Financial Accounting · May 2026

a. Ayedara Ltd

i. The primary objective of general-purpose financial statements (GPFS) is to provide financial information about the entity's financial position, performance and cash flows that is useful for decision-making by existing and potential investors, lenders and other creditors.

ii. Nature of the reporting entity and its implications Nature:

• Ayedara Limited is a private limited liability company; thus it is a legal entity distinct from its owners and can sue and be sued. Implications: The key implications of Ayedara Limited for its financial reporting include:

• The entity's financial statements should be prepared in accordance with relevant financial reporting standards and regulations; 19

• All the components of the financial statements must be presented in accordance with IAS 1 Presentation of Financial Statements; that is, the statement of financial position, the statement of comprehensive income, the statement of changes in equity, the statement of cash flows and the explanatory notes;

• The financial statements should provide information that is relevant, reliable and comparable, thus presenting a true and fair view of the company’s financial position and performance; and

• As a single entity, stand-alone financial statements are required.

iii. How financial statements achieve the objective stated in (i) above. Financial statements provide the following useful information about the entity's:

• Financial performance: Revenue, expenses and profit are used to assess its ability to generate earnings and sustain itself.

• Financial position: Assets, liabilities and equity are used to assess its resources, obligations and net worth.

• Cash flows: Assess its ability to meet financial obligations and invest in growth opportunities.

• Changes in economic conditions that may impact its financial position and performance.

b. Bright Enterprises

i. Computer tools can be used to process business transactions for Bright Enterprises in the following ways:

• Entering accounting information: Using accounting software to streamline transaction entry through direct input, automatic updates and automated recurring transactions instead of manual ledgers.

• Editing accounting information: Applying accounting software to modify or correct existing financial transactions or records.

• Automated posting to ledger accounts: Applying accounting software to automatically post transactions to the relevant ledger accounts.

• Processing and generating - invoices, receipts and other business documents: Applying accounting software to create and manage business documents such as invoices and receipts.

• Generating financial reports: Using accounting software to generate financial reports, such as statement of financial position, statement of comprehensive income and statement of cash flows;

• Processing transactions and reconciliations: Applying accounting software to process transactions, such as payroll, accounts payables and receivables account, and to perform reconciliations.

ii. Advantages of computerised accounting systems Some of the advantages of adopting a computerised accounting system for Bright Enterprises include:

• Increased accuracy and reduced errors;

• Improved efficiency and productivity;

• Enhanced reporting and analysis capabilities;

• Better control and security over financial data;

• Faster financial reporting and analysis; and

• Improved budgeting and forecasting capabilities.

iii. Disadvantages of computerised accounting systems Some of the potential disadvantages of adopting a computerised accounting system that Bright Enterprises could consider include:

• High initial setup costs;

• Dependence on technology and potential system failures;

• Security risks and potential data breaches;

• Dependence on skilled personnel to operate and maintain the system;

• Potential for system downtime or technical issues;

• Cost of software updates and maintenance; and

• The need for staff training and technical expertise.

Examiner’s report The question tests candidates’ understanding of fundamental financial accounting principles and their application to practical business scenarios and their knowledge on the usefulness, merits and limitation of computerised accounting. Majority of the candidates attempted the question and performance was above average. Part a(i) and b were well answered but candidates demonstrated poor understanding of a(ii) and (iii). Many candidates failed to identify Ayedara Ltd as a company and wrongly treated it as a sole trader, which led to incorrect implications on legal personality and regulatory requirements. Also, for part a(iii), most candidates discussed users of financial statements and functions of notes instead of explaining how main statements and comparatives show the impact of economic conditions. Candidates should link the four things financial statements show- (performance, position, cash flows and economic changes) to the actual components of the financial statements. Candidates are also advised to use the ICAN study text as a guide to learn the different types of business entities and their key features, so that they do not mix them up in the examination. They should also practice past questions, mark them using examiner’s reports, note where they went wrong and correct those mistakes.

