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100+ Free IGCSE Accounting Practice Questions

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Which ledger normally contains the capital account and drawings account?

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2026 Statistics

Key Facts: IGCSE Accounting Exam

210 marks

Total marks across two papers

Cambridge International 0452 syllabus

3h 30m

Total exam time

Cambridge International 0452 syllabus

0452

Cambridge IGCSE syllabus code

Cambridge International

100

Free practice questions here

OpenExamPrep

Cambridge IGCSE Accounting 0452 is assessed through two written papers totalling 210 marks over 3.5 hours. The 2026 syllabus covers fundamentals, source documents, financial statement preparation, analysis with ratios, and accounting principles such as accruals and prudence.

Sample IGCSE Accounting Practice Questions

Try these sample questions to test your IGCSE Accounting exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following is the main purpose of accounting?
A.To record, classify and summarise financial information for decision making
B.To physically guard the cash in the business safe
C.To produce marketing campaigns for products
D.To replace the work of a tax inspector
Explanation: Accounting exists to record financial transactions, classify them into ledgers, summarise them into financial statements, and communicate the results so users can make informed economic decisions.
2Which statement best distinguishes bookkeeping from accounting?
A.Bookkeeping is the recording of transactions; accounting also includes summarising, analysing and interpreting them
B.Bookkeeping is only done by computers; accounting is only done by hand
C.Bookkeeping uses double entry; accounting uses single entry
D.Bookkeeping is illegal without a licence; accounting is not
Explanation: Bookkeeping is the routine recording of transactions in the books of prime entry and ledgers. Accounting builds on this by classifying, summarising, analysing and interpreting the information for users.
3The accounting equation is:
A.Assets = Liabilities + Capital
B.Assets = Expenses + Revenue
C.Capital = Assets + Liabilities
D.Profit = Capital - Drawings
Explanation: The fundamental accounting equation states that the resources of a business (assets) must equal the claims against them: external claims (liabilities) and the owner's claim (capital).
4A business has assets of $50,000 and liabilities of $18,000. What is the capital?
A.$32,000
B.$68,000
C.$18,000
D.$50,000
Explanation: Rearrange A = L + C to give C = A - L. Capital = $50,000 - $18,000 = $32,000, representing the owner's claim on the net assets.
5Which of the following is a non-current asset?
A.Motor vehicles used in the business
B.Trade receivables
C.Inventory of finished goods
D.Cash at bank
Explanation: Non-current assets are held for use in the business for more than one financial year. Motor vehicles used in operations are a clear example; the rest are current assets expected to be converted to cash within a year.
6Which of the following is a current liability?
A.Trade payables
B.Long-term bank loan repayable in five years
C.Premises
D.Owner's capital
Explanation: Current liabilities are obligations expected to be settled within twelve months. Trade payables (amounts owed to suppliers for credit purchases) typically fall due within weeks.
7Capital is best described as:
A.The amount the business owes the owner
B.An expense of the business
C.A long-term liability owed to a bank
D.Money set aside for taxation
Explanation: Under the business entity concept the business is separate from its owner. Capital represents the owner's claim on the net assets, i.e. what the business owes back to the owner.
8Which of the following is revenue (income) of the business?
A.Commission received
B.Rent paid
C.Wages
D.Carriage inwards
Explanation: Revenue includes income earned from trading and other sources. Commission received is income earned by the business and is credited to the income statement.
9Profit for the year is calculated as:
A.Total revenues less total expenses
B.Closing capital less opening capital
C.Cash received less cash paid
D.Sales less purchases
Explanation: Profit (or loss) under the matching principle is the excess of revenues earned over expenses incurred for the same period, irrespective of cash movement.
10Capital at the start was $20,000 and at the end $25,000. During the year the owner introduced $3,000 of additional capital and took $4,000 of drawings. Profit for the year was:
A.$6,000
B.$5,000
C.$8,000
D.$2,000
Explanation: Closing capital = Opening capital + Additional capital + Profit - Drawings. So 25,000 = 20,000 + 3,000 + P - 4,000, giving P = $6,000.

