ICAN Exam Questions and Answers
Here are 20 multiple-choice questions related to the Institute of Chartered Accountants of Nigeria (ICAN):
What does ICAN stand for?
a) International Chartered Accountants Network
b) Institute of Certified Accountants of Nigeria
c) Institute of Chartered Accountants of Nigeria
d) International Certified Accountants Network
Answer: c) Institute of Chartered Accountants of Nigeria
The ICAN syllabus is divided into how many levels?
a) 2
b) 3
c) 4
d) 5
Answer: b) 3
Which level of ICAN is commonly referred to as the "Professional Level"?
a) Foundation Level
b) Skills Level
c) Professional Level
d) Advanced Level
Answer: c) Professional Level
The highest professional membership status in ICAN is called:
a) Fellow of ICAN (FCA)
b) Associate of ICAN (ACA)
c) Member of ICAN (MICAN)
d) Graduate of ICAN (GICAN)
Answer: a) Fellow of ICAN (FCA)
What is the minimum educational requirement to register for ICAN?
a) Secondary school certificate
b) Bachelor's degree in any discipline
c) Master's degree in accounting
d) Doctorate degree in finance
Answer: b) Bachelor's degree in any discipline
Which of the following is NOT a mandatory ICAN examination?
a) Professional Examination
b) Foundation Examination
c) Skills Examination
d) Advanced Examination
Answer: b) Foundation Examination
How many papers are required to be passed at the Professional Level to become a qualified chartered accountant?
a) 8
b) 9
c) 10
d) 12
Answer: a) 8
ICAN was established in which year?
a) 1959
b) 1965
c) 1973
d) 1980
Answer: a) 1959
Who is eligible to become an ICAN member?
a) Nigerian citizens only
b) Non-Nigerian citizens only
c) Nigerians and non-Nigerians
d) Accounting professionals only
Answer: c) Nigerians and non-Nigerians
Which of the following is a core value of ICAN?
a) Integrity
b) Profit maximization
c) Exclusive membership
d) Political affiliation
Answer: a) Integrity
Which body oversees the regulation and supervision of ICAN?
a) Nigerian Stock Exchange
b) Central Bank of Nigeria
c) Financial Reporting Council of Nigeria
d) Securities and Exchange Commission
Answer: c) Financial Reporting Council of Nigeria
ICAN has a regulatory framework called:
a) ISA
b) FIRS
c) IFRS
d) NDIC
Answer: c) IFRS
What is the highest decision-making body in ICAN?
a) Council
b) Board of Directors
c) Senate
d) General Assembly
Answer: a) Council
The ICAN President serves a term of how many years?
a) 1
b) 2
c) 3
d) 4
Answer: b) 2
What is the official ICAN publication called?
a) The Accountant
b) The Auditor
c) The Chartered Accountant
d) The Financial Review
Answer: a) The Accountant
ICAN is a member of which international accounting body?
a) International Federation of Accountants (IFAC)
b) World Bank Group
c) International Monetary Fund (IMF)
d) United Nations Development Programme (UNDP)
Answer: a) International Federation of Accountants (IFAC)
How often does ICAN hold its annual conference?
a) Every 2 years
b) Every 3 years
c) Every 4 years
d) Every 5 years
Answer: b) Every 3 years
The highest disciplinary body in ICAN is called the:
a) Ethics Committee
b) Professional Conduct Committee
c) Disciplinary Tribunal
d) Audit and Assurance Board
Answer: c) Disciplinary Tribunal
ICAN has established a foundation called:
a) ICAN Education Foundation
b) ICAN Charitable Foundation
c) ICAN Professional Foundation
d) ICAN Development Foundation
Answer: d) ICAN Development Foundation
The ICAN logo features:
a) A quill and an open book
b) A handshake and a globe
c) A balance scale and a calculator
d) A torch and a laurel wreath
Answer: b) A handshake and a globe
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