From the previous syllabus. Asks you to explain cost and net realisable value (4 marks) and to describe two methods o...
Objective questions Section A
4
Objective question 4Section A
From the previous syllabus. These ask how depreciation differs from other expenses, what is not considered in the useful life, and when depreciation starts under IAS 16.
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, November 2017, Question 7
8
Objective question 8Section 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, November 2017, Question 18
19
Objective question 19Section A
From the previous syllabus. Asks the order of the three activity groups, which item may not be classified as investing, and which information a statement of cash flows cannot reveal.
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, November 2017, Question 19
20
Objective question 20Section A
From the previous syllabus. Gives life membership fees received in two years and a policy of crediting them equally over ten years, and asks for the fees recognised in the income and expenditure account for the second year.
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, November 2017, Question 1
2
Theory question 2Written paper
From the previous syllabus. A partnership shares profit in a ratio after salaries to each partner. Asks for the statement of profit or loss and appropriation, with a new partner admitted during the year on a pro rata time basis, and the partners’ current accounts.
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, November 2017, Question 2
3
Theory question 3Written paper
20 marks
From the previous syllabus. Gives the financial statements of a company for two years and asks for the statement of cash flows by the indirect method.
From the previous syllabus. Each asks for a full statement of cash flows by the indirect method, so you must also find purchases and proceeds of non-current assets, share issues, loan movements and dividends paid for the investing and financing sections.
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, November 2017, Question 3
4
Theory question 4Written paper
10 marks
From the previous syllabus. Asks you to define day books and state their purpose (2 marks), then explain the sales day book, the purchases day book, the sales returns day book and the purchases returns day book (2 marks each). Part (c) is a journal question.
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, November 2017, Question 4
5
Theory question 5Written paper
20 marks
From the previous syllabus. Asks for the concept of bank reconciliation (2 marks), four steps (4 marks), four reasons for differences (4 marks), an adjusted cash book (5 marks) and a reconciliation statement (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, November 2017, Question 5
6
Theory question 6Written paper
8 marks
From the previous syllabus. Asks you to explain cost and net realisable value (4 marks) and to describe two methods of arriving at cost under IAS 2 (4 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, November 2017, 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, November 2017. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, November 2017. Each question carries its own reference and a button to copy it.