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HomeCXC CAPE AccountingIncome statement and balance sheet
CXC CAPE · · Accounting

Income statement and balance sheet
Practice Questions

40 CXC CAPE Accounting questions on Income statement and 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 Income statement and balance sheet.

Try 2 sample questions on Income statement and balance sheet

Question 1 · 1 mark · Difficulty 1/3

How are drawings treated?

  1. Deducted from capital in the statement of financial position
  2. Added to capital in the statement of financial position
  3. Deducted from revenue before gross profit
  4. Charged as an expense in the income statement
Show answer & explanation
✓ Answer: ADeducted from capital in the statement of financial position
Award 1 mark. Drawings are a withdrawal of the stake held by the owner, not a cost of trading, so they never touch the income statement.
Question 2 · 1 mark · Difficulty 1/3

How is working capital calculated?

  1. Non-current assets plus current assets
  2. Capital plus non-current liabilities
  3. Current assets less current liabilities
  4. Total assets less total liabilities
Show answer & explanation
✓ Answer: CCurrent assets less current liabilities
Award 1 mark. It is also called net current assets, and it shows whether short-term obligations can be met out of short-term resources.
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CXC CAPE Accounting: Income statement and balance sheet FAQ

Is Kramizo free for CXC CAPE 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 Income statement and balance sheet practice with other Accounting topics or even switch to a totally different CXC CAPE 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 Income statement and balance sheet questions aligned to the official CXC CAPE Accounting syllabus?
Every question is written against the published CXC CAPE Accounting specification, including the exact command words (state, describe, explain, calculate, evaluate, etc.), mark allocations, and difficulty tier you'd see on a real CXC CAPE 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 CXC CAPE.
How is Income statement and balance sheet typically tested on CXC CAPE Accounting papers?
Income statement and balance sheet appears across multiple question types on real CXC CAPE 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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