ANAN Exam Past Questions | Download PEA, PEB & CAP Questions Here

This page offers relevant information about ANAN past questions and answers for Professional Examination “A” (PEA), Professional Examination “B” (PEB), and Conversion Accounting Programme (CAP). Here, you will be able to download ANAN exam past questions papers for the different levels and categories of the Association of National Accountants of Nigeria (ANAN).

ANAN Past Questions




  • PEA 1 : Information Systems and Technology for Business
  • PEA 2 : Finance and Financial Management
  • PEA 3 : Entrepreneurial Development
  • PEA 4 : Auditing and Assurance Services
  • PEA 5 : Corporate Reporting
  • PEA 6 : Environmental, Oil and Gas Accounting
  • PEA 7 : Professional Values and Ethics in Accounting
  • GS: 1Basic French I


  • PEB 1 : Advanced Corporate Reporting
  • PEB 2 : Advanced Taxation
  • PEB 3 : Advanced Management Accounting
  • PEB 4 : Corporate Law
  • PEB 5 : Forensic Accounting
  • PEB 6 : Public Sector Accounting and Finance
  • PEB 7 : Corporate Governance
  • GS 2: Basic French II


  • CAP 1 : Financial Accounting
  • CAP 2 : Management in Organizations
  • CAP 3: Economics and Business Planning
  • CAP 4 : Cost and Management Accounting
  • GS 1: Basic French I


  • CAP 5 : Business Law and Professional Ethics
  • CAP 6 : Taxation
  • CAP 7 : Auditing
  • CAP 8 : Financial Management
  • GS 2: Basic French II

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The  aim  of  this  subject  is  to  enable  students  develop  an  understanding  of  the  role  and application   of   Information   Systems   (IS)   and   Information   Technology   (IT)   in   the management and control of organizations. It provides the basis for the further development of students for the roles of manager, advisor, assurance provider and designer of IS and IT. The subject focuses on making trainees to acquire revolutionary technologies to be future- ready professionals.

Module Topics

  1. Information Systems
  2. Information Technology
  3. Electronic Business and Cloud Computing
  4. Enterprise Application
  5. System Security and Controls
  6. 4th Revolution Technologies and Accounting Application

Module One: Information Systems

  • Information and its Features
  • Information Systems for Decision Making Decision Making Process and Information need Data Processing Cycle
  • Computer Networking Systems Development

Module Two: Information Technology

  • Information Technology Infrastructure
  • Components of Information Technology Infrastructure Evolution of Information Technology Infrastructure Technology Drivers of Infrastructure Evolution Technology Standards
  • Consulting and System Integration Services Contemporary Hardware Platform Contemporary Software Platform Consumerization of I.T and BYOD
  • Grid Computing Virtualization Autonomic Computing
  • Systems for Collaborations and Social Business Social Business
  • Tools for Collaborations and Social Business Collaboration and Social Business Platforms Networking and Communication

Module Three: Electronic Business and Cloud Computing

  • The Internet; New Information Infrastructure for the Digital Organization The Internet/Intranet/Extranet
  • E-Business, E-Commerce, and E-Government Characteristics of E-Commerce
  • Digital Goods
  • Types of E-Commerce Platforms Other Benefits of e-Commerce E-tailer
  • Use of Electronic Business and Electronic Commerce
  • Technologies used for Electronic Business and Electronic Business Models Cloud Computing
  • Cloud Computing Platform Characteristics of Cloud Computing Private and Public Clouds
  • Green Computing
  • Service Level Agreements (SLAs) for Cloud-Based I.T Resources

Module Four: Enterprise Application

  • Enterprise Applications Enterprise Resource Planning Supply Chain Management System
  • Customer Relationship Management System Enterprise Applications Challenges Business Intelligence and Analytics
  • Business Intelligence Environment
  • Business Intelligence and Analytics Capabilities

