Past Questions for ATS Ican1

Every year, ICAN opens admission for new students. And these students undergo an examination process to authenticate their admission. Thus, this year, the same thing will be done. This past question will help to determine what standards of knowledge and skill are to be attained by persons seeking to become members of the accountancy profession.

ed: 3 hours
(30 Marks)
Write ONLY the alphabet (A, B, C, D or E) that corresponds to the
correct option in each of the following questions/statements.
1. Which of the following is NOT an item in the statement of financial
A. Bad debts
B. Cash
C. Building
D. Account receivable
E. Inventory

2. Which of the following is NOT an asset?
A. Cash at bank
B. Accounts receivable
C. Accounts payable
D. Inventory
E. A shop

3. Which of the following is NOT a non-current asset?
A. Land
B. Furniture & fittings
C. Buildings
D. Inventory
E. Motor vehicles

4. The characteristics of public sector entities are
A. They have multiple objectives
B. There is no equity ownership
C. There is equity ownership
D. They are profit making institutions

5. Which of the following correctly represent the accounting
A. Assets + Capital = Liability
B. Assets + Liabilities = Capital
C. Capital – Liabilities = Assets
D. Liabilities – Assets = Capital
E. Assets – Liabilities = Capital

6. Which of the following is NOT correct?
Assets Liabilities Capital
A. 7,850 1,250 6,600
B. 8,200 2,800 5,400
C. 9,550 1,150 8,200
D. 6,540 1,120 5,420
E. 12,500 8,300 4,200

7. The following are the commonly used books of original entry,
A. Sales day book
B. Purchases day book
C. Returns inwards day book
D. Returns outwards day book
E. Control account

8. A trial balance can best be described in which of the following
A. It shows the financial position of a business
B. It is a special account
C. It shows all the entries in the books
D. It is a list of balances on the books at a particular date
E. It is used to correct errors in the accounts

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7 Tips to Prepare for Ican Exams

  1. Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be in top priority and not as a hobby. Read far and wide to enhance your level of aptitude
  2. Get Exams Preparation Materials: These involve textbooks, dictionaries, Ican Past Questions and Answers, mock questions, and others. These materials will enhance your mastering of the scope of the exams you are expecting.
  3. Attend Extramural Classes: Register and attend extramural classes at your location. This class will not only help you refresh your memory but will boast your classroom understanding and discoveries of new knowledge.
  4. Sleep when you feel like: When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
  5. Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse or a doctor. Make sure you are well.
  6. Eat when you feel like: During the exam preparation period, you are advised not to overeat, so as to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more of fruits, drink milk and glucose. This will help you to enhance retention.
  7. Reduce your time in social media: Some people live their entire life on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spending on social media during this time. Maybe after the exams, you can go back and sleep in it.

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