About the IGCSE Accounting Exam

Cambridge IGCSE Accounting (0452) introduces learners to the theory and practice of accounting. The syllabus covers the principles of double entry, recording transactions, preparing financial statements for sole traders, partnerships, limited companies, clubs and manufacturing businesses, and using accounting ratios to interpret performance.

Questions

100 scored questions

Time Limit

3 hours 30 minutes total (Paper 1 + Paper 2, each 1h 45m)

Passing Score

Grade C standard pass; A*-G scale (Grade 9-1 variant also available)

Exam Fee

£50-£110 per subject (school-set entry fee) (Cambridge International (CAIE))

IGCSE Accounting Exam Content Outline

15%

Fundamentals of Accounting

Purposes of accounting, distinction between bookkeeping and accounting, the accounting equation (Assets = Liabilities + Capital), classification of assets, liabilities, capital, revenues and expenses, basic profit calculation.

20%

Sources and Recording of Data

Source documents (invoice, credit note, debit note, statement, receipt, voucher, cheque, paying-in slip); books of prime entry including day books, three-column cash book, petty cash imprest system, and general journal; ledger divisions; trial balance; double-entry rules.

10%

Verification of Accounting Records

Bank reconciliation including unpresented cheques, uncredited lodgements, bank charges, standing orders, direct debits, dishonoured cheques; sales and purchases ledger control accounts; errors not revealed by trial balance; suspense accounts and correcting journal entries.

30%

Preparation of Financial Statements

Income statements and statements of financial position for sole traders, partnerships (appropriation accounts, capital and current accounts), limited companies (share capital, debentures, dividends, retained earnings), clubs (receipts and payments, income and expenditure, accumulated fund), and manufacturing accounts; year-end adjustments for accruals, prepayments, depreciation, bad debts, provision for doubtful debts and inventory valuation.

15%

Analysis and Interpretation

Profitability ratios (gross profit margin, profit margin, return on capital employed), liquidity ratios (current ratio, quick ratio), efficiency ratios (inventory turnover, trade receivables and trade payables turnover); interpretation of trends and comparison; users of accounting information; limitations of ratio analysis.

10%

Accounting Principles and Policies

Application of fundamental accounting principles: going concern, accruals (matching), consistency, prudence, materiality, business entity, money measurement, historical cost, realisation and duality; effect on valuation, recognition and reporting in financial statements.

How to Pass the IGCSE Accounting Exam

What You Need to Know

  • Passing score: Grade C standard pass; A*-G scale (Grade 9-1 variant also available)
  • Exam length: 100 questions
  • Time limit: 3 hours 30 minutes total (Paper 1 + Paper 2, each 1h 45m)
  • Exam fee: £50-£110 per subject (school-set entry fee)

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

IGCSE Accounting Study Tips from Top Performers

1Master double entry first — every transaction has two equal and opposite entries; this underpins everything else
2Practise full financial statements (income statement and statement of financial position) including all common year-end adjustments
3Memorise the standard ratio formulas and what high or low values indicate about profitability, liquidity and efficiency
4Use Cambridge past papers and mark schemes — the question style and required layouts are highly consistent year on year

Frequently Asked Questions

Who sets the IGCSE Accounting exam?

Cambridge IGCSE Accounting (syllabus code 0452) is set and marked by Cambridge International (CAIE), a department of the University of Cambridge. It is taken in schools worldwide as part of the Cambridge IGCSE qualification framework.

How is Cambridge IGCSE Accounting 0452 assessed?

Assessment consists of two written papers, each worth 105 marks. Paper 1 includes multiple-choice and short-answer questions; Paper 2 is structured questions including the preparation of accounts and financial statements. Each paper lasts 1 hour 45 minutes.

What grading scale is used?

Most schools use the A*-G grading scale, with Grade C considered a standard pass. A 9-1 numerical variant is also offered in some regions; both scales are recognised by universities and employers.

What topics are most heavily weighted?

Preparation of financial statements is the largest content area (around 30% of the syllabus), followed by sources and recording (around 20%). Together with analysis and interpretation, these three areas form the bulk of exam questions.