Marking guide Marks Marks ai. Primary objective of GPFS Stating the primary objective of GPFS 2

ii. Nature of reporting entity and implications Stating the nature of the entity 1 Correctly identifying three implications 3 4

iii. How GPFS achieve their objective Correctly identifying four ways by which GPFS achieve its objective. 4

b. Computerised accounting system i. Uses of computer to process business transactions Identifying four uses 4

ii. Advantages of computerised accounting system Stating three advantages 3

iii. Disadvantages of computerised accounting system Stating three disadvantages 3 6 Total 20

a. Benefits of maintaining a petty cash book: Some of the benefits of maintaining a petty cash book are:

• A petty cash book helps in organising and recording small and routine expenses, making it easier to track and manage them;

• By maintaining a petty cash book, businesses can ensure that small expenses are properly authorised, recorded and accounted for, thus reducing the risk of misappropriation or errors;

• A petty cash book helps to segregate small transactions from the main cash book, reducing clutter and making it easier to focus on larger and more significant transactions; and

• It improves control over minor expenses by setting limits through the imprest system.

b. Abaser Enterprise Three Column Cash Book Folio Discount Cash Bank Folio Discount Cash Bank ₦ ₦ ₦ ₦’000 ₦ ₦ Oct. 27 Bal b/f 9,000 91,000 997,000 Bal b/f 7,000 Ladi & Co 300 77,700 -Ime 1,000 39,000 Oct 28: Bank 80,000 KLGA 15,000 Oct 29: Sales 37,000 Purchases 50,000 Oct 30:Owoh 5,000 195,000 Motorcycle 675,000 -Sales 81,000 Bank 81,000 -Cash 81,000 Oct 31-Sales 100,000 Salaries 92,000 Cash 75,000 Bank 75,000 Balance c/f 83,000 704,700 17,000 289,000 1,525,700 8,000 213,000 1,525,700 Bal. b/f 83,000 704,700

c. Digital payment systems:

i. Advantages and disadvantages The advantages of digital payments system:

• Payments are processed in real-time, which can improve cash flow and reduce payment delays;

• Payments can be made from anywhere, at any time, using a computer or mobile device;

• Payments can be secured with encryption, two-factor authentication and other security measures;

• Businesses avoid the risks associated with carrying or storing large amount of physical cash;

• It promotes financial inclusion, especially in regions with limited traditional banking systems; and

• It reduces transaction and operational costs, especially for cross-border payments, allowing businesses to allocate resources more efficiently. Disadvantages: The disadvantages of digital payments system:

• Businesses and customers face constant threats of cyber attacks, including phishing, hacking and data breaches;

• Some digital payments system may charge transaction fees, which can add up quickly;

• Poor internet connectivity may interrupt digital payments and business operations, leading to potential business losses;

• Digital payments system require collecting and storing large amounts of data, which exposes entities to contingent liabilities and legal issues if not properly protected; and

• Businesses may incur costs for software, hardware, internet services and system maintenance.

ii. Security measures to minimise risks in digital payments system The following are some of the measures required to minimise risks in digital payments system.

• Use strong passwords and two-factor authentication to secure digital payments system;

• Implement encryption to protect sensitive data;

• Restrict system access to authorised personnel only and regularly monitor transactions;

• Use secure networks and avoid public Wi-Fi when making digital payments;

• Install updated antivirus software and firewalls to protect systems from malware and cyber attacks;

• Regularly back up financial data to prevent loss of information in case of system failure or attack;

• Conduct regular training to help employees identify social engineering and phishing attacks, which are common ways attackers gain initial access to business accounts; and

• Enable real-time alerts for all accounting activity, allowing the businesses to detect and freeze fraudulent transactions immediately.

Examiner’s report The question tests candidates’ understanding of control over small cash transactions and their ability to maintain a 3-column cash book with contra entries. It also examines candidates’ awareness of modern payment methods by testing the advantages, disadvantages and security measures required to minimise risks in digital payment systems. Most candidates answer the question and their performance was average with a better one on the petty cash benefits and digital payments system. Candidates lost marks on the three-column cash book for the following reasons

• Omission of contra entries;

• Posting discount allowed and discount received to the wrong side of the cash book; and

• Failure to bring down balance at the end of the period, to the beginning of the next period. Candidates are advised to study the format of a 3-column cash book thoroughly and practice posting with contra entries using past questions. They should always check which side discount allowed and discount received belong to, and remember to bring down the closing balances as the opening balances for the next period.

