From the previous syllabus. A trial balance that fails to agree lists a VAT liability among its credit balances. The ...
Objective questions Section A
3
Objective question 3Section A
From the previous syllabus. A plant bought for ₦300,000 with a ten-year life is reviewed after two years and the total life cut to five years. Question 3 asks the type of adjustment under IAS 8, and Question 4 asks for the depreciation amount.
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 2022, Question 5
6
Objective question 6Section 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 2022, Question 12
15
Objective question 15Section A
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.
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, May 2022, Question 15
Theory questions Written questions
1
Theory question 1Written paper
6 marks
From the previous syllabus. Asks you to state the components of financial statements.
From the previous syllabus. Asks you to state the components of financial statements under IAS 1, which IFRS 18 now calls the primary financial statements and the notes.
From the previous syllabus. Part (a) asks for the components of financial statements under IAS 1. Part (b)(ii) asks for the statement of financial position of a PLC with a bank loan, share premium and an income tax charge.
From the previous syllabus. Question 1(b) includes inventory costing ₦4,500,000 that can be sold for only ₦1,688,000. Question 6(a) asks for an inventory ledger under weighted average cost for a year and the closing inventory.
From the previous syllabus. Asks for the statement of profit or loss of a PLC with an income tax charge of ₦12,702,000, sales made on credit on 1 January of the next year that are in the revenue figure, an inventory write-down and unpaid loan interest.
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 2022, Question 1
2
Theory question 2Written paper
20 marks
From the previous syllabus. A list of the costs of a machine includes spare parts inclusive of VAT at 7.5%. Recoverable VAT is left out of the cost. The rest of the question belongs to the topics on property, plant and equipment and depreciation.
From the previous syllabus. Asks for four general requirements of IAS 16 on depreciation (4 marks), and for two years’ depreciation on a straight-line and on a reducing balance basis (8 marks).
From the previous syllabus. Asks for the cost of a machine from clearing, installation and testing, purchase price and spare parts inclusive of VAT at 7.5%, with a rebate.
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 2022, Question 2
3
Theory question 3Written paper
20 marks
From the previous syllabus. A pharmacy owner has a summary of her bank account for the year. Asks for sales and purchases (10 marks), the statement of profit or loss (5 marks) and the statement of financial position (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 2022, Question 3
4
Theory question 4Written paper
5 marks
From the previous syllabus. Asks for the receivables and bad debt entries of a company from its opening receivables, credit sales, receipts and bad debts written off.
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 2022, Question 4
5
Theory question 5Written paper
20 marks
From the previous syllabus. A trial balance that fails to agree lists a VAT liability among its credit balances. The question is mainly about errors and the suspense account.
From the previous syllabus. Asks for a trial balance and the suspense balance (6 marks), correcting journals with narrations (10 marks) and the suspense account (4 marks).
From the previous syllabus. Asks for the suspense account for a sole trader’s trial balance that failed to agree.
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 2022, Question 5
Source and reference. These questions come from the Institute of Chartered Accountants of Nigeria (ICAN) Pathfinder for the Foundation Level Examination, Financial Accounting, May 2022. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2022. Each question carries its own reference and a button to copy it.