ICSAN Financial Accounting case studies
ICSAN Financial Accounting · Put your knowledge to work in context.
Financial Accounting is one of the core papers in the professional examination programme of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), the body that qualifies and regulates chartered secretaries and governance professionals in Nigeria. The paper is aimed at candidates who need working fluency in double-entry bookkeeping and in the preparation and interpretation of financial statements, whether or not they intend to specialise in accountancy. The ICSAN Financial Accounting case studies are 5 cases and about 5,007 words.
1Zainab Trading Enterprise: Suspense Account and Six Year-End Errors
Zainab Trading Enterprise is a sole trader selling building materials. At 31 December 2024 the bookkeeper extracted a trial balance whose credit column exceeded the debit column by ₦89,800, and the difference was posted to a suspense account.
1,011 words, about 5 min2Bello Ventures: Bank Reconciliation Where the Cash Book and Bank Statement Both Mislead
Bello Ventures keeps one current account with Zenith Bank. At 31 March 2025 the bank column of the cash book showed a credit balance of ₦63,400, but the cashier could not reconcile it with the bank statement.
975 words, about 5 min3Chidinma Okoro: Six Year-End Adjustments for a Sole Trader
Chidinma Okoro runs a fabrics business as a sole trader. Her draft profit for the year ended 31 December 2024 is ₦4,860,000, before the following matters are dealt with: 1.
908 words, about 5 min4Kora Foods Plc: Growth, Margins and a Director Under Pressure
Kora Foods Plc processes and sells packaged foods. Extracts from its financial statements are: ₦ million 2024 2023 --- --- --- Revenue 240.0 200.0 Cost of sales 168.0 130.0 Gross profit 72.0 70.0 Operating profit 30.0 34.0 Finance cost 12.0 6.0 Profit after tax 12.6 19.6 At 31 December 2024: property, plant and equipment ₦170m; inventories ₦30m; trade receivables ₦48m; cash ₦6m; equity ₦90m; 10% loan notes ₦110m; trade payables ₦36m; bank overdraft ₦14m; tax payable ₦4m.
1,073 words, about 5 min5Greenfield Agro Ltd: A Shared Login, a Fraudulent Payee and a Covenant Journal
Maya Achebe is financial controller of Greenfield Agro Ltd, a company with a ₦45m bank covenant measured on profit before tax. In November 2025 the company migrated to a cloud accounting package.
1,040 words, about 5 min