From the previous syllabus. Opens with items to classify as revenue or capital expenditure (4 marks), then asks for f...
Objective questions Section A
2
Objective question 2Section A
From the previous syllabus. These ask which transactions cause a difference, why a reconciliation is prepared, and which items are or are not reconciling items.
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 2016, Question 2
3
Objective question 3Section 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.
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 2016, Question 3
6
Objective question 6Section A
From the previous syllabus. Asks which costs are included in or excluded from the cost of inventories under IAS 2, such as selling costs, conversion costs and carriage inwards.
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 2016, Question 10
13
Objective question 13Section A
From the previous syllabus. Asks what the excess of expenditure over income is called, where the excess of income over expenditure is added, what represents members’ interest in a club, and what the difference between assets and liabilities of a not-for-profit organisation is called.
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 2016, Question 19
Theory questions Written questions
1
Theory question 1Written paper
4 marks
From the previous syllabus. Asks you to define a trial balance and explain its purpose, and to mention four errors it will not reveal. The rest of the question corrects errors and prepares a corrected trial balance.
From the previous syllabus. Asks for journal entries to correct errors (5 marks) and a corrected trial balance (11 marks). Parts (a) and (b) belong to the trial balance topic.
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 2016, Question 1
2
Theory question 2Written paper
From the previous syllabus. A social club gives a summary of receipts and payments with subscriptions, a donation, a Christmas dance and bar takings. Asks for the bar trading account (3 marks), the income and expenditure account (8 marks) and the statement of financial position (9 marks), showing workings.
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 2016, Question 2
3
Theory question 3Written paper
20 marks
From the previous syllabus. Gives a trial balance and adjustments for inventory, prepaid rent, depreciation of a motorcycle at 20% of cost, accrued wages, commission received in advance, bad debts, bank interest, the allowance at 5% and drawings of goods and cash. Asks, using an extended trial balance, for the statement of profit or loss and the statement of financial position.
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 2016, Question 3
4
Theory question 4Written paper
20 marks
From the previous syllabus. Asks for a reconciliation of the receivables control account (8 marks), a suspense account (4 marks) and a reconciliation of the payables control account (8 marks).
From the previous syllabus. Both ask you to open a suspense account and post the entries needed to clear it, after a control account reconciliation.
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 2016, Question 4
5
Theory question 5Written paper
20 marks
From the previous syllabus. A bookshop owner kept incomplete records. From his passbook, notebook, bank statements and oral information, asks you to find the profit or loss for the year (8 marks) and prepare the statement of financial position (12 marks), showing workings.
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 2016, 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 2016. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2016. Each question carries its own reference and a button to copy it.