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CXC · CSEC · Principles of Accounts

Free CXC CSEC Principles of Accounts
Practice Paper

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

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What the real CXC CSEC Principles of Accounts paper looks like

Paper 1 (Section A)
60 multiple-choice questions, 1 mark each. 75 minutes. Tests knowledge across the whole syllabus.
Paper 2
Structured short-answer + 1 extended response question. Section A is compulsory; Section B has a choice. Approximately 2 hours 10 minutes.
School-Based Assessment (SBA)
Coursework component graded by the teacher, externally moderated. Worth ~20-30% of the final grade depending on subject.
Total exam time: ~3.5 hours across Paper 1 and Paper 2 sittings.
Grading: Grades: I (highest) to VI (lowest). A grade of III or above is typically required for further study.

Mini practice paper: 8 questions

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

Q1 · Difficulty 1/3

Which document contains the objects clause of a limited company?

  1. Articles of Association
  2. Memorandum of Association
  3. Certificate of Incorporation
  4. Prospectus
Show answer & explanation
✓ Answer: B — Memorandum of Association
Memorandum of Association. Award 1 mark for correct identification. The objects clause, which states the purposes for which the company was formed, is contained in the Memorandum of Association. A is incorrect — Articles deal with internal management. C is incorrect — this is proof of registration. D is incorrect — this invites the public to subscribe for shares.
Q2 · Difficulty 1/3

The current ratio of a business is calculated as:

  1. Current Assets ÷ Current Liabilities
  2. Current Liabilities ÷ Current Assets
  3. Fixed Assets ÷ Current Liabilities
  4. Current Assets ÷ Fixed Assets
Show answer & explanation
✓ Answer: A — Current Assets ÷ Current Liabilities
Award 1 mark for identifying the correct formula. B is incorrect — this is the inverse of the current ratio. C is incorrect because fixed assets are not used in liquidity ratios. D confuses asset categories and does not measure liquidity.
Q3 · Difficulty 1/3

A business in Port of Spain purchased office furniture for $8,500 cash. In which book of original entry should this transaction FIRST be recorded?

  1. Purchases Journal
  2. General Journal
  3. Cash Book
  4. Sales Journal
Show answer & explanation
✓ Answer: C — Cash Book
Award 1 mark for identifying that cash transactions are first recorded in the Cash Book. A is incorrect — the Purchases Journal records credit purchases of goods for resale only, not fixed assets. B is incorrect — the General Journal is used for non-routine transactions. D is incorrect — the Sales Journal records credit sales.
Q4 · Difficulty 2/3

Devon and Natalie are partners in a coconut processing business in Trinidad. Devon contributed $80,000 capital and Natalie contributed $120,000. The partnership agreement allows interest on capital at 6% per annum. What is Natalie's interest on capital for one year?

  1. $4,800
  2. $7,200
  3. $12,000
  4. $6,000
Show answer & explanation
✓ Answer: B — $7,200
Award 1 mark for correct calculation: $120,000 × 6% = $7,200. A is incorrect — this is Devon's interest ($80,000 × 6%). C is incorrect — this represents 10% interest. D is incorrect — this would be 5% of Natalie's capital.
Q5 · Difficulty 2/3

Janet runs a craft store in Kingston, Jamaica. She received a credit note from her supplier for $350 due to damaged beads returned. Which book of original entry should Janet use to record this transaction?

  1. Sales Returns Journal
  2. Purchases Returns Journal
  3. General Journal
  4. Cash Book
Show answer & explanation
✓ Answer: B — Purchases Returns Journal
Award 1 mark for identifying that goods returned to suppliers are recorded in the Purchases Returns Journal (Returns Outwards Journal). A is incorrect — the Sales Returns Journal records goods returned BY customers, not TO suppliers. C is incorrect — the General Journal is for non-routine entries. D is incorrect — no cash movement occurred.
Q6 · Difficulty 2/3

The Guyana Agricultural Society operates a refreshment stall at exhibitions. Which financial statement should be prepared to show the profit or loss from this trading activity?

  1. Receipts and Payments Account
  2. Income and Expenditure Account
  3. Trading Account (Bar Trading Account)
  4. Statement of Financial Position
Show answer & explanation
✓ Answer: C — Trading Account (Bar Trading Account)
Award 1 mark for identifying the Trading Account/Bar Trading Account. Separate trading activities such as refreshment stalls, bars, or canteens require a Trading Account to determine the gross profit, which is then transferred to the Income and Expenditure Account. A records only cash movements. B is where the trading profit is eventually credited. D shows financial position, not trading results.
Q7 · Difficulty 1/3

A partnership's Appropriation Account shows the distribution of:

  1. Gross profit among partners
  2. Net profit among partners
  3. Revenue among partners
  4. Capital among partners
Show answer & explanation
✓ Answer: B — Net profit among partners
Award 1 mark for identifying that the Appropriation Account distributes net profit. A is incorrect — gross profit is shown in the Trading Account. C is incorrect — revenue is recorded in the Income Statement. D is incorrect — capital is shown in the partners' Capital Accounts, not the Appropriation Account.
Q8 · Difficulty 1/3

Which of the following BEST describes the main purpose of accounting?

  1. To calculate the taxes owed by a business
  2. To record, classify, summarise and interpret financial information
  3. To prepare documents for bank loans only
  4. To count the cash in a business at the end of each day
Show answer & explanation
✓ Answer: B — To record, classify, summarise and interpret financial information
Award 1 mark for identifying that accounting involves recording, classifying, summarising and interpreting financial information for decision-making. A is incorrect — tax calculation is only one use of accounting information. C is incorrect — accounting serves multiple stakeholders, not just banks. D is incorrect — cash counting is only a small part of the recording function.
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CXC CSEC Principles of Accounts FAQ

What does the CXC CSEC Principles of Accounts exam look like?
The CXC CSEC Principles of Accounts exam is structured across 3 components. Paper 1 (Section A): 60 multiple-choice questions, 1 mark each. 75 minutes. Tests knowledge across the whole syllabus. Paper 2: Structured short-answer + 1 extended response question. Section A is compulsory; Section B has a choice. Approximately 2 hours 10 minutes. School-Based Assessment (SBA): Coursework component graded by the teacher, externally moderated. Worth ~20-30% of the final grade depending on subject. Total exam time: ~3.5 hours across Paper 1 and Paper 2 sittings.
Can I download a free CXC CSEC Principles of Accounts past paper?
Real CXC past papers are published directly by CXC 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 CXC CSEC Principles of Accounts graded?
Grades: I (highest) to VI (lowest). A grade of III or above is typically required for further study. 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.