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ICAM Chartered Accountant Malawi CA(M) Qualification (Malawi)

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Exam Review

Key Facts: ICAM Technician Exam

50%

Passing Score per Paper

ICAM Student Regulations

12 Papers

Total Curriculum Papers

ICAM Technician Syllabus

MK 45,000

Exam Fee per Paper

ICAM 2026 Rate Card

3 Hours

Duration per Paper

ICAM Examination Timetable

June & Dec

Examination Diets

ICAM Academic Calendar

PAAA 2013

Governing Statutory Act

Laws of Malawi (Act No. 5 of 2013)

Free 100-question practice test for the ICAM Accounting Technician Diploma in Malawi. Covers all 12 papers across Levels 1–3 including Malawian taxation and law.

Sample ICAM Technician Practice Questions

Try these sample questions to review concepts for the ICAM Technician exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which accounting document is initially issued by a seller to notify a buyer that their account has been reduced due to an overcharge or returned goods?
A.Credit note
B.Debit note
C.Pro-forma invoice
D.Remittance advice
Explanation: A credit note is issued by a seller to reduce the amount owed by a customer, commonly due to returned merchandise, allowance for damages, or an overcharge on the original sales invoice.
2A business in Blantyre purchases office equipment for MK 450,000 on credit from City Supplies Ltd. What is the correct double-entry recording in the general ledger?
A.Debit Purchases Account MK 450,000; Credit City Supplies Ltd Account MK 450,000
B.Debit Office Equipment Account MK 450,000; Credit City Supplies Ltd Account MK 450,000
C.Debit Office Equipment Account MK 450,000; Credit Cash Account MK 450,000
D.Debit City Supplies Ltd Account MK 450,000; Credit Office Equipment Account MK 450,000
Explanation: Acquiring a non-current asset increases assets (debit Office Equipment), and buying on credit increases trade payables/creditor liabilities (credit City Supplies Ltd).
3Which of the following errors would cause an imbalance in the trial balance totals?
A.A credit purchase of stationery for MK 25,000 was debited to Office Expenses instead of Stationery Account
B.A sales invoice for MK 65,000 was completely omitted from the accounting records
C.A cash payment of MK 80,000 was debited to Rent Account as MK 80,000 and credited to Cash Account as MK 8,000
D.A payment of MK 40,000 to creditor Phiri was entered on the credit side of Phiri's account and debit side of Cash
Explanation: Entering MK 80,000 on the debit side and MK 8,000 on the credit side creates an unequal debit and credit total (a transposition/single-entry error of MK 72,000), which causes the trial balance to disagree.
4A Blantyre retailer receives a customer's non-binding order on 2 June, collects payment on 5 June, and delivers the goods so that the customer obtains control on 8 June. Which event determines revenue recognition under IFRS 15?
A.When the supplier places the manufacturing order for raw materials
B.When cash is physically received and banked by the seller
C.When the customer signs a non-binding purchase order
D.When performance obligations are satisfied and control of the goods passes to the buyer
Explanation: Under accrual accounting and IFRS 15, revenue is recognized when the entity satisfies the relevant performance obligation by transferring control of the goods to the customer, regardless of when cash is received.
5In a partnership registered in Malawi without a formal partnership deed, which rule applies under the Partnership Act regarding interest on capital?
A.No interest is allowed on capital contributed by partners
B.Interest is allowed at a statutory rate of 5% per annum on all capital
C.Interest is allowed at the commercial prime lending rate of the Reserve Bank of Malawi
D.Interest is allowed equally up to 10% of annual net profit
Explanation: In the absence of a partnership agreement, the Partnership Act provides that no partner is entitled to interest on capital before the ascertainment of profits. (Only partner advances/loans beyond capital carry a statutory 5% interest rate).
6What is the primary function of maintaining a sales ledger control account in a manual or computerized bookkeeping system?
A.To calculate the total gross sales revenue before deducting sales tax
B.To verify the arithmetic accuracy of the individual customer balances in the sales ledger
C.To record every individual invoice line item issued to debtors during the month
D.To replace the need for maintaining subsidiary individual debtor accounts
Explanation: A sales ledger control account acts as an independent summary check. Its closing balance must equal the total of the list of individual balances extracted from the subsidiary sales ledger, detecting errors.
7A trader's cash book shows a bank balance of MK 340,000 debit. Comparing this with the bank statement reveals unpresented cheques of MK 85,000 and uncredited lodgements of MK 120,000. What is the balance shown on the bank statement?
A.MK 305,000 debit
B.MK 375,000 credit
C.MK 305,000 credit
D.MK 545,000 credit
Explanation: Reconciliation calculation: Bank Statement Balance + Uncredited Lodgements - Unpresented Cheques = Cash Book Balance. Therefore, Bank Statement Balance = Cash Book Balance (MK 340,000) - Uncredited Lodgements (MK 120,000) + Unpresented Cheques (MK 85,000) = MK 305,000 credit (positive bank balance).
8On 1 January 2024, Mzuzu Retailers purchased delivery equipment for MK 2,400,000. It is depreciated at 20% per annum using the reducing balance method. What will be the accumulated depreciation at 31 December 2025?
A.MK 1,536,000
B.MK 960,000
C.MK 480,000
D.MK 864,000
Explanation: Year 1 depreciation (2024): 20% of MK 2,400,000 = MK 480,000. Carrying amount at end of Year 1 = MK 1,920,000. Year 2 depreciation (2025): 20% of MK 1,920,000 = MK 384,000. Total accumulated depreciation = MK 480,000 + MK 384,000 = MK 864,000.
9At 31 December 2025, trade receivables stood at MK 1,800,000. The accountant wishes to write off an irrecoverable debt of MK 50,000 and create an allowance for doubtful debts of 5% on the remaining receivables. The existing allowance from the prior year is MK 60,000. What is the net charge in the Statement of Profit or Loss for doubtful and bad debts?
A.MK 77,500
B.MK 87,500
C.MK 27,500
D.MK 137,500
Explanation: Remaining receivables = MK 1,800,000 - MK 50,000 = MK 1,750,000. Required allowance = 5% of MK 1,750,000 = MK 87,500. Increase in allowance = MK 87,500 - MK 60,000 = MK 27,500. Total charge to Profit or Loss = Bad debt write-off (MK 50,000) + Allowance increase (MK 27,500) = MK 77,500.
10A manufacturing business has opening inventory of raw materials MK 320,000, purchases of raw materials MK 1,450,000, carriage inwards on materials MK 40,000, and closing inventory of raw materials MK 290,000. If direct labor is MK 650,000, what is the prime cost?
A.MK 1,520,000
B.MK 2,170,000
C.MK 2,210,000
D.MK 2,130,000
Explanation: Cost of raw materials consumed = Opening Inventory (MK 320,000) + Purchases (MK 1,450,000) + Carriage Inwards (MK 40,000) - Closing Inventory (MK 290,000) = MK 1,520,000. Prime Cost = Direct Materials Consumed (MK 1,520,000) + Direct Labor (MK 650,000) = MK 2,170,000.