Module Five: System Security and Controls

  • Protecting Information Systems from Destruction, Error and Abuse Business Value of Security and Computer Control
  • Information Systems Control
  • Classification of Information Systems Controls Information Security Policy
  • Computer Crime/Internet Attacks and Controls Combating Computer Fraud
  • Electronic Evidence and Computer Forensics Computer Audit Techniques
  • Disaster Recovery Planning
  • Quality Control and Quality Assurance
  • Tools and Technologies for Safeguarding Information Resources

Module Six: 4th Revolution Technologies and Accounting Application

  • Block chain Fundamentals for Accounting and Finance Professionals Business Analytics and Artificial Intelligence for Financial Services Cybersecurity and Supply chain
  • Systems and technologies of governance and oversight Systems and technologies of engagements
  • Systems and technologies of interpretation Systems and technologies of recording Emerging services, technologies & innovation Cryptocurrency, etc.


The   aim   of   this   subject   is   to   develop   students‟   critical   understanding   of   the   key responsibilities and financing decisions facing today‟s financial manager. Students should be able to assess financial opportunities and financial risks, and to provide financial advice to a variety of enterprises.

Module Topics

  1. Financial Environment
  2. Financial Mathematics
  3. Investment Appraisal
  4. Portfolio Theory
  5. Sources of Funds
  6. Financial Markets
  7. Cost of Capital
  8. Dividend Policy
  9. Financial Analysis and Business Valuations
  10. Working Capital Management
  11. Financial Management of Specific Business Entities
  12. International Finance
  13. Corporate Restructuring Mergers and Acquisition

Practicum/Case Study/e-tools


Module One: Financial Environment

  • Financial Environment Functions of Financial Manager
  • Objectives of Profit seeking Organizations Objectives of Non-Profit Seeking Organizations
  • Inter-Relationship between  Financial Management, Management Accounting and Financial Accounting
  • Principles of Corporate Governance
  • Scope of   Directors   Responsibilities/Adequacy   of   Disclosure   Requirements   Creative Accounting

Module Two: Financial Mathematics

  • Compound Interest with Increasing Annual Constant Investment Discounting and Present Value of Cash Flows
  • Present Value of Annuity
  • Present Value of Uneven Cash Flows Perpetuities
  • Risk and Uncertainty Analysis Probability Factor
  • Decision Tree Decision Environment

Module Three: Investment Appraisal

  • Time Value of Money
  • Identification of Relevant Cash Flows
  • Nature of Investment Decision Methods of Investment Appraisal Pay Back Period
  • Accounting Rate of Return Net Present Value Adjusted Present Value Internal Rate of Return# Lease or Buy Decisions
  • Capital Budgeting and Inflation Inflation and Investment Appraisal Capital Budgeting and Taxation Capital Budgeting and Rationing

Module Four: Portfolio Theory

  • Concept of Portfolio Theory
  • Relationship between Portfolio Risk and Return
  • Efficient Portfolio, Efficient Frontier, Capital and Security Market Line Random Walk Hypothesis
  • Capital Asset Pricing Model
  • Application of Systematic and Unsystematic Risk Arbitrage Pricing Model/Theory

Module Five: Sources of Funds

  • Sources of Short Term Finance Sources of Medium Term Finance Sources of Long Term Finance
  • Factors that Affect a Company‟s Choice of Finance Equity/Debt Finance and Associated Risk
  • Nature and Importance of Internally Generated Fund

Module Six: Financial Markets

  • Money Capital and Derivative Markets
  • Functions of Financial Markets
  • Nature and Role of Capital Markets Capital Market Efficiency
  • Comparison between Nigerian Financial Market and International Market Role of Government and Local Authorities in Relation to Finance.

