ICAN 2025 Financial Accounting | Mixed
Practice these randomly selected questions to test your readiness.
Question 1
Using the double entry principle, describe the effect of goods purchased on credit
Theory answer required.
Question 2
Which of the following documents is NOT issued by the supplier to the customer?
Theory answer required.
Question 3
In accordance with the IASB Conceptual Framework for Financial Reporting, an asset is defined as
Theory answer required.
Question 4
What measurement basis is used when an entity sells an asset at its estimated selling price less the estimated cost to sell.?
Theory answer required.
Question 5
Which of the following is NOT a capital expenditure?
Theory answer required.
Question 6
Which of the following is a capital receipt?
Theory answer required.
Question 7
A repair of equipment of ₦50,000 was posted in error to equipment account. What is the effect on the trial balance and profit for the year?
Theory answer required.
Question 8
Which of the following option(s) is/are correct according to IAS 1-Presentation of Financial Statements?
Theory answer required.
Question 9
In accordance with IAS 8, which of the following is a change in accounting policy?
Theory answer required.
Question 10
The cost of an asset less its residual value is referred to as
Theory answer required.
Question 11
In which of the following statement(s) will a user find information on the financial performance and changes in them over some years?
Theory answer required.
Question 12
The invoice issued to a customer by a company, showed the retail price of ₦400,000 less trade discount of ₦2,000. The double entry for the transaction in the company‟s books is
Theory answer required.
Question 13
A company took a loan of ₦500,000 on January 1, 2023 payable in ten annual instalments, commencing from December 31, 2023. How much of the loan is non-current as at December 31, 2025?
Theory answer required.
Question 14
On completing the dissolution of partnership accounts, what does the debit balance in a partner‟s capital account represent?
Theory answer required.
Question 15
The statement that shows the performance of a social club for a period is called
Theory answer required.
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