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The foreword explains the purpose: assisting candidates preparing for future exams, helping unsuccessful candidates identify mark-losing areas, and supporting lecturers and students in instruction and screening. 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Efforts had been made to use the methods, which will save much of the scarce examination time. Also, in order to facilitate teaching, questions may be edited so that some principles or their application maybe more clearly demonstrated.  \nIt is hoped that the suggested answers will prove to be of tremendous assistance to students and those who assist them in their preparations for the Institute‟s Examinations.  \nNOTES  \nAlthough these suggested solutions have been published under the Institute‟s name, they do not represent the views of the Council of the Institute. The suggested solutions are entirely the responsibility of their authors and the Institute will not enter into any correspondence on them.  \nTABLE OF CONTENTS  \nFOREWARD  \nFINANCIAL ACCOUNTING  \nMANAGEMENT INFORMATION  \nTAXATION  \nBUSINESS MANAGEMENT & FINANCE  \nBUSINESS LAW  \nPAGE  \n3-33  \n34-55  \n56-84  \n85-104  \n105-128  \nTHE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA FOUNDATION LEVEL EXAMINATION – NOVEMBER 2020 FINANCIAL ACCOUNTING  \nTime Allowed: 31/4 hours (including 15 minutes reading time)  \nSECTION A: MULTIPLE-CHOICE QUESTIONS (20 MARKS)  \nINSTRUCTION: YOU ARE REQUIRED TO ANSWER ALL QUESTIONS IN THIS  \nSECTION  \nWrite ONLY the alphabet (A, B, C, D or E) that corresponds to the correct option in each of the following questions/statements:  \n1. Which of the following items is NOT found on the debit column of a trial balance?  \nA. Capital  \nB. Motor vehicle  \nC. Rent and rates  \nD. Salaries and wages  \nE. Postage and stationary  \n2. The difference between an income statement and an income and expenditure account is that  \nA. An income and expenditure account is another name for an income statement  \nB. An income statement is prepared for a business while an income and expenditure account is prepared for a not-for-profit organisation  \nC. An income statement is prepared for a business while an income and expenditure account is prepared on a cash flow basis  \nD. Income statement is prepared on accrual basis while income and expenditure account is prepared on a cash basis  \nE. An income statement is prepared for a manufacturing business while an income and expenditure account is prepared for a nonmanufacturing business  \n3. Which of the following is NOT a source document?  \nA. Proforma invoice  \nB. Debit note  \nC. Journal  \nD. Statement of account  \nE. Cheque stub  \n4. Which of the following is/are correct?  \nI. A statement of cash flow prepared using the direct method produces different figure for operating cash flow from that produced if the indirect method is used  \nII. Rights issue of shares do not feature in the statement of cash flow  \nIII. Revaluation surplus of a non-current asset is not recognised as an item in statement of cash flow  \nIV. A profit on the sale of a non-current asset is recognised as an item under cash flows from investing activities in a cash flow statement  \nA. I and IV  \nB. II and III  \nC. II and IV  \nD. III  \nE. I and III  \n5. The closing inventories of a firm were overvalued by ~~N~~300,000 due to overcast er","cbCaisYrr0szWzAg","https://ap.wps.com/l/cbCaisYrr0szWzAg","pdf",1656321,129,"English","# FOREWARD\n# NOTES\n# TABLE OF CONTENTS\n# FINANCIAL ACCOUNTING\n## Time Allowed\n## SECTION A: MULTIPLE-CHOICE QUESTIONS (20 MARKS)\n## INSTRUCTION","[{\"question\":\"What is the purpose of the PATHFINDER issue for the November 2020 exams?\",\"answer\":\"It is published to support candidates preparing for future ICAN examinations, help unsuccessful candidates identify where they lost marks, and assist lecturers and students with knowledge acquisition for pre-examination screening and improved performance.\"},{\"question\":\"Do the suggested solutions reflect the Council’s views?\",\"answer\":\"No. Although published under the Institute’s name, they do not represent the views of the Council. The solutions are the responsibility of their authors.\"},{\"question\":\"What does the Financial Accounting section include at the start?\",\"answer\":\"It states the time allowed and begins with Section A: Multiple-Choice Questions (20 marks), with instructions to answer all questions by writing the correct option letter.\"}]","PATHFINDER - NOVEMBER 2020 FOUNDATION LEVEL EXAMINATIONS - FINANCIAL ACCOUNTING | PDF",1789811773,45]