Module Seven: Cost of Capital

  • Cost of Debt
  • Cost of Equity Capital
  • Weighted Average Cost of Capital
  • Cost of Redeemable and Irredeemable Debt WACC-Calculation, Application, Interpretation

Module Eight: Dividend Policy

  • Factors Affecting Dividend Decision/Policy
  • Relevancy School of Thought
  • Irrelevancy School of Thought

Module Nine: Financial Analysis and Business Valuations

  • Basic Financial Analysis Ratio Analysis
  • Funds-Flow Statement Analysis
  • Methods of Valuing a Business Asset
  • Basis for Valuing a Business
  • Discounted Cash Flow Method
  • Dividend Yield Method

Module Ten: Working Capital Management

  • Working Capital Policy
  • Cash Budget/Cash Flow Forecast Cast Management Models Operating Cycle
  • Debtor and Creditor Management Techniques Inventory Management
  • Overtrading

Module Eleven: Financial Management of Specific Business Entities

  • Issues Relevant to Finance of Small and Medium Scale Enterprises
  • Sources of Finance for SMEs
  • Concept of SME Financing in Nigeria
  • Methods of Venture Capital Financing
  • Venture Capital and Source of Finance

Module Twelve: International Finance

  • International Financial Markets
  • Globalization and Financial Markets
  • Role of Financial Intermediation

Module Thirteen: Corporate Restructuring Mergers and Acquisition

  • Basic Forms of Acquisition
  • Valuation of Business and Entities
  • Basis for Merger
  • Factors to be considered in Mergers and Acquisitions
  • Factors Influencing the Likelihood of Successful Acquisition
  • Reasons for Failure of a Merger or Acquisition
  • Financial Benefits of Merger and Acquisition
  • Mechanics and Tactics of a Merger
  • Evaluating Financial Performance of Merged Companies
  • Effects of Government Regulations on Mergers and Acquisition
  • Quantitative Factors in Merger and Acquisitions


The aim of this course is to equip students with the capacity to advise on or participate in the  establishment  of  an  entrepreneurial  start-up.  It  aims  to  ensure  that  students  have  the skills  and  knowledge  to  identify  entrepreneurial  opportunities  to  develop  plans  for  new ventures, to access appropriate funds and to promote the new venture and its products.

Module Topics

  1. Nature of Entrepreneurship
  2. The Entrepreneur
  3. New Venture Planning
  4. Entrepreneurial Opportunities
  5. Entrepreneurial Financing
  6. New Venture Management
  7. Intrapreneurship
  8. Networking and Intelligence

Module One: Nature of Entrepreneurship

  • Theories and Definitions of Entrepreneurship
  • Essential Components of Entrepreneurial Ventures
  • Entrepreneurship and Traditional Corporate Management Compared
  • The Role and Significance of Entrepreneurship in Society
  • Ethical and Other Challenges

Module Two: The Entrepreneur

  • The Entrepreneur Personality
  • The Successful Entrepreneur
  • Definitions and Characteristics of the Entrepreneur

Module Three: New Venture Planning

  • Nature and Content of Business Plans
  • The Need to Plan
  • The Planning Process
  • The Financial Plan Legal Considerations

Module Four: Entrepreneurial Opportunities

  • Sources of Opportunity
  • Steps of Entrepreneurial Decision Making Self Employment
  • Identifying Opportunities
  • Factors affecting the Process of Identifying Opportunities

Module Five: Entrepreneurial Financing

  • Sources of Funding
  • Sources of Government Finance
  • Determinants of Choice of Sources of Finance

Module Six: New Venture Management

  • Internal Structure to Support Growth
  • Entrepreneurial Governance
  • Managing and Controlling Growth
  • Barriers to Entrepreneurship Valuation Methods

Module Seven: Intrapreneurship

  • Nature of Intrapreneurship
  • Climate for Intrapreneurship


Module Eight: Networking and Intelligence

  • Networking and social capital
  • Social intelligence
  • Emotional intelligence


To Interpret and discuss the legal, regulatory and ethical framework within which the auditor operates.  To  differentiate  and   explain  the  respective  responsibilities  of  directors  and auditors. To explain the nature, purpose and scope of an audit and discuss and defend the role of the auditor. To apply and explain the process relating to the acceptance and retention of professional appointments, to include the purpose and content of engagement letters and devise  an  overall  audit  strategy  and  develop  an  audit  plan.  To  provide  understanding  on assurance services.

