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Sample ICSAN Intro Accounting Practice Questions

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

1Which of the following accounting concepts states that a business should be treated as a separate entity from its owners?
A.Going concern concept
B.Business entity concept
C.Accrual concept
D.Money measurement concept
Explanation: The business entity concept dictates that the transactions of a business must be kept separate from the personal financial transactions of its owners.
2Which accounting concept assumes that a business will continue to operate indefinitely and has no intention or necessity of liquidating its operations?
A.Accrual concept
B.Consistency concept
C.Going concern concept
D.Historical cost concept
Explanation: The going concern concept is the assumption that the entity will remain in business for the foreseeable future, meaning assets are valued at cost rather than liquidation values.
3Under which accounting concept are revenues and expenses recognized in the period they occur, regardless of when the cash is actually received or paid?
A.Accrual concept
B.Money measurement concept
C.Prudence concept
D.Historical cost concept
Explanation: The accrual concept states that transactions are recorded in the books when they happen (earned or incurred), rather than when cash passes hands.
4Which concept requires assets to be recorded in the books of accounts at their original purchase price rather than their current market value?
A.Realization concept
B.Consistency concept
C.Historical cost concept
D.Prudence concept
Explanation: The historical cost concept states that transactions should be recorded at their original cost, which provides an objective and verifiable basis of valuation.
5A company decides to change its depreciation method from straight-line to reducing balance without any valid reason. Which accounting concept is violated?
A.Accrual concept
B.Consistency concept
C.Prudence concept
D.Materiality concept
Explanation: The consistency concept dictates that methods of accounting, once chosen, must be consistently applied from one period to another unless a change yields a fairer presentation.
6The concept that dictates that profit should not be anticipated, but all possible losses must be provided for, is known as:
A.Prudence concept
B.Matching concept
C.Business entity concept
D.Going concern concept
Explanation: The prudence (conservatism) concept requires that where there are multiple options, the one that does not overstate assets or income and does not understate liabilities or expenses should be chosen.
7Which accounting concept justifies expensing the purchase of a low-cost office stapler immediately rather than capitalizing it as a non-current asset?
A.Historical cost concept
B.Materiality concept
C.Consistency concept
D.Dual aspect concept
Explanation: The materiality concept states that financial statements only need to disclose items significant enough to affect decisions. Small-value items like staplers are expensed immediately to save administrative effort.
8Which of the following transactions cannot be recorded in a company's ledger accounts due to the money measurement concept?
A.Purchase of office building for ₦50,000,000
B.Payment of salary to the General Manager
C.The skill and experience of the company's workforce
D.Sale of goods on credit for ₦200,000
Explanation: The money measurement concept states that only transactions and events that can be expressed in monetary terms are recorded in accounting. Human skills and experiences cannot be reliably valued in money terms.
9According to the realization (revenue recognition) concept, when is revenue generally considered to have been earned?
A.When cash is received from the customer
B.When the contract is signed
C.When goods are manufactured
D.When goods or services are delivered and the customer is invoiced
Explanation: Revenue is recognized when it is realized. Under accrual accounting, this happens when goods are delivered or services are performed, transferring risk/benefit to the buyer and giving rise to a legal claim for payment.
10Which accounting concept states that every transaction has a two-sided effect, which forms the basis of double-entry bookkeeping?
A.Dual aspect concept
B.Accrual concept
C.Prudence concept
D.Historical cost concept
Explanation: The dual aspect concept states that every transaction affects at least two accounts (a debit and a credit), keeping the accounting equation (Assets = Liabilities + Capital) in constant balance.

About the ICSAN Intro Accounting Exam

This practice exam covers accounting principles, double-entry bookkeeping, financial statements preparation, adjustments, depreciation, and the Nigerian accounting regulatory framework.

Exam sponsor: Institute of Chartered Secretaries and Administrators of Nigeria. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

100 multiple-choice questions

Time Limit

3 hours

Passing Score

50%

Exam / Certification Fees

Free

Exam sponsor website

Reported exam pass rate: ~75%. estimated pass rate This describes exam candidates, not OpenExamPrep users or results from using our resources. 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%

Accounting Principles & Concepts

Foundational concepts, accounting standards, and conventions.

20%

Double-Entry Bookkeeping

Ledger postings, journal entries, and trial balance preparation.

20%

Financial Statements Preparation

Preparing sole trader and partnership income statements and balance sheets.

20%

Adjustments, Depreciation & Bad Debts

Year-end adjustments, accruals, prepayments, depreciation methods, and bad debts provisioning.

20%

Accounting Regulatory Framework in Nigeria

Basic requirements of CAMA and FRC regulations in accounting.

Preparing for the ICSAN Intro Accounting Exam

What You Need to Know

  • Passing score: 50%
  • Assessment: 100 multiple-choice questions
  • Time limit: 3 hours
  • Exam / certification fees: Free 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

Frequently Asked Questions

What is the format of the ICSAN Intro Accounting exam?

The exam consists of 100 multiple-choice questions covering all five content domains.

What is the passing score for the ICSAN Intro Accounting exam?

Candidates must score at least 50% to pass the exam.