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Financial Statements: Balance Sheet
Practice Questions

20 CIE IGCSE Accounting questions on Financial Statements: Balance Sheet, each with instant feedback and a full examiner-style mark scheme.

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✨ Revision guide includes key terms, worked examples and exam technique for Financial Statements: Balance Sheet.

Try 2 sample questions on Financial Statements: Balance Sheet

Question 1 · 1 mark · Difficulty 1/3

Which of the following items would be classified as a non-current asset in the balance sheet?

  1. Inventory
  2. Trade receivables
  3. Bank overdraft
  4. Motor vehicles
Show answer & explanation
✓ Answer: D — Motor vehicles
Award 1 mark for identifying that motor vehicles are held for long-term use in the business (more than one year). B is incorrect — trade receivables are current assets as they are expected to be converted to cash within 12 months. C is incorrect — bank overdraft is a current liability. A is incorrect — inventory is a current asset as it is held for resale within the normal operating cycle.
Question 2 · 1 mark · Difficulty 2/3

Kwame runs a trading business in Accra. At 31 December 2024, his business has the following: - Premises $120,000 - Trade payables $8,500 - Trade receivables $12,400 - Bank loan (repayable 2028) $30,000 - Inventory $9,600 What is the total of Kwame's current assets?

  1. $141,600
  2. $22,000
  3. $129,600
  4. $142,000
Show answer & explanation
✓ Answer: B — $22,000
Award 1 mark for correct calculation: Trade receivables $12,400 + Inventory $9,600 = $22,000. C is incorrect — includes premises which is a non-current asset. D is incorrect — includes premises and excludes inventory. A is incorrect — adds all assets including premises.
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20 questions · 25 min · free

CIE IGCSE Accounting: Financial Statements: Balance Sheet FAQ

Is Kramizo free for CIE IGCSE students preparing for Accounting?
Yes — completely free. Every student gets 45 questions a day on the free plan, with no card required and no trial countdown. That free quota works across every subject and every topic in our bank, so you can mix Financial Statements: Balance Sheet practice with other Accounting topics or even switch to a totally different CIE subject without paying anything. Kramizo's optional Pro plan removes the daily cap and adds detailed progress analytics, but the free tier is the real product — used by thousands of GCSE, IGCSE and CSEC students.
Are the Financial Statements: Balance Sheet questions aligned to the official CIE IGCSE Accounting syllabus?
Every question is written against the published CIE IGCSE Accounting specification, including the exact command words (state, describe, explain, calculate, evaluate, etc.), mark allocations, and difficulty tier you'd see on a real CIE paper. Explanations are written in the style of official examiner mark schemes — they tell you what is being awarded marks and why distractors are wrong, not just whether you got it right. The bank is continually refined to match the latest syllabus updates from CIE.
How is Financial Statements: Balance Sheet typically tested on CIE IGCSE Accounting papers?
Financial Statements: Balance Sheet appears across multiple question types on real CIE IGCSE Accounting papers — most commonly as multiple-choice questions in the objective section, structured short-answer questions in the main paper, and occasionally as part of an extended response. Kramizo's practice bank reflects that mix: 4-option MCQs, true/false statements, fill-in-the-blank key terms, multi-select questions, and ordering questions. Working through the bank gives you exposure to every question style examiners actually use.

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