About the ICAM Technician Exam

The ICAM Accounting Technician Diploma is a three-level, 12-paper technician qualification administered by the Institute of Chartered Accountants in Malawi (ICAM). It covers bookkeeping, accounting, auditing, costing, Malawian taxation, law, economics, information systems, communication, and management. Graduates may progress to the Chartered Accountant Malawi CA(M) route with stated exemptions. OpenExamPrep provides independent English-language MCQ practice for topics in the published learning outcomes; it is not an official ICAM resource or format simulation.

Exam sponsor: Institute of Chartered Accountants in Malawi (ICAM). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

3 levels, 12 papers: Level 1 (T1.1 Accounting/1, T1.2 Communication, T1.3 Business Mathematics & Statistics, T1.4 Business Law); Level 2 (T2.1 Accounting/2, T2.2 Economics, T2.3 Information Systems, T2.4 Company Law); Level 3 (T3.1 Auditing, T3.2 Costing & Budgetary Control, T3.3 Taxation, T3.4 Management). June and December examination diets. This 100-question bank provides an English-language MCQ study adaptation.

Time Limit

3 hours per paper

Passing Score

50%

Exam / Certification Fees

MK 45,000 per paper (plus MK 43,200 annual subscription and MK 36,000 initial registration)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

20% (20 questions)

T1.1 & T2.1: Financial Accounting & Bookkeeping

Double-entry rules, ledger reconciliations, trial balances, and financial statement preparation.

