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Junior Cycle · Junior Cycle Business Studies

Junior Cycle Business Studies: Final accounts

How often Final accounts comes up on the Business Studies papers, every year it was asked, and questions to try.

CL Asked on 6 of the last 6 Common Level papers, most recently in 2026. banker

Final accounts, Common Level(8 marks)

Quick ones on Final accounts.

(a)Sales are €90,000 and cost of sales is €55,000. What is gross profit?
  1. €145,000
  2. €35,000
  3. €55,000
(b)Opening stock €8,000, purchases €40,000, closing stock €6,000. What is cost of sales?
  1. €38,000
  2. €54,000
  3. €42,000
(c)Which of these is a fixed asset?
  1. Machinery
  2. Stock of goods
  3. Debtors
Show the answers

(a) €35,000

(b) €42,000

(c) Machinery

Your turn: Common Level questions on Final accounts.

Common Level

Asked on 6 of the last 6 Common Level papers, most recently in 2026. banker

Every paper, year by year

YearWhere it came up
2026Q17b
2025Q1, Q14
2024Q6
2023Q17a, Q17b
2022Q17a, Q17b
2019Q14

Links open the State Examinations Commission’s paper for that year.

More Final accounts questions

Final accounts, 3 marks

Which of these is an expense in the income statement?

  1. Purchase of premises
  2. Share capital
  3. Rent paid
Show the answer

Rent paid

Expenses are day-to-day running costs like rent, wages and insurance. Premises are a fixed asset, and share capital shows how the firm is financed.

Other Business Studies topics

All of Junior Cycle Business Studies