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HomeCIE IGCSE AccountingFinancial Statements: Income Statement (Sole Traders)
CIE · IGCSE · Accounting

Financial Statements: Income Statement (Sole Traders)
Practice Questions

20 CIE IGCSE Accounting questions on Financial Statements: Income Statement (Sole Traders), 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: Income Statement (Sole Traders).

Try 2 sample questions on Financial Statements: Income Statement (Sole Traders)

Question 1 · 1 mark · Difficulty 1/3

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

  1. Carriage inwards
  2. Carriage outwards
  3. Discount allowed
  4. Rent expense
Show answer & explanation
✓ Answer: ACarriage 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. B is incorrect — carriage outwards is a selling expense shown in the profit and loss section. C is incorrect — discount allowed is a finance expense in the profit and loss section. D is incorrect — rent expense is an overhead shown in the profit and loss section.
Question 2 · 1 mark · Difficulty 2/3

Kwame runs a retail business in Accra. His financial records show the following for the year ended 31 December 2024: Opening inventory: $12,400 Purchases: $86,500 Closing inventory: $14,200 Carriage inwards: $1,800 What is the cost of sales?

  1. $84,700
  2. $86,500
  3. $88,300
  4. $100,700
Show answer & explanation
✓ Answer: B$86,500
Award 1 mark for correct calculation: Opening inventory ($12,400) + Purchases ($86,500) + Carriage inwards ($1,800) − Closing inventory ($14,200) = $86,500. A is incorrect — this omits carriage inwards. C is incorrect — this adds closing inventory instead of deducting it. D is incorrect — this adds both opening and closing inventory to purchases.
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CIE IGCSE Accounting: Financial Statements: Income Statement (Sole Traders) FAQ

How many CIE IGCSE Accounting questions on Financial Statements: Income Statement (Sole Traders) are there on Kramizo?
Kramizo currently has 20 exam-board-aligned practice questions on Financial Statements: Income Statement (Sole Traders) for CIE IGCSE Accounting, with new questions added every week. Each question gives you instant feedback and a full examiner-style mark scheme that tells you exactly what would earn marks on a real CIE paper. The questions span the full difficulty range — from straightforward recall (level 1) right up to multi-step reasoning and evaluation (level 3) — so the bank works for first-pass revision and final exam-week stress testing alike.
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: Income Statement (Sole Traders) 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: Income Statement (Sole Traders) 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: Income Statement (Sole Traders) typically tested on CIE IGCSE Accounting papers?
Financial Statements: Income Statement (Sole Traders) 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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