Module Topics

  1. The Auditor and the Audit Environment
  2. Auditors legal, Ethical and Professional Responsibilities
  3. Audit Planning and Supervision
  4. Audit Execution: Internal Control, Assessing Control Risk and Test of Controls
  1. Audit Execution: Financial Statement, Items Substantive Procedures
  1. Audit Execution: Other Considerations
  2. Audit Execution: Computer Information System (CIS) Auditing
  3. Audit Reporting
  4. Assurance Services
  5. Applicable Audit and Related Standards

Module One: The Auditor and the Audit Environment

  • Conceptual Background
  • Merits and Demerits of Auditing
  • Qualities of an Auditor
  • Principles of Auditing
  • Objective and General Principles Governing the Audit of Financial Statements Corporate Governance
  • Principles of Corporate Governance Parties to Corporate Governance Mechanisms and Controls
  • Internal Corporate Governance Controls External Corporate Governance Controls

Module Two: Auditors legal, Ethical and Professional Responsibilities

  • Professional Ethical Responsibilities
  • Independence, Objectivity, Integrity, Confidentiality, Skills Care and Competence Independence
  • The Auditor and Companies and Allied Matters Act (CAMA) Cap C20, 2004 The Auditor and Banks and Other Financial Institutions Act 25 of 1991
  • The Auditor and the Insurance Act 2007
  • Obtaining Knowledge of the Client‟s Operational Background

Module Three: Audit Planning and Supervision

  • Audit Planning Materiality
  • Audit Working papers
  • True and Fair View, Materiality and Judgment Audit Supervision


Module Four: Audit Execution

  • Internal Control,
  • Assessing Control Risk and Test of Controls
  • Internal Control System
  • Risk Assessment
  • Factors that Determine the Level of Audit Risk Components of Audit Risk
  • Assessing the Risks of Material Misstatement

Module Five: Audit Execution

  • Financial Statement Items Substantive Procedures
  • Verification Principles
  • Verification of Current Assets and Liabilities Verification of Cash Sales
  • Bank Reconciliation Procedures
  • Verification of Fixed Assets
  • Verification of Fixed Liabilities
  • Letter of Representation
  • Standards on Auditing
  • Verification of Intangible Assets
  • Debenture Loans and Borrowings
  • Income and Expenditure
  • Revenue and Expenses
  • Interest, Royalties and Dividends Sales and Purchases
  • Wages and Salaries
  • Other Income and Expenditure Account Items Audit Documentation
  • Recording of Departures from Basic Principles or Essential Procedures

Module Six: Audit Execution: Other Considerations

  • Audit Sampling Methods
  • Populations and Censuses
  • Audit Sampling Requires Auditor‟s Judgment Statistical vs. Non-Statistical Sampling Sampling Statistics and the Agency Audit
  • How to Determine Audit Sample size
  • Obtaining the Management Representation Letter
  • Review and evaluating Findings Management Representation Letter
  • Using the Work of an Auditors Experts – ISA 300 Audit Repost

Module Seven: Audit Execution: Computer Information System (CIS) Auditing

  • Electronic Auditing
  • The Nature and Development of E-Commerce
  • The Evolution of E-Commerce
  • Disintermediation and the Emergence of Intermediaries Audit and Assurance Service
  • Risk Analysis
  • System Selection and Justification On-line Audits
  • Audit Risk and Control Considerations Origin of Computer Audit

Module Eight: Audit Reporting

  • Reporting on Audited Financial Statements
  • Key Concepts in audit Report

Module Nine: Assurance Services

  • Review and Compilation Services
  • Review of Interim Financial Information for Public Companies Assurance Engagements
  • Prospective Financial Statements Agreed-Upon Procedures Engagements
  • Other Audits or Limited Assurance Engagements

Module TEN: Applicable Audit and Related Standards

  • International Standards on Auditing, applicable to date
  • International Standards on Review Engagements (ISREs), applicable to date
  • International Standards on Assurance Engagements (ISAEs), applicable to date
  • International Standards on Related Services (ISRSs), applicable to date
  • International Auditing Practice Notes (IAPNs), applicable to date
  • International Standards on Quality Control (ISQCs), applicable to date


The aim of this subject is to ensure that students have the technical knowledge and critical understanding of how to account for transactions and prepare financial statements for both single entities and groups, in accordance with International Financial Reporting Standards.

