ICAN (Institute of Chartered Accountants of Nigeria) 2-Day Rescue

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.

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.

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.

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.