ICAN (Institute of Chartered Accountants of Nigeria) 1-Year Plan

Fundamental concepts and conventions governing the preparation of financial statements, including the going concern, matching, and consistency principles.

Double-entry book-keeping system, recording transactions using debits and credits, and understanding the accounting equation Assets = Liabilities + Capital.

Process of transferring journal entries to individual ledger accounts, balancing accounts, and preparing trial balances from ledger data.

Preparation and purpose of a trial balance, detection of errors, and understanding which errors cause imbalance versus those that do not.

Straight-line, reducing balance, and sum-of-years digits methods of calculating depreciation on fixed assets, and their effects on financial statements.

Preparation of Trading Account, Profit and Loss Account, and Balance Sheet for sole proprietorships, including closing entries and adjustments.

Formation and types of companies, share capital, reserves, and preparation of company financial statements in accordance with Nigerian accounting standards.

Accounting treatment for issue of shares at par, premium, and discount; calls in arrear and in advance; and forfeiture and reissue of shares.

Definition, scope, and importance of economics as a social science; the central problems of what, how, and for whom to produce in any society.

Law of demand and supply, market equilibrium, shifts in demand and supply curves, and the effects of price controls on market outcomes.

Price elasticity, income elasticity, and cross elasticity of demand; their calculation, interpretation, and applications to taxation and pricing decisions.

Cardinal and ordinal approaches to consumer equilibrium, marginal utility analysis, indifference curve analysis, and the budget line.

Production functions, laws of variable proportions, returns to scale, isoquants, and optimal combination of inputs for profit maximization.

Short-run and long-run cost curves, explicit and implicit costs, fixed and variable costs, and the relationship between cost functions and output.

Characteristics and equilibrium outcomes under perfect competition, monopoly, monopolistic competition, and oligopoly in both short run and long run.

Determination of wages, rent, interest, and profit; marginal productivity theory of factor pricing; and labour markets and trade unions.

Operations with fractions and decimals, conversion between forms, and percentage calculations including percentage increase, decrease, and error.

Writing and simplifying ratios, direct and inverse proportions, sharing in given ratios, and applying ratios to business and economic problems.

Simplification of algebraic expressions, indices and logarithms, solving linear and quadratic equations, and manipulating algebraic fractions.

Properties of angles formed by parallel lines and transversals, triangle theorems, congruence, similarity, and Pythagorean theorem applications.

Circle geometry including angle properties, chord theorems, arcs, sectors, and application of tangent and secant theorems in problem solving.

Collection, classification, and presentation of data using tables, bar charts, histograms, and frequency polygons; measures of location.

Mean, median, and mode for ungrouped and grouped data; advantages and disadvantages of each measure; and the empirical relationship between mean, median, and mode.

Definition of probability, addition and multiplication rules, mutually exclusive and independent events, and tree diagrams for sequential probability problems.

Structure and hierarchy of Nigerian courts from magistrate to Supreme Court, sources of Nigerian law (common law, statute, customary law), and the doctrine of judicial precedent.

Essential elements of a valid contract (offer, acceptance, consideration, intention, capacity, legality), vitiating factors, and discharge of contracts.

Contract of sale of goods, conditions and warranties, implied terms under the Sale of Goods Act, transfer of title, and remedies for breach.

Formation of partnership, rights and duties of partners, partnership agreement, liability of partners, dissolution of partnership, and limited liability partnerships.

Types of companies under CAMA 2020, incorporation process, memorandum and articles of association, share capital, directors, and company meetings.

Creation of agency relationships, authority of agents (express, implied, apparent), rights and duties of principal and agent, and termination of agency.

Characteristics of bills of exchange, promissory notes, and cheques; endorsement types; holder in due course; and dishonour procedures.

Contract of employment, rights and obligations of employers and employees, termination procedures, redundancy, and basic provisions of the Labour Act.