Asks you, for the admission of a new partner with goodwill not recorded and part of the cash repaying loan notes, for...
Objective questions Section A
2
Objective question 2Section 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.
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 2024, Question 2
3
Objective question 3Section A
Question 3 of May 2024 asks which statement differentiates bad debt from doubtful debt. Question 3 of November 2023 asks for the general allowance in the statement of profit or loss.
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 2024, Question 3
5
Objective question 5Section A
Asks which items belong to disposals, the gain or loss on an old car, what is not an IAS 16 disclosure, and the state of the asset account after a disposal.
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 2024, Question 5
6
Objective question 6Section A
Question 6 asks which statement about goodwill is true. Question 13 asks which item is treated differently from the others on the statement of financial position, with intangible assets among the options.
Asks what is true of goodwill, the journal for the amount due to a retired partner who is not paid immediately in cash, and which events lead to a change in a partnership agreement.
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 2024, Question 6
7
Objective question 7Section A
Question 14 of May 2023 asks for the cost of sales from a 10% mark-up. Question 7 of May 2024 asks how much inventory the owner withdrew. Question 15 of November 2023 asks for the accounting equation after the owner takes cash and inventory.
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 2024, Question 12
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, May 2024, Question 18
19
Objective question 19Section A
Asks what role the statement of changes in equity plays in reporting and decision-making. It summarises equity transactions and shows ownership changes over time.
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 2024, Question 19
20
Objective question 20Section 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 2024, Question 20
Theory questions Written questions
1
Theory question 1Written paper
10 marks
Asks you to explain the information needs of different stakeholders who use financial statements and how the statements meet those needs.
Asks you to explain the impact of digital technologies on accounting systems, focusing on machine learning and artificial intelligence, data analytics, mobile accounting and specialised accounting software. The last of these is covered here.
Asks you to explain the impact of digital technologies on accounting systems, focusing on machine learning and artificial intelligence, data analytics, mobile accounting and specialised accounting software.
Asks you to explain the impact of digital technologies on accounting systems, focusing on machine learning and artificial intelligence, data analytics, mobile accounting and specialised accounting software. The artificial intelligence part is covered here.
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 2024, Question 1
2
Theory question 2Written paper
8 marks
Asks you to examine the internal control procedures over cash receipts in a business. Part (b) belongs to the topic on books of prime entry.
Asks you to record a month of credit sales, purchases, returns and discounts in the relevant books of prime entry (7 marks) and to state how the postings go from the books to the ledgers (5 marks). Part (a) on internal control over cash receipts belongs to the cash book 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 2024, Question 2
3
Theory question 3Written paper
20 marks
Asks for three reasons why a supplier’s statement may differ from the ledger and how they are resolved (6 marks), then a corrected receivables control account (10 marks) and a reconciliation to the ledger (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, May 2024, Question 3
4
Theory question 4Written paper
5 marks
Asks how subsequent costs related to PPE are treated under the recognition principle of IAS 16.
Asks for depreciation of equipment costing ₦1,600,000 with a five-year life by the straight-line method (6 marks) and the reducing balance method (6 marks), and the statement of financial position extracts at the end of the third year (3 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 2024, Question 4
5
Theory question 5Written paper
20 marks
Asks for the components of measuring inventory under IAS 2 (6 marks), the net realisable value of three items (6 marks), the lower of cost and NRV (3 marks), the total adjustment (2 marks) and the journal (3 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 2024, Question 5
6
Theory question 6Written paper
20 marks
Asks you, for the admission of a new partner with goodwill not recorded and part of the cash repaying loan notes, for the goodwill account (2 marks), the capital accounts (4 marks) and the statement of financial position (10 marks), and to discuss two methods of valuing goodwill (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, May 2024, 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 2024. When you use them, please cite the source, for example: ICAN Pathfinder, Foundation Level Examination, Financial Accounting, May 2024. Each question carries its own reference and a button to copy it.