Marking guide Marks Marks a. Benefits of maintaining a petty cash book Stating three benefits 3

b. Preparation of the three-column cash book Award marks for the following correct entries Balance b/d ½ Discount allowed ¾ Discount received ½ Contra 1¼ Cash received ¼ Cash received through bank transfers ½ Cash purchases ¼ Cash paid through bank 1 Balance c/f ½ Nov 1, 2026 Balance b/d ½ 7

c. Digital payment methods i. Advantages and disadvantages of digital payment system Stating three advantages 3 Stating three disadvantages 3 6

ii. Security measures required to minimise risks of digital payment system Stating four security measures 4 Total 20

ai. Ethical accounting practice The accounting practices adopted by Ambito Limited raise ethical concerns because they may be aimed at improving the appearance of the company’s financial position and performance rather than presenting a true and fair view. Relating this to the given scenarios, the following unethical issues are highlighted.

• Asset revaluation: IAS 16 permits revaluation to be carried out, at regular intervals, on a class of non-current assets on the assessed fair value of the asset at the date of revaluation. In this case, revaluation is being carried out by the management, in order to improve performance rather than presenting a true and fair view.

• Change in depreciation method: IAS 8 requires that accounting policies adopted for a transaction should be applied consistently and IAS 16 also reiterate that there should be consistency in the use of the depreciation method adopted unless there is evidence that another method will present a true and fair position. In this case it is done merely to manipulate reported profit hence it violates the consistency rule and is considered as unethical earnings management.

ii. Potential consequences of the actions The following are the likely consequences of the actions:

• Misleading financial performance;

• Overstated assets and profits;

• Lack of meaningful comparison of financial statements of the year with the previous periods;

• Potential legal and regulatory issue;

• The integrity of the financial report would be undermined, which may damage the company’s reputation and credibility in the stock market; and

• May mislead potential investors.

iii. Alternative accounting treatment and disclosures Some of the alternative accounting treatments and disclosures that may be adopted are:

• Engage independent experts to revalue the land based on its assessed fair value and properly disclosed this in the notes to the financial statement;

• Use depreciation method that is consistent with assets’ usage; and

• Fully disclose the nature, reason and financial effect of the accounting changes in the financial statements to ensure transparency.

b. Monsura Limited Non-current assets for the period ended September 30, 2025

i. Gain or loss on disposal of plant N’000 N’000 Proceed 21,600 Cost 51,000 Accumulated depreciation (46\12 x ₦51m x 20%) 39,100 Carrying amount (11,900) Gain 9,700

ii. Non-current assets schedule Freehold property Leasehold building Plant and machinery Furniture and fittings Total N’000 N’000 N’000 N’000 N’000 Cost\fair value: Balance Oct. 1, 2024 5,000,000 260,000 160,000 5,420.000 Addition during the year 120,000 75,000 195,000 Disposal - - (51,000) - (51,000) Balance Sept. 30, 2025 5,000,000 120,000 284,000 160,000 5,564,000 Depreciation: Balance Oct. 1, 2024 900,000 104,000 60,000 1,064,000 Disposal (39,100) (39,100) Charge for the year 60,000 5,000 53,050 40,000 158,050 Balance Sept. 30, 2025 960,000 5,000 117,950 100,000 1,182,950 Carrying amount 30\09\2025 4,040,000 115,000 166,050 60,000 4,381,050 Carrying amount 30\09\2024 4,100,00 156,000 100,000 4,356,000

Workings Depreciation-charge for the year

• Freehold property (N 5,000m - N2000m) x 2% = N60m

• Leasehold property N120m x 5% x 10\12 = N5m

• Plant and equipment o Old plant (₦260m - ₦51m) x 20% = N41.8m o New plant 9/12 x ₦75m x 20% = N11.25 N53.05

