ICAN Exams Past Questions and Answers | PDF Download (Updated)
ICAN Exams Past Questions and Answers: Are you gearing up for the ICAN exam and on the hunt for the most recent ICAN Past Questions and Answers in PDF format to elevate your study experience? If that’s the case, you’ve arrived at the perfect resource. This all-encompassing guide is designed to help you seamlessly download, thoroughly study, and confidently pass the ICAN examination. By utilizing authenticated ICAN past questions and answers, you will gain insights and practice that have empowered thousands of candidates to achieve their goals. Don’t miss the opportunity to enhance your preparation and increase your chances of success!
About the ICAN Examination
The Institute of Chartered Accountants of Nigeria (ICAN) is the foremost professional accounting organization in Nigeria that certifies qualified accountants. The ICAN examination comprises three levels:
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Foundation
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Skills
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Professional
Each level covers topics including Financial Accounting, Auditing, Taxation, Management Accounting, Corporate Reporting, and Business Law. The exam assesses your technical skills, analytical reasoning, and professional knowledge. Effective preparation using past questions is essential for achieving a distinction.
Structure of the ICAN Examination
The ICAN exam is a computer-based test (CBT) consisting of both objective and theoretical questions. Below is a breakdown of common ICAN papers by level:
Foundation Level
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Business, Management and Finance
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Financial Accounting
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Management Information
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Business Law
Skills Level
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Financial Reporting
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Audit and Assurance
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Taxation
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Business Law and Ethics
Professional Level
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Advanced Audit and Assurance
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Corporate Reporting
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Strategic Financial Management
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Public Sector Accounting and Finance
Sample ICAN Past Questions and Answers
Here are some sample questions from the ICAN exam (Foundation & Skills level) along with the correct answers:
FOUNDATION LEVEL (Financial Accounting)
1. Which of the following is a liability?
A. Prepaid Rent
B. Accrued Wages
C. Inventory
D. Goodwill
✅ Answer: B. Accrued Wages
2. The accounting equation can be expressed as:
A. Assets = Capital – Liabilities
B. Assets = Liabilities + Capital
C. Capital = Assets + Liabilities
D. Liabilities = Assets – Capital
✅ Answer: B. Assets = Liabilities + Capital
SKILLS LEVEL (Taxation)
3. Which of the following taxes is payable by companies on their profits?
A. Personal Income Tax
B. Value Added Tax
C. Company Income Tax
D. Withholding Tax
✅ Answer: C. Company Income Tax
4. The deadline for filing company income tax returns in Nigeria is ______.
A. 30th April
B. 30th June
C. 31st December
D. 31st January
✅ Answer: A. 30th April
PROFESSIONAL LEVEL (Audit & Assurance)
5. Which of the following is NOT part of audit evidence?
A. Physical inspection
B. External confirmation
C. Assumption from management
D. Analytical procedures
✅ Answer: C. Assumption from management
6. What is the main purpose of an external audit?
A. To detect fraud only
B. To express an opinion on the financial statements
C. To prepare management accounts
D. To maintain internal controls
✅ Answer: B. To express an opinion on the financial statements
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