ICAN Exams Past Questions and Answers | PDF Download

ICAN Exams Past Questions and Answers PDF Download -The Institute of Chartered Accountants of Nigeria (ICAN) is a prestigious organization responsible for certifying professional accountants in Nigeria. Aspiring chartered accountants must pass several rigorous exams to attain their certification, making proper preparation crucial. One of the most effective study tools is the ICAN Past Questions and Answers. This article outlines how you can download these valuable resources and the benefits of using them.

ICAN Exams Past Questions and Answers PDF Available For Download

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ICAN Exams Questions and Answers Sample

1. What is the fundamental accounting equation?

a) Assets + Liabilities = Equity
b) Assets = Liabilities + Equity
c) Liabilities = Assets + Equity
d) Equity = Assets – Liabilities

Answer: b) Assets = Liabilities + Equity

2. Which of the following is a non-current liability?

a) Bank overdraft
b) Trade payables
c) Debentures
d) Inventory

Answer: c) Debentures

3. What is the primary purpose of financial statements?

a) To show the profit or loss of a business
b) To attract investors
c) To report on the financial performance and position of a company
d) To determine tax liabilities

Answer: c) To report on the financial performance and position of a company

4. Which of the following accounting concepts requires that revenue and expenses be recognized when they are earned or incurred, regardless of when the cash is received or paid?

a) Matching concept
b) Consistency concept
c) Accrual concept
d) Prudence concept

Answer: c) Accrual concept

5. In a partnership, if a partner contributes capital but does not participate in the management of the business, such a partner is called a:

a) Active partner
b) General Partner
c) Sleeping partner
d) Managing Partner

Answer: c) Sleeping partner

6. Which of the following is used to correct errors that do not affect the trial balance?

a) Suspense account
b) Control account
c) Journal entries
d) Statement of financial position

Answer: c) Journal entries

7. What is the current ratio formula in financial analysis?

a) Current Assets / Current Liabilities
b) Current Liabilities / Current Assets
c) Total Assets / Current Liabilities
d) Current Assets – Current Liabilities

Answer: a) Current Assets / Current Liabilities

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