• Furniture and fittings N160m x 25% = N40m

Examiner’s report The question tests candidates’ understanding of professional ethics and integrity in financial reporting. It examines recognition of unethical earnings management through improper revaluation and depreciation policy changes, consequences of such actions and correct alternative treatments per IAS 16 and IAS 8. It also tests technical competence in preparing a non-current asset schedule including additions, disposals and depreciation. Some of the candidates attempted the question and their performance was below average though the ethics part was handled well. The ethics part was better handled by many candidates but a few others could not link the answers to the relevant IFRS and the Conceptual Framework. Some candidates did not know the correct format of the non-current asset (NCA) schedule. They charged incorrect depreciation on part-year assets, failed to remove disposals from both cost and accumulated depreciation, and did not show the carrying amount for the current and prior year. When studying and answering questions on ethical practices, candidates should always link their answers to specific IAS/IFRS and Conceptual Framework (qualitative characteristics) Candidates should study the standard format of the NCA schedule from the ICAN study text and memorise the rules: calculate depreciation pro-rata for additions and disposals on part year assets’ acquisition and disposal, deduct disposals from both cost and accumulated depreciation and always show current year and prior year carrying amounts. They should also practice past question on NCA schedules, mark them using examiner’s reports and keep a format checklist to review before the exams.

Marking guide

a. Ethical accounting practices i. Identifying fraudulent asset revaluation by management 2 Identifying change in depreciation method to manipulate profit 2 4

ii. Stating three consequences of the unethical practice 3

iii. Suggesting three alternative treatments and disclosures 3

b. Property, plant and equipment i. Gain or loss on disposal of plant

• Correct transfer of disposal value ½

• Calculating the carrying amount at date of disposal 2

• Determination of gain on disposal ½ 3 ii Preparation of non-current assets schedule Cost/fair value correctly recorded

• Balance b/f 1

• Addition during the year ¾

• Disposal ½ Depreciation correctly recorded

• Balance b/f 1

• Disposal ½

• Charge for the year 1

• Closing carrying amount 1¼

• Opening carrying amount 1 7 Total 20

a. Sequence of events between Owanbe Limited and Fabrics Plus in relation to bookkeeping (5 Marks) The following sequence of events would normally occur when Owanbe Limited purchases 1,000 metres of fabric on credit from Fabrics Plus:

i. Purchase requisition or order Owanbe Limited identifies the need for fabric and prepares a purchase order requesting 1,000 metres of fabric from Fabrics Plus. The purchase order specifies the quantity, price, delivery requirements and credit terms;

ii. Supply and delivery of goods Fabrics Plus processes the order and delivers the fabric together with a delivery note indicating the quantity supplied;

iii. Receipt and inspection of goods Owanbe Limited receives and inspects the fabric to ensure that the quantity and quality conform to the purchase order. A goods received note (GRN) may be prepared as evidence of receipt;

iv. Issue and receipt of invoice Fabrics Plus issues a sales invoice for the fabrics supplied. Owanbe, Limited receives the invoice and records the transaction in its purchases day book as a credit purchase; and

v. Recording and settlement of liability Owanbe Limited posts the transaction to the supplier's account in the purchases ledger and recognises a trade payable. When payment is eventually made, the cash book and supplier's account are updated to reflect settlement of the debt.

b. i. Possible reasons for discrepancy

• Error in recording transactions: Mistakes in recording sales, receipts, or returns in either the control account or individual customer accounts.

• Omission of transactions: Transactions recorded in individual accounts but not in the control account, or vice versa.

• Incorrect posting: Transactions posted to the wrong customer account or control account.

• Unrecorded transactions: Transactions not recorded in either the control account or individual customer accounts.

ii. Steps to reconcile

• Review transactions: Check all transactions recorded in the control account and individual customer accounts for errors or omissions.

• Verify postings: Ensure all transactions are correctly posted to both the control account and individual customer accounts.

• Reconcile transactions: Match transactions in the control account with those in individual customer accounts to identify discrepancies.

• Correct errors: Make necessary adjustments to correct errors or omissions in the control account or individual customer accounts.

