From the previous syllabus. Asks you to explain a chart of accounts and its usefulness.
Objective questions Section A
1
Objective question 1Section A
From the previous syllabus. Question 1 asks which item is not a purpose of the Conceptual Framework. Question 9 asks which item is not an enhancing characteristic.
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 2018, Question 1
3
Objective question 3Section 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 2018, Question 3
12
Objective question 12Section A
From the previous syllabus. Asks for the number of shares in a company’s memorandum from an authorised share capital of ₦1,000,000 in shares of 50 kobo, where enough shares at par were issued to raise ₦900,000.
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 2018, Question 12
13
Objective question 13Section A
From the previous syllabus. Asks where a partner’s accumulated profits are recorded, where a loan advanced by a partner is shown, and the double entry for partners’ drawings.
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 2018, Question 20
Theory questions Written questions
1
Theory question 1Written paper
20 marks
From the previous syllabus. Asks for a three-column cash book (6 marks), the ledger accounts (8 marks) and a trial balance (6 marks).
From the previous syllabus. Asks you to prepare a three-column cash book from a month of transactions. Parts (b) and (c) ask for ledger accounts and a trial balance.
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 2018, Question 1
2
Theory question 2Written paper
20 marks
From the previous syllabus. Gives the statements of a manufacturing 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, May 2018, Question 2
3
Theory question 3Written paper
20 marks
From the previous syllabus. A trader’s records are destroyed by a flood. From the balances recovered, asks you to calculate the capital at the start of the year (6 marks), prepare 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 2018, Question 3
4
Theory question 4Written paper
10 marks
From the previous syllabus. Asks you to define depreciation (2½ marks) and list five factors to consider in the charge (7½ marks). Part (c) asks for non-current asset and bank 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, May 2018, Question 4
5
Theory question 5Written paper
10 marks
From the previous syllabus. In the first, two sole traders form a partnership and the statement of financial position is required. In the second, a sole trader takes a partner in on revalued assets, with equal capital, and asks for the revaluation account, the capital accounts and the statement of financial position.
From the previous syllabus. Asks you to outline six general rules between partners where there is no agreement, and to state ten provisions that a partnership agreement should contain.
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 2018, Question 5
6
Theory question 6Written paper
3 marks
From the previous syllabus. Asks you to explain a chart of accounts and its usefulness.
From the previous syllabus. A trial balance that fails to agree by ₦8,204,000 debit excess. Asks for the correcting journals (10 marks) and the suspense account (7 marks).
From the previous syllabus. Asks for the suspense account after correcting errors with a debit excess of ₦8,204,000.
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 2018, 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 2018. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2018. Each question carries its own reference and a button to copy it.