ICAN Exams Past Questions and Answers | Updated Copy

ICAN Exams Past Questions and Answers | Updated Copy

Preparing for the ICAN (Institute of Chartered Accountants of Nigeria) exams? Whether you’re in Foundation, Skills, or Professional Level, using the ICAN Exams Past Questions and Answers | Updated Copy can give you a clear edge in passing your papers.

The ICAN exams are known for their intensity, structure, and depth. Candidates who prepare using updated past question papers tend to understand the exam structure better, spot recurring patterns, and master time management — all essential to succeed.

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 Why You Should Get ICAN Past Questions and Answers

Studying with past questions is not just about practice — it’s a strategic move. Here’s why the updated ICAN past questions and answers matter:

 1. Understand Exam Structure and Expectations

ICAN exams are based on the ACCA model, with multi-format questions: multiple choice, short answers, and structured essay-style questions. The past questions give you firsthand experience of what to expect.

 2. Familiarize With Question Patterns

Many questions, especially in taxation, audit, and financial reporting, are often repeated or twisted. A thorough review of past exams helps you identify such trends.

 3. Master Time Management

The time allocated per question can be tight. Practicing with real questions from previous diets helps you build speed while maintaining accuracy.

 4. Boost Confidence Before the Exam

Facing tough questions in practice reduces anxiety during the real test and builds your mental readiness for the task ahead.

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 What to Expect in the ICAN Exams

The ICAN syllabus is divided into three levels:

Each exam typically includes:

• Objective questions (30%–40%)

• Written response/problem-solving questions (60%–70%)

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 Sample ICAN Past Questions

Level: Foundation
Subject: Financial Accounting
Question:
What is the accounting treatment for trade discounts received on purchases?

A. Deduct from sales
B. Add to purchases
C. Deduct from purchases
D. Record as an expense
✅ Answer: C. Deduct from purchases

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Level: Skills
Subject: Taxation
Question:
A Nigerian resident earned ₦1,200,000 in a year. What is the first ₦300,000 taxed at under the current Personal Income Tax rate?

A. 7%
B. 11%
C. 5%
D. 10%
✅ Answer: C. 5%

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Level: Professional
Subject: Strategic Financial Management
Question:
List three advantages of using Net Present Value (NPV) over Internal Rate of Return (IRR) in project appraisal.

✅ Answer:

• NPV gives absolute returns, IRR gives percentage returns

• NPV is more reliable for mutually exclusive projects

• NPV assumes reinvestment at the cost of capital

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 Benefits of Using the Updated Copy

• Saves time by narrowing focus on key topics

• Helps track recurring areas of emphasis

• Prepares you with examiner-style responses

• Builds exam confidence and critical thinking

• Enables you to practice under exam-like conditions

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 Exam Preparation Tips for ICAN Candidates

1. Start Early: Begin your revision at least 3 months before the exam

2. Use ICAN-approved texts along with past papers

3. Join ICAN study groups or online classes

4. Attempt full mocks under timed conditions

5. Focus on writing full answers — especially for theory section