Source: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, November 2021, Question 4
5
Objective question 5Section A
From the previous syllabus. Question 5 asks what an item credited on the bank statement but not yet recorded in the cash book is. Question 15 asks which item should not be added to or subtracted from the cash book balance to find the adjusted bank 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, November 2021, Question 5
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, November 2021, Question 6
11
Objective question 11Section A
From the previous syllabus. Asks what is true of the totals of discount allowed and discount received in a cash book. The same item appears in both diets.
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 2021, Question 11
15
Objective question 15Section A
From the previous syllabus. Asks the entry when a sole trader takes goods for personal use, the basic features of the single-entry system, and the best description of incomplete records.
From the previous syllabus. Asks which item should not be added to or subtracted from the cash book balance to find the adjusted bank balance. Value added tax charges is one of the options.
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 2021, Question 15
17
Objective question 17Section A
From the previous syllabus. Asks what two partnerships combining is called, how goodwill is found from several years of profit, and when goodwill can be valued in a partnership.
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 2021, Question 17
18
Objective question 18Section A
From the previous syllabus for the first three. Each asks which fundamental accounting concept is complied with when adjustments are made for prepaid and accrued expenses. The answer is the accruals concept.
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 2021, Question 18
19
Objective question 19Section A
From the previous syllabus. Asks for the equation that calculates a sole trader’s profit, and, in the repeated item, the profit when opening capital is ₦225,000, closing capital ₦260,000 and drawings ₦10,000.
From the previous syllabus. Asks which of five items is not a liability. The same item appears in both diets.
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 2021, Question 19
Theory questions Written questions
1
Theory question 1Written paper
20 marks
From the previous syllabus. A statement overdraft and a cash book credit balance with a list of unpresented cheques and other items. Asks for an adjusted cash book (9 marks), a reconciliation statement (7 marks) and two reasons for regular reconciliation (4 marks). The same question appears in both diets.
From the previous syllabus. Company final accounts questions that state that provisions are to be made for directors’ fees of ₦6,000,000 and audit fees of ₦2,500,000. You charge them as expenses and credit a provision or accrued expense.
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 2021, Question 1
3
Theory question 3Written paper
20 marks
From the previous syllabus. A company final accounts question where the directors recommend a transfer of ₦15,000,000 to general reserves and a 5% dividend on ordinary share capital.
From the previous syllabus. Asks for the statement of profit or loss of a limited company from a trial balance and a given gross profit, ignoring taxation, with depreciation, provisions and a recommended transfer to reserves.
From the previous syllabus. Asks for the statement of financial position of a limited company after a transfer of ₦15,000,000 to general reserves and a 5% dividend recommended by the directors, ignoring tax.
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 2021, Question 3
4
Theory question 4Written paper
From the previous syllabus. Asks you to explain cash, accrual and break-up bases and to state four limitations of the cash basis. The same question appears in both diets.
From the previous syllabus. Asks you to explain to a business owner how a petty cash book operates. The same question appears in both diets.
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 2021, Question 4
5
Theory question 5Written paper
20 marks
From the previous syllabus. Asks you to explain inventories (3 marks), the costs included (8 marks) and excluded (4 marks), then to calculate the cost of imported and local raw materials and the cost per unit of finished product (5 marks).
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.
From the previous syllabus. A new partner is admitted during the year on stated terms. Asks for the profit or loss and appropriation account for 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 2021, Question 5
6
Theory question 6Written paper
20 marks
From the previous syllabus. Asks for five IAS 16 disclosures (10 marks), then the gain or loss on a car taken in part-exchange (2 marks) and the motor vehicles, accumulated depreciation and disposal accounts (8 marks). The same question appears in both diets.
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 2021, 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 2021. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, November 2021. Each question carries its own reference and a button to copy it.