Module Topics

  1. Development of National and International Standards
  2. International Financial Reporting Standards
  3. Application of IFRS/IAS
  4. Miscellaneous Accounts
  5. Company Accounts
  6. Group Accounts and Business Combination
  7. Analysis of Financial Statements

Module One: Development of National and International Standards

  • International Federation of Accountants (IFAC)
  • Financial Reporting Council (FRC) of Nigeria
  • Statement of Standards Accounting Practice (SSAP) Techniques of Standards Setting

Module Two: International Financial Reporting Standards

  • Structure of International Financial Reporting Standards (IFRS)
  • Objectives of Financial Statements
  • Underlying Assumptions Characteristics of Financial Statements
  • Contents of Financial Statement
  • Presentation of Financial Statements IFRS Statements

Module Three: Application of IFRS/IAS

  • IFRS 1: First-time Adoption of International Financial Reporting Standards IAS 26: Accounting and Reporting by Retirement Benefit plans
  • IAS 29: Financial Reporting in Hyperinflationary Economies
  • IAS 32: Financial Instruments: Presentation
  • IAS 36: Impairment of Assets
  • IAS 39: Financial Instruments: Recognition and Measurement etc.

Module Four: Miscellaneous Accounts

  • Accounting for Lease/Contracts/Hire Purchase/Price
  • Level Changes
  • Specialized Accounts

Module Five: Company Accounts

  • Accounting for Companies Formation
  • Published Accounts of Quoted Companies
  • Companies Liquidation

Module Six: Group Accounts and Business Combination

  • Overview of Group Accounts and related international standards (IFRS 3, 10, 11, 12 & 13)
  • Consolidated Statement of Financial Position
  • Consolidated Statement of Profit or Loss
  • Other Comprehensive Income Consolidated Statement of Cash Flow
  • Takeover of Partnership and Sole Traders Business Combination

Module Seven: Analysis of Financial Statements

  • Ratio Analysis (including analysis of financial statements of multinational corporations)


The aim of this subject is to provide students with a thorough understanding of the specific financial and accounting  challenges which  arise  within  the oil and  gas industry.  It aims to present  these  challenges  within  the  broader  context  of  environmental  accounting  and  the implications of environmental accounting for developing countries.

Module Topics

  1. Environmental Accounting Process
  2. Environmental, Oil and Gas Accounting
  3. Historical Evolution of Accounting Principles and Practices
  4. Accounting for  unproved  Properties:  Acquisition  of  Mineral Properties
  1. Accounting for Exploration, Drilling and Development Cost
  2. Production Accounting
  3. Depreciation, Depletion and Amortization
  4. Conveyances
  5. Accounting for Joint Interest Arrangement
  6. Accounting for Production sharing and Service Contract Agreement
  1. Finding Costs
  2. Financial Statement Disclosures
  3. Accounting for Refining and Petrochemical Operations


The aim is to provide a deeper and practical understanding of ethics and ethics theories to the  students  of  accounting.  Issues  on  professional  value  and  behaviours  are  an  important part of professionals‟ life which is taught to prepare students for the codes of practice in the corporate world. Both fundamental and organization specific codes of ethics are examined to allow for a more direct experience on professional ethics in the accounting profession.

Module Topics

  1. Ethical Reasoning, Values and Virtues
  2. Ethical Theories
  3. Ethical Behaviour in Accounting
  4. Fundamental Ethical Principles
  5. Ethics in the Auditing Functions and Managerial Accounting
  6. The Environment- Corporate, Professional and Regulatory
  7. Decision Making
  8. Enterprise Governance and Social Issues
  9. Code of Ethics for Professional Accountants

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