Kramizo
Log inSign up free
Home › CIE IGCSE Accounting › Practice Paper
CIE · IGCSE · Accounting

Free CIE IGCSE Accounting
Practice Paper

8 mixed-difficulty practice questions in the style of real CIE IGCSE papers — answers, mark-scheme-style explanations, and the official exam structure all on one page.

Take a Mini Mock →

What the real CIE IGCSE Accounting paper looks like

Paper 1 (Multiple Choice)
40 multiple-choice questions, 1 mark each. 45 minutes. Tests breadth of knowledge.
Paper 2 (Core) / Paper 4 (Extended)
Structured written paper. 1 hour 30 minutes (Core) or 1 hour 45 minutes (Extended). Tests depth of understanding and application.
Paper 6 (Alternative to Practical)
Written paper assessing practical skills for candidates without lab access. 1 hour. Worth ~20% of the total.
Total exam time: ~3 hours, depending on tier (Core vs Extended).
Grading: Grades: A* (highest) to G (lowest), with U (ungraded). Most universities require C or above.

Mini practice paper: 8 questions

Mixed-difficulty questions from across the Accounting syllabus. Tap "Show answer" after each to check yourself.

Q1 · Difficulty 1/3

Which of the following transactions would be recorded in the general journal?

  1. Correction of an error of commission
  2. Payment to a supplier by cheque
  3. Cash sales to a customer
  4. Credit purchase of goods for resale
Show answer & explanation
✓ Answer: A — Correction of an error of commission
Award 1 mark for identifying that error corrections are recorded in the general journal. C is incorrect — cash sales are recorded in the cash book. D is incorrect — credit purchases of goods for resale are recorded in the purchases journal. B is incorrect — payments by cheque are recorded in the cash book (bank column).
Q2 · Difficulty 1/3

Where are transactions posted after being entered in a book of prime entry?

  1. To the source documents
  2. To the financial statements directly
  3. To the ledger accounts
  4. To the bank statement
Show answer & explanation
✓ Answer: C — To the ledger accounts
Award 1 mark. This two-stage process keeps the ledger free of the detail of every individual transaction.
Q3 · Difficulty 1/3

What is the main purpose of preparing a bank reconciliation statement?

  1. To calculate the bank charges for the period
  2. To explain the difference between the cash book balance and the bank statement balance
  3. To record all the transactions that have taken place during the month
  4. To correct errors made by the bank
Show answer & explanation
✓ Answer: B — To explain the difference between the cash book balance and the bank statement balance
Award 1 mark for identifying that a bank reconciliation statement explains the difference between the cash book balance and the bank statement balance at a given date. A is incorrect — bank charges are identified during reconciliation but this is not the main purpose. C is incorrect — recording transactions is the function of the cash book, not the bank reconciliation statement. D is incorrect — while errors may be identified, the main purpose is to reconcile the two balances.
Q4 · Difficulty 1/3

Kwame runs a trading business in Accra. He received an invoice from his supplier showing goods purchased on credit for $2,500. Which source document should Kwame use to record this transaction in his books?

  1. Credit note
  2. Receipt
  3. Purchase invoice
  4. Cheque counterfoil
Show answer & explanation
✓ Answer: C — Purchase invoice
Award 1 mark for purchase invoice as the source document for credit purchases. A is incorrect — a credit note is issued when goods are returned. B is incorrect — a receipt is evidence of cash payment. D is incorrect — a cheque counterfoil records cheque payments made.
Q5 · Difficulty 1/3

What are the two money columns of a two-column cash book used for?

  1. Cash and bank
  2. Debit and credit
  3. Discount allowed and discount received
  4. Sales and purchases
Show answer & explanation
✓ Answer: A — Cash and bank
Award 1 mark. A three-column cash book adds a memorandum column for discount on each side.
Q6 · Difficulty 1/3

Which item appears in the trading account section of a sole trader's income statement?

  1. Discount allowed
  2. Rent expense
  3. Carriage inwards
  4. Carriage outwards
Show answer & explanation
✓ Answer: C — Carriage inwards
Award 1 mark for identifying that carriage inwards is added to purchases in the trading account as it is a cost of getting goods to the business. D is incorrect — carriage outwards is a selling expense shown in the profit and loss section. A is incorrect — discount allowed is a finance expense in the profit and loss section. B is incorrect — rent expense is an overhead shown in the profit and loss section.
Q7 · Difficulty 1/3

Which method of inventory valuation assumes that the first items purchased are the first items sold?

  1. LIFO
  2. Specific identification
  3. AVCO
  4. FIFO
Show answer & explanation
✓ Answer: D — FIFO
Award 1 mark for identifying FIFO (First In, First Out) as the method where the earliest purchased inventory is assumed to be sold first. C is incorrect — AVCO uses a weighted average cost. A is incorrect — LIFO (Last In, First Out) assumes latest purchases are sold first and is not permitted under IAS 2. B is incorrect — specific identification tracks individual items, not a flow assumption.
Q8 · Difficulty 1/3

Which formula is used to calculate the current ratio?

  1. Current liabilities ÷ Current assets
  2. (Current assets – Inventory) ÷ Current liabilities
  3. Non-current assets ÷ Current liabilities
  4. Current assets ÷ Current liabilities
Show answer & explanation
✓ Answer: D — Current assets ÷ Current liabilities
Award 1 mark for correct formula. A is incorrect — this inverts the ratio. B is incorrect — this is the formula for the acid test (quick) ratio. C is incorrect — non-current assets are not used in liquidity ratios.
Build a 30-question timed mock →
Free account · Instant marking

CIE IGCSE Accounting FAQ

What does the CIE IGCSE Accounting exam look like?
The CIE IGCSE Accounting exam is structured across 3 components. Paper 1 (Multiple Choice): 40 multiple-choice questions, 1 mark each. 45 minutes. Tests breadth of knowledge. Paper 2 (Core) / Paper 4 (Extended): Structured written paper. 1 hour 30 minutes (Core) or 1 hour 45 minutes (Extended). Tests depth of understanding and application. Paper 6 (Alternative to Practical): Written paper assessing practical skills for candidates without lab access. 1 hour. Worth ~20% of the total. Total exam time: ~3 hours, depending on tier (Core vs Extended).
Can I download a free CIE IGCSE Accounting past paper?
Real CIE past papers are published directly by CIE on their official website. Kramizo doesn't redistribute copyrighted past papers, but we do generate free AI-written practice papers in the exact same style — same command words, same difficulty tier, same mark conventions. Use this practice paper as warm-up, then time yourself on official past papers before exam day.
How is CIE IGCSE Accounting graded?
Grades: A* (highest) to G (lowest), with U (ungraded). Most universities require C or above. Kramizo's practice questions are tagged with difficulty 1-3 mapping roughly to the lower, middle, and top grade boundaries you'll encounter in the real exam.