: Opening inventory 200 units at ₦1,500 per unit; Purchase on …
Eko Retailers Limited has the following inventory data at its year-end: Cost ₦320,000; Estimated selling price ₦380,000; Estimated costs to complete ₦30,000; Estimated selling costs ₦25,000. In accord…
Fidelity Bank's statement sent to Kola Enterprises shows a balance of ₦930,000 (credit) at 30 June 2024. The following are noted: a cheque for ₦67,000 drawn by Kola Enterprises was incorrectly debited…
Which of the following items would appear as a RECONCILING item adjusting the BANK STATEMENT balance (and NOT the cash book balance) in a bank reconciliation statement prepared under standard Nigerian…
In preparing the financial statements of Fadekemi Retailers for the year ended 31 December 2023, the accountant discovered that rent expense of ₦180,000 had been debited to the Rent Receivable Account…
Chidinma runs a sole trader business and prepares accounts to 31 December annually. On 1 October 2023 she paid an annual insurance premium of ₦360,000 covering the period 1 October 2023 to 30 Septembe…
Emeka and Fatima are partners with capital balances of ₦5,000,000 and ₦3,000,000 respectively. They admit Garba as a new partner who pays ₦2,500,000 for a one-quarter share in the partnership. The tot…
Lagoon Properties Plc (LP) is a public interest entity incorporated in Nigeria and listed on the Nigerian Exchange Group (NGX). LP is involved in real estate development and property management. The c…
Mr. Chukwuemeka Obi recently qualified as a Chartered Accountant and has just been appointed as the Financial Controller of Sunbridge Manufacturing Nigeria Limited (SMNL), a medium-sized company that …
QUESTION 2 Fatima Textiles Nigeria Limited, a manufacturer of woven fabrics in Kano, uses a manual accounting system. The company's bookkeeper recently resigned and the Managing Director, Alhaji Musa…
QUESTION 1 Adekunle & Sons Nigeria Limited is a manufacturing company based in Kano. The company prepares its financial statements to 31 December each year. The following information relates to the y…
Eko Refineries Limited (ERL), a Lagos-based petroleum company, acquired the following non-current assets during the year ended 31 December 2023: (i) A refinery plant purchased on 1 January 2023 for N…
Abuja Metro Rail Authority (AMRA) is a public entity that constructs and manages rail infrastructure in the Federal Capital Territory. The following transactions and events relate to AMRA's non-curren…
QUESTION 1 Adekunle Brothers Nigeria Limited (ABNL) is a manufacturing company based in Kano, Nigeria, that produces industrial chemicals. At its financial year-end of 31 December 2023, the company's…
QUESTION 3 NaijaFresh Supermarkets Limited operates a chain of retail outlets across Abuja, FCT. The bookkeeper extracted a trial balance as at 30 September 2023 which showed a difference of N63,800 …
Mr. Emeka Nwosu commenced business as a sole trader on 1 April 2023, trading under the name 'Nwosu Hardware Supplies' in Onitsha, Anambra State. He invested N500,000 cash as his initial capital. The f…