Preparation of financial statements — IGCSE Accounting (0452) questions by topic
Partnership interest treatment, statement of financial position line items, opening and closing capital reconciliation, and mark-up-based inventory calculations sit at the heart of this IGCSE Accounting page's 38 questions, all from 2025 papers and marked between 1 and 20. Identify and state test whether you can classify an item correctly, while calculate, prepare and advise ask for accurate figures built up from given data.
Because a single wrong opening figure can throw off every later calculation, work each question line by line and submit it for instant marking, so an error in capital or inventory is flagged before it cascades through a whole statement.
May–June 2025, Paper 11
Which items are shown in a statement of financial position? current assets revenue capital non-current liabilities --- --- --- --- --- A yes yes yes no B no no yes yes C no yes no…
Answer this question and get it marked →Which item is a current liability? A bank overdraft B commission receivable C mortgage loan on a property D provision for doubtful debts
Answer this question and get it marked →What is an advantage to a sole trader of forming a partnership? A Decisions are always acted on immediately. B Decisions are taken by the directors. C Partners share profits and…
Answer this question and get it marked →Which statements are correct in relation to the financial statements of a partnership? 1 Interest on partners' capital is shown as an expense in the income statement. 2 Interest…
Answer this question and get it marked →R Limited provided the following information. $ --- --- At 1 January 2024 ordinary share capital 350 000 retained earnings 46 000 general reserve 37 000 For year ended 31 December…
Answer this question and get it marked →A club included the balance on its accumulated fund in its statement of financial position. What is the equivalent of the accumulated fund in a statement of financial position of…
Answer this question and get it marked →Which item is included in a manufacturing account? A carriage on purchases of finished goods B depreciation of delivery vehicles C repairs of factory machinery D salaries of…
Answer this question and get it marked →A trader's assets increased by $25 000 and liabilities decreased by $5000 during the year. He took no drawings during the year. What was the profit or loss for the year? A $20 000…
Answer this question and get it marked →A trader does not maintain a full set of accounting records. How could he calculate the profit for the year? A closing capital - opening capital - drawings - capital introduced B…
Answer this question and get it marked →Janice started trading on 1 January. All her sales were made on a cash basis. During the year, Janice paid wages of $12 100 and took drawings of $7800 out of the amount received…
Answer this question and get it marked →A trader provided the following information. $ --- --- revenue 120 000 inventory at the start of the year 9600 inventory at the end of the year 10 200 A mark-up of 25% is applied.…
Answer this question and get it marked →May–June 2025, Paper 12
Which statement is correct? A The income statement is part of the double entry system and shows a trader's financial performance. B The income statement is part of the double…
Answer this question and get it marked →Draft financial statements prepared at the end of the first year of trading show: • draft profit for the year of $24 000 • trade receivables of $6300. An amount of $200 is to be…
Answer this question and get it marked →Ann and Bob are in partnership and share profits in the ratio 3 : 2 respectively. Ann is entitled to a salary of $20 000 per annum. There is no interest on capital or interest on…
Answer this question and get it marked →What are the advantages to shareholders of operating as a limited company? 1 It has a separate legal identity. 2 It makes it easier to prepare financial statements. 3 It makes it…
Answer this question and get it marked →During the year ended 31 March 2025, subscriptions received by a club amounted to $2500, of which $120 related to the next financial year. On 31 March 2025, subscriptions accrued…
Answer this question and get it marked →The bank account kept by a sports club shows that subscriptions totalling $2695 were received during the financial year. This figure includes arrears of subscriptions owing from…
Answer this question and get it marked →A tennis club sells refreshments on match days. At the end of the first accounting period, the receipts and payments account included the following: $ --- --- receipts from sales…
Answer this question and get it marked →A manufacturing business calculated the following amounts for the year ended 30 April 2025. item $ --- --- prime cost 360 000 factory overheads 114 850 work in progress at 30…
Answer this question and get it marked →Which items are included in the calculation of prime cost in a manufacturing account? A direct and indirect costs B direct materials cost and direct labour cost only C direct…
Answer this question and get it marked →A manufacturer's work in progress at the start of the year was valued at $850. At the end of the year it was valued at $10 200. What was the effect of this increase on the cost of…
Answer this question and get it marked →Gustav began a business on 1 January 2023 with $50 000 capital. He provided the following information for the year ended 31 December 2024. $ --- --- capital opening balance 58 000…
Answer this question and get it marked →May–June 2025, Paper 13
Which items are shown in a statement of financial position? Each option indicates (tick/cross) whether each item is shown: current assets, revenue, capital, non-current…
Answer this question and get it marked →Which item is a current liability? A bank overdraft B commission receivable C mortgage loan on a property D provision for doubtful debts
Answer this question and get it marked →What is an advantage to a sole trader of forming a partnership? A Decisions are always acted on immediately. B Decisions are taken by the directors. C Partners share profits and…
Answer this question and get it marked →Which statements are correct in relation to the financial statements of a partnership? 1 Interest on partners' capital is shown as an expense in the income statement. 2 Interest…
Answer this question and get it marked →R Limited provided the following information. $ --- --- At 1 January 2024 ordinary share capital 350 000 retained earnings 46 000 general reserve 37 000 For year ended 31 December…
Answer this question and get it marked →A club included the balance on its accumulated fund in its statement of financial position. What is the equivalent of the accumulated fund in a statement of financial position of…
Answer this question and get it marked →Which item is included in a manufacturing account? A carriage on purchases of finished goods B depreciation of delivery vehicles C repairs of factory machinery D salaries of…
Answer this question and get it marked →A trader's assets increased by $25 000 and liabilities decreased by $5000 during the year. He took no drawings during the year. What was the profit or loss for the year? A $20 000…
Answer this question and get it marked →A trader does not maintain a full set of accounting records. How could he calculate the profit for the year? A closing capital - opening capital - drawings - capital introduced B…
Answer this question and get it marked →Janice started trading on 1 January. All her sales were made on a cash basis. During the year, Janice paid wages of $12 100 and took drawings of $7800 out of the amount received…
Answer this question and get it marked →A trader provided the following information. $ --- --- revenue 120 000 inventory at the start of the year 9600 inventory at the end of the year 10 200 A mark-up of 25% is applied.…
Answer this question and get it marked →May–June 2025, Paper 21
H Limited prepares its financial statements to 30 April each year. During the year ended 30 April 2025, the following took place: 1 The company made a profit for the year of $26…
Answer this question and get it marked →Grace owns a factory which makes shoes. She buys handbags from a supplier and sells the shoes and handbags. Grace prepares her financial statements to 31 March each year. At 31…
Answer this question and get it marked →May–June 2025, Paper 22
Prepare the appropriation account for Farah and Salma for the year ended 28 February 2025.
Answer this question and get it marked →May–June 2025, Paper 23
H Limited prepares its financial statements to 30 April each year. During the year ended 30 April 2025, the following took place: 1 The company made a profit for the year of $26…
Answer this question and get it marked →Grace owns a factory which makes shoes. She buys handbags from a supplier and sells the shoes and handbags. Grace prepares her financial statements to 31 March each year. At 31…
Answer this question and get it marked →