• Verify balances: Confirm that the balance on the control account equals the total of individual customer account balances after corrections.

c. AJK Limited

i. Payables ledger control account (Adjusted) for September 2025 N N Receivables control set-off 304,600 Balance b/f 3,318,000 Discount received 260,600 Purchase 303,992 Balance c/f 3,056,792 3,621,990 3,621,990 Balance b/f 3,056,792

ii. Reconciliation of individual accounts total with the payables control account balance N Total balance of individual accounts b/f 3,002,888 Credit balance incorrectly debited ₦32,320 x2 64,640 Cash payment not recorded (10,736) Balance 3,058,336

Examiner’s report The question tests candidates’ knowledge of the normal bookkeeping cycle for credit purchases and the purpose of control accounts. It examines their ability to identify causes of discrepancies between control accounts and subsidiary ledgers, outline reconciliation steps and prepare an adjusted payables ledger control account to arrive at an accurate balance. A greater percentage of the candidates attempted the question and their performance was average. Candidates performed well on stating causes of discrepancies between control accounts and subsidiary ledgers and on outlining reconciliation steps. Many candidates performed poorly on explaining the sequence of events between an entity and its supplier, and linking each stage to the correct source documents. They also showed poor understanding of which adjustments belong in the control account, rather than in the individual payables’ accounts. Candidates are advised to learn the full credit purchase cycle in sequential order and learn the source document for each stage. They should also note the key rule: timing errors and totals go into the control account while errors relating to one supplier’s balance are corrected in the subsidiary ledger. They should also practice past questions on payables control accounts and mark them using examiner’s solution and marking guide.

Marking guide Marks Marks a. Sequence of events , in bookkeeping , between an entity and its suppliers Award marks for highlighting the following: Purchase order with quantity, price and terms 1 Supply and delivery of goods plus delivery note 1 Receipt and inspection of goods with GRN prepared 1 Receipt of invoice and recording in purchases day book 1 Settlement of liability and update cash book 1 5

b. Reasons for variation between control account balance and supplier accounts and steps for reconciliation. Possible reasons for discrepancy; award marks for highlighting: Error in recording purchases and returns 1 Omission of transactions in control or individual accounts 1 Incorrect posting to wrong account 1 Unrecorded transactions in both records 1 Steps required for reconciliation; award marks for the following: Review transactions in control and individual accounts 1 Verify postings to both control and individual accounts 1 Match transactions to identify discrepancies 1 Correct errors or omissions by adjustments 1 Verify that balances agree after corrections 1 9

c. Correct payable control accounts and reconcile balance with individual payable balances i. Correct payables control account; award marks for the following entries: Balance b/f ½ Receivables control set-off ½ Discount received ½ Purchases ½ Balance c/f ½ Closing balance b/d ½ 3

ii. Reconciliation; award marks for the following entries:

• Title ½

• Total balance of individual accounts b/f ½

• Credit balance wrongly debited, now corrected 1

• Deducting cash payment not recorded ½

• Balance as per control account ½ 3 Total 20

a. Tunde, Edem and Iorsia & Co Revaluation account N’000 N’000 Inventory 1,200 Motor vehicle- Taken over by Iorzua 1,100 Receivables 900 Motor vehicle- Remaining 8,185 Capital (gain) Goodwill 3,000 Tunde 3,395 Edem 3,395 Iorzua 3,395 12,285 12,285

b. Amount due to Iorzua N’000 Capital b/f 11,800 Current account b/f 1,400 Revaluation gain 3,395 Motor vehicle taken over (3,700) 6% Loan 12,895

c. Capital accounts Tunde Edem Akaa Tunde Edem Akaa N’000 N’000 N’000 N’000 N’000 N’000 Goodwill 1,500 750 750 Balance b/f 16,300 14,700 Balance c/f 18,195 17,345 5,250 Cash 6,000 Revaluation gain 3,395 3,395 19,695 18,095 6,000 19,695 18,095 6,000 Balance b/f 18,195 17,345 5,250

d. Tunde, Edem and Akaa & Co Statement of financial position as at October 1, 2025 N’000 Non-current assets Plant 18,000 Motor vehicle 19,385 Total non-current assets 37,385 Current assets: Inventory 8,000 Receivables 5,400 Cash (2,600 +6,000) 8,600 Total current assets 22,000 Total assets 59,385 Capital accounts Tunde 18,195 Edem 17,345 Akaa 5,250 40,790 Current accounts Tunde 1,300 Edem 1,900 3,200 Non-current liabilities 6% Loan from Iorzua 12,895 Current liabilities Payables 2,500 Total equity and liabilities 59,385