12% (12 questions)

T3.2: Costing & Budgetary Control

Cost classification, material/labor/overhead allocation, marginal costing, and variance analysis.

12% (12 questions)

T3.1: Auditing & Internal Review

Audit objectives, documentation, internal control evaluations, substantive testing, and audit reports.

14% (14 questions)

T3.3: Malawian Taxation

Taxation Act provisions, PAYE schedules, VAT computations, withholding tax, and MRA administration.

14% (14 questions)

T1.4 & T2.4: Malawian Business & Company Law

Malawi legal system, contract law, sale of goods, tort, and Companies Act 2013 governance rules.

10% (10 questions)

T1.3: Business Mathematics & Statistics

Arithmetic, algebra, interest computations, amortisation, index numbers, and statistical measures.

9% (9 questions)

T2.2: Economics & Business Environment

Microeconomics, macroeconomic indicators, monetary/fiscal policy, inflation, and trade in Malawi.

9% (9 questions)

T1.2, T2.3 & T3.4: Communication, Information Systems & Management

Business reports, accounting software, data security controls, and core organizational management.

Preparing for the ICAM Technician Exam

What You Need to Know

  • Passing score: 50%
  • Assessment: 3 levels, 12 papers: Level 1 (T1.1 Accounting/1, T1.2 Communication, T1.3 Business Mathematics & Statistics, T1.4 Business Law); Level 2 (T2.1 Accounting/2, T2.2 Economics, T2.3 Information Systems, T2.4 Company Law); Level 3 (T3.1 Auditing, T3.2 Costing & Budgetary Control, T3.3 Taxation, T3.4 Management). June and December examination diets. This 100-question bank provides an English-language MCQ study adaptation.
  • Time limit: 3 hours per paper
  • Exam / certification fees: MK 45,000 per paper (plus MK 43,200 annual subscription and MK 36,000 initial registration) Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

ICAM Technician: Suggested Study Strategy

1Master double-entry bookkeeping fundamentals and bank reconciliations early, as T1.1 and T1.2 must be passed before attempting T2.1.
2Practice real Malawian taxation computations, including PAYE brackets, withholding tax rates, and VAT rules under current Malawi Revenue Authority regulations.
3Review the Malawi Companies Act 2013 thoroughly, particularly director duties, solvency requirements, and company formation procedures.
4For Costing (T3.2), practice high-low method calculations, absorption vs marginal costing profit reconciliations, and break-even analysis.
5Work through worked numeric problems in Business Mathematics (T1.3) including compound interest and standard deviation formulas.

Frequently Asked Questions

What is the passing score for ICAM Accounting Technician examinations?

The pass mark for each individual paper in the ICAM Technician Diploma programme is 50%. The Institute operates on a straightforward pass-or-fail grading system for each subject.

How many papers are in the ICAM Technician Diploma?

There are 12 papers structured into three levels of 4 papers each: Level 1 (T1.1 Accounting/1, T1.2 Communication, T1.3 Business Mathematics & Statistics, T1.4 Business Law); Level 2 (T2.1 Accounting/2, T2.2 Economics, T2.3 Information Systems, T2.4 Company Law); and Level 3 (T3.1 Auditing, T3.2 Costing & Budgetary Control, T3.3 Taxation, T3.4 Management).

What are the examination fees for ICAM Technician candidates in 2026?

Under the ICAM 2026 Rate Card, the examination fee is MK 45,000 per paper. Students also pay an initial registration fee of MK 36,000 and an annual subscription fee of MK 43,200 to maintain active studentship.

Can ICAM Technician graduates progress to the CA(M) qualification?

Yes. Completing the Technician Diploma is a recognized pathway to the Chartered Accountant Malawi CA(M) qualification, qualifying graduates for exemptions in foundational Knowledge Level papers including Accounting Framework, Management Information, Legal Framework, and Principles of Taxation.

When are ICAM examinations held and what are the registration deadlines?

ICAM examinations are held twice annually during the June and December diets. Examination entry forms and fee payments must be received by March 31 for the June sitting and September 30 for the December sitting.