ICSAN Intro Accounting case studies
ICSAN Intro Accounting · Put your knowledge to work in context.
Introduction to Accounting is a foundational paper in the ICSAN professional examination sequence, the qualifying route for chartered secretaries and administrators in Nigeria. It is written for candidates entering the profession from a variety of academic backgrounds, including those without a prior accounting qualification, and it assumes no bookkeeping experience. The ICSAN Intro Accounting case studies are 5 cases and about 3,842 words.
1The Suspense Account That Should Never Have Existed
Adaeze Okonkwo runs a provisions wholesale business in Enugu. On 31 March 2025 her bookkeeper extracted a trial balance whose debit column totalled ₦4,853,700 and credit column ₦4,876,800, and he opened a suspense account for the difference so that the trial balance would agree.
763 words, about 4 min2Reconciling a Bank Statement and a Receivables Control Account
Tunde Bakare trades as Bakare Electricals. At 31 May 2025 his cash book showed a debit balance of ₦186,400 while the bank statement showed a credit balance of ₦195,850.
784 words, about 4 min3Year-End Adjustments in a Fabric Retailer
Ngozi Eze runs a fabric retail business; her year end is 31 December 2024. The draft statement of profit or loss prepared by her nephew shows a net profit of ₦4,280,000, and the following have not been adjusted: (i) rent of ₦1,200,000 was paid on 1 November 2024 covering the twelve months to 31 October 2025 and was charged in full; (ii) insurance of ₦240,000 was paid in March 2024 for the twelve months to 28 February 2025 and charged in full; (iii) wages paid during the year were ₦3,600,000; wages accrued at 31 December 2023 were ₦240,000 and at 31 December 2024 ₦275,000; (iv) trade receivables of ₦2,450,000 are stated before any adjustment; a customer owing ₦130,000 has been declared bankrupt and a further customer owing ₦70,000 is in liquidation with no assets expected; (v) the allowance for doubtful debts brought forward was ₦96,000 and is to be set at 5% of the remaining receivables.
742 words, about 4 min4Capital, Revenue and Depreciation in a Haulage Business
Kofi Adeyemi runs a haulage business. At 1 January 2024 his motor vehicles account showed cost of ₦12,000,000 and accumulated depreciation of ₦4,800,000.
766 words, about 4 min5A Bank Deciding on an Overdraft
Fola Adebimpe has run a household goods shop for six years and now wants a ₦4,000,000 overdraft to fund stock for a second outlet. He gives the bank the following summary.
787 words, about 4 min