From the previous syllabus. Gives financial data for a company, with revenue, cost of sales, changes in receivables, ...
Objective questions Section A
2
Objective question 2Section A
From the previous syllabus. Question 2 asks for the sum-of-the-years-digits charge of a vehicle in its second year. Question 11 asks for the appropriate method of depreciating loose tools.
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 5
6
Objective question 6Section A
From the previous syllabus. Asks what differs between a sole trader and a company, how equity is described, and which item is not a component of equity.
From the previous syllabus. Asks which statement is not correct when comparing a sole trader with a limited liability company.
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 6
8
Objective question 8Section A
From the previous syllabus. Both ask which book of account is a book of prime entry (subsidiary book) as well as a ledger. The answer is the cash book.
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 8
9
Objective question 9Section A
From the previous syllabus. Question 9 asks for the journal that corrects a supplier invoice credited to the supplier and wrongly debited to sales. Questions 10 and 11 ask for the correction and effects of a non-current asset item debited to purchases.
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 16
17
Objective question 17Section A
From the previous syllabus. Asks what interest a partner’s capital contribution above the agreed amount earns where there is no agreement, and which item is not stated in the Partnership Act 1890.
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 17
18
Objective question 18Section A
From the previous syllabus. Question 18 asks for the adjusted cash book balance after dishonoured cheques and bank charges. Question 19 asks for the balance per the bank statement after uncredited cheques.
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 1
2
Theory question 2Written paper
20 marks
From the previous syllabus. Gives a list of ledger balances for a business and asks you to prepare the extended trial balance with the initial trial balance (4 marks), the adjustments (8 marks) and the adjusted trial balance (8 marks).
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 2
3
Theory question 3Written paper
20 marks
From the previous syllabus. A trader keeps single-entry books. Gives opening balances and cash book information and asks for the receivables control account (2 marks), the payables control account (2 marks), the opening capital (2 marks), the statement of profit or loss (8 marks) and the statement of financial position (6 marks).
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 3
4
Theory question 4Written paper
20 marks
From the previous syllabus. Asks for two uses of a trial balance, four errors that make the totals differ, four errors that do not (6 marks), then asks you to extract a trial balance from a list of balances (12 marks) and recompute capital (2 marks).
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 4
5
Theory question 5Written paper
20 marks
From the previous syllabus. A sports club with a stated number of members paying an annual subscription gives its receipts and payments account. Asks for the subscriptions account (3 marks), the income and expenditure account (7 marks) and the statement of financial position (10 marks).
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 5
6
Theory question 6Written paper
20 marks
From the previous syllabus. Gives financial data for a company, with revenue, cost of sales, changes in receivables, inventories and payables, a loss on disposal, depreciation, a share issue, loan note repayment, dividend and interest paid. Asks for the statement of cash flows by the direct method, with operating (5 marks), investing (5 marks), financing (5 marks) and closing cash (5 marks).
The full wording of this question has not been added yet. This summary shows what it tests and where to revise it.
Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015, Question 6
Source and reference. These questions come from the Institute of Chartered Accountants of Nigeria (ICAN) Pathfinder for the Foundation Level Examination, Financial Accounting, May 2015. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2015. Each question carries its own reference and a button to copy it.