ICSAN Intro Accounting study guide
ICSAN Intro Accounting · Work through your exam, one topic at a time.
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 study guide has 10 sections and about 2,827 words.
01Nature, Purpose and Scope of Accounting
This domain tests whether you can explain why accounting exists, what it measures and who uses it. Accounting is not merely recording cash: it identifies, measures, records, classifies, summarises and communicates economic information so users can judge performance and make decisions.
292 words, about 1 min02Accounting Concepts, Conventions and Regulatory Framework
This domain tests the assumptions that make financial statements coherent and the rules that govern published accounts. Concepts are not arbitrary: they resolve timing, measurement and disclosure questions.
315 words, about 2 min03Double-Entry Bookkeeping and Books of Prime Entry
This domain tests the mechanics that underpin every ledger and financial statement. Each transaction has two effects, and prime-entry records capture transactions before ledger posting.
292 words, about 1 min04Ledger Accounts, Trial Balance and the Correction of Errors
This domain tests ledger construction, extraction of a trial balance and correction of errors. A trial balance proves arithmetic equality, not complete accuracy.
286 words, about 1 min05Bank Reconciliation Statements and Control Accounts
This domain tests reconciliation of the cash book with the bank statement and the use of receivables and payables control accounts. The cash book bank column records the business's view; the bank statement records the bank's view.
297 words, about 1 min06Adjustments, Accruals, Prepayments and Bad Debts
This domain tests year-end adjustments that apply accruals accounting and prudence. Adjustments move amounts between the statement of profit or loss and the statement of financial position.
276 words, about 1 min07Preparation of Financial Statements for Sole Traders
This domain tests preparation of an income statement and statement of financial position from a trial balance and adjustments. The focus is classification, cost of sales and the link between profit and capital.
249 words, about 1 min08Accounting for Non-Current Assets and Depreciation
This domain tests capital versus revenue expenditure, depreciation methods and disposal accounting. Capital expenditure acquires or improves a non-current asset; revenue expenditure maintains it.
256 words, about 1 min09Partnership Accounts and Incomplete Records
This domain tests partnership profit appropriation and reconstruction of missing figures from incomplete records. Partners share profits according to the partnership agreement or, if silent, equally.
275 words, about 1 min10Interpretation of Financial Statements and Ratio Analysis
This domain tests calculation and interpretation of ratios across profitability, liquidity, efficiency and gearing. Profitability: gross profit margin = gross profit ÷ sales; net profit margin = net profit ÷ sales; return on capital employed = operating profit ÷ capital employed.
289 words, about 1 min