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ICAN (Nigeria) Accounting — practice by topic

Browse 30 questions across 4 Accounting topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Accounting topics

Accounting (30)Bookkeeping (30)Double Entry Bookkeeping (30)Financial Accounting (30)

Try a Accounting question

A bookkeeper checks her work by confirming that the two sides of one relationship always match. That relationship is the:Read the answer and worked solution →Put plainly, everything a company owns must equal everything it owes to lenders and to:Read the answer and worked solution →A record showing increases and decreases to assets, liabilities and equity is called an:Read the answer and worked solution →A debit records information on which side of an account?Read the answer and worked solution →

Worked practice questions

A bookkeeper checks her work by confirming that the two sides of one relationship always match. That relationship is the:

  1. Accounting equation
  2. Advertising equation
  3. Actuarial equation
  4. Allocation equation
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Correct answer: A. Accounting equation

1. Assets sit on one side. 2. Liabilities and equity sit on the other. 3. It is the accounting equation. _Source: OpenStax Principles of Financial Accounting, Chapter 3, Analyzing and Recording Transactions._

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Put plainly, everything a company owns must equal everything it owes to lenders and to:

  1. The suppliers
  2. The owners
  3. The customers
  4. The auditors
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Correct answer: B. The owners

1. Two groups have claims. 2. Lenders are the first. 3. The second group is the owners. _Source: OpenStax Principles of Financial Accounting, Chapter 3, Analyzing and Recording Transactions._

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A record showing increases and decreases to assets, liabilities and equity is called an:

  1. Account
  2. Appendix
  3. Advert
  4. Auction
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Correct answer: A. Account

1. It tracks one item over time. 2. Ledgers are built from them. 3. It is an account. _Source: OpenStax Principles of Financial Accounting, Chapter 3, Analyzing and Recording Transactions._

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How to practise

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