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
SECTION A: PART I MULTIPLE-CHOICE QUESTIONS
ATTEMPT ALL QUESTIONS IN THIS SECTION
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
D. Account receivable
2. Which of the following is NOT an asset?
A. Cash at bank
B. Accounts receivable
C. Accounts payable
E. A shop
3. Which of the following is NOT a non-current asset?
B. Furniture & fittings
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
N N N
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
- 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
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- 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.
- 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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