Preview ICAN prep
Nigeria's foremost accountancy qualification, from Foundation through Professional level, with computed ratio, depreciation, costing and PAYE questions — not themed reading passages.
Sample lesson
Accounting Concepts & Conventions
Going concern, matching, prudence and materiality — the concepts ICAN tests repeatedly.
The going concern concept assumes that a business will continue its operations for the foreseeable future. This means that the company has no intention or need to liquidate or significantly reduce its operations, which impacts how assets and liabilities are reported.
The matching principle states that expenses should be recorded in the same period as the revenues they help to generate. This ensures that financial statements reflect the true profitability of a business during a specific time frame.
Read-only preview. Quizzes and progress tracking start in the full course.
What a mock looks like
ICAN Financial Accounting (Foundation) Mock
195 minutes total, with sections timed individually.
- Section A — Multiple-choice questions (20 marks)0 min
- Section B — Written questions (80 marks)0 min
Tunde, a chartered accountant, has been engaged to audit the financial statements of a company listed on the Nigerian Exchange. Under the Financial Reporting Council of Nigeria Act 2011 (as amended), which requirement must Tunde meet before he signs the audit report?
- Hold ICAN membership in good standing, with no further registration needed
- Hold a licence from the Corporate Affairs Commission to audit public companies
- Be registered with the FRC and show his FRC registration number on the report
- Obtain approval from the Securities and Exchange Commission for the engagement