ICAP PRC-1 Fundamentals of Accounting case studies
ICAP PRC-1 Fundamentals of Accounting · Put your knowledge to work in context.
PRC-1 Fundamentals of Accounting is the entry-level accounting paper in ICAP's Certificate in Accounting and Finance (CAF) pathway, the route Pakistani students take toward the chartered accountancy qualification. It assumes no prior bookkeeping knowledge and builds the double-entry foundation everything later depends on: recording transactions, preparing a trial balance, adjusting for accruals and depreciation, and producing financial statements for sole traders, partnerships, companies and not-for-profit entities. The ICAP PRC-1 Fundamentals of Accounting case studies are 5 cases and about 4,679 words.
1The Overdraft That Looks Bigger Than It Is
You are the assistant accountant at Meridian Traders, a small wholesaler. At 30 June 2025 the cash book bank column shows a debit balance of Rs 184,620 while the bank statement shows an overdrawn balance of Rs 21,760.
960 words, about 5 min2Fabric That Nobody Wants and Overheads Left Out
Nova Furnishings makes made-to-order sofas. At 31 March 2025 its fabric inventory ledger shows a single line of 4,200 metres, made up of 2,700 metres bought at Rs 1,700 per metre, 900 metres bought at Rs 2,400 per metre on special terms, and 600 metres bought at Rs 1,850 per metre for a cancelled order.
972 words, about 5 min3The Allowance the Sales Director Wants Frozen
Zephyr Engineering has trade receivables of Rs 4,850,000 at 30 September 2025 and an allowance for doubtful debts brought forward of Rs 210,000. The aged analysis shows Rs 3,100,000 under 60 days, Rs 1,000,000 between 60 and 120 days, and Rs 750,000 over 120 days.
892 words, about 4 min4Admission of a Partner and a Shortfall Nobody Wants
Ravi and Sana have traded as a partnership, sharing profits 3:2. At 31 December 2024 their capital accounts were Rs 2,400,000 and Rs 1,600,000.
935 words, about 5 min5Two Requests Before the Covenant Test
You are the newly appointed financial accountant at Halcyon Foods, a private company whose year end is 30 June 2025. Month-end close runs on a cloud ERP system with one shared super-user login used by the finance manager, Farah, and two clerks; the audit-trail function was switched off in January because, Farah says, it slowed processing.
920 words, about 5 min