Examiner’s report The question tests candidates’ ability to account for changes in partnership structure. It examines preparation of a revaluation account on admission of a partner, computation of amount due to a retiring partner, maintenance of capital accounts with goodwill treatment and presentation of a statement of financial position (SFP) reflecting the new partnership. There was a low attempt rate, though performance among those who tried was average. Candidates avoided fair value adjustments on motor vehicles, likely confused by the car being taken over by the retiring partner and by SFP preparation. Some posted fair value adjustments to the wrong side of the revaluation account, while others failed to reflect the new fair values in the statement of financial position. Candidates should treat partnership revaluation and admission topics fully. They should work through past questions on revaluation accounts, retiring partner settlements, and new partner capital to build confidence

Marking guide Marks Marks a. Preparation of revaluation account Award marks for determination of the following:

• Fair value loss on inventory ½

• Fair value loss on receivables ½

• Fair value gain on motor vehicles 1

• Recognition of goodwill ½

• Share of revaluation gain 1½ 4

b. Determination of amount due to Iorzua

• Capital account b/f ½

• Current account b/f ½

• Revaluation gain ½

• Motor vehicle taken over ½ 2

c. Preparation of capital accounts

• Balances b/f 1

• Goodwill written off 1½

• Revaluation gain transferred 1

• Cash introduced by Akaa ½

• Balances c/f 1½

• Closing balances b/d 1½ 7

d. Preparation of statement of financial position Award marks for correct entries as follows:

• Non-current assets 1

• Current assets 2½

• Capital accounts 1½

• Current accounts 1

• Non-current liabilities ½

• Current liabilities ½ 7 Total 20

a. Computation of ratios

i. Gross profit percentage

• 2025: 106/846 x 100% = 12.53%

• 2024: 105/630 x 100% = 16.67%

ii. Inventory turnover

• 2025: 740/100 = 7.4times

• 2024: 525/50 = 10.5 times

iii. Return on capital employed (ROCE)

• 2025: 46/328 x 100% = 14.02%

• 2024: 55/180 x 100% = 30.56%

iv. Current ratio

• 2025: 340/176 = 1.93

• 2024: 160/112 = 1.43

v. Quick ratio

• 2025: 240/176} = 1.36

• 2024: 110/112 = 0.98

vi. Receivables collection period

• 2025: 240/846 x 365 = 104days

• 2024: 105/630 x 365 = 60.86 days

vii. Debt equity ratio

• 2025: 276/228 = 1.21

• 2024: 112/180 = 0.62 Examination ICAN/252/F/A2 No................ INSTITUTE ITUTE OF OF CHARTERED CHARTERED ACCOUNTANTS OF NIGERIA FOUNDATION DATION LEVEL LEVEL EXAMINATION EXAM – NOVEMBER 2025 FINANCIAL FINANCIAL ACCOUNTING AC EXAMINATION EXAMINATION INSTRUCTIONS PLEASE READ THESE ESE INSTRUCTIONS INSTRUCTIONS BEFORE B THE COMMENCEMENT OF THE P

1. Check your r pockets, pockets, purse, purse, mathematical math set, etc. to ensure that you d have prohibited ibited items items such such as as telephone t handset, electronic storage d programmable able devices devices, wristwatches or any form of written material on y the examination ination hall. hall. You will be stopped from continuing with examination n and and liable liable to to further further disciplinary actions including cancellat examination n result result if if caught. caught.

2. Write your EXAMINATION EXAMINATION NUMBER NUMB in the space provided above.

3. Do NOT write rite anything anything on on your you question paper EXCEPT your examin number.

4. Do NOT write ite anything anything on on your your docket. d

5. Read all instructions nstructions in in each each section se of the question paper carefully b answering the the questions. questions.

6. Do NOT answer swer more more than than the the number n of questions required in each se otherwise, you you will will be be penalised. penalised.

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10. Check that you you have have collected collected the th correct question paper for the examin you are writing. TUESDAY, NOVEMBER 18, 2025 DO O NOT NOT TURN TURN OVER OVER U UNTIL YOU ARE TOLD TO DO SO 4 ination No........................ NTS OF NIGERIA OVEMBER 2025 ENCEMENT OF THE PAPER . to ensure that you do not t, electronic storage device, f written material on you in from continuing with the ns including cancellation of ovided above. your examination tion paper carefully before ns required in each section, . Any solution written in he Answer Booklet. and any FOUR out of paper for the examination LD TO DO SO INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA