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Subjects · Leaving Cert Accounting

Leaving Cert Accounting: Final accounts

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

HL Asked on 4 of the last 10 Higher Level papers, most recently in 2025.

OL Asked on 5 of the last 10 Ordinary Level papers, most recently in 2026.

Final accounts, Higher Level(6 marks)

Quick ones on Final accounts.

(a)Carriage inwards is added to…
  1. Distribution costs
  2. Cost of sales
  3. Sales
(b)Closing stock appears in…
  1. The profit and loss account only
  2. The balance sheet only, as a current asset
  3. The trading account and the balance sheet
(c)Gross profit less expenses plus gains equals…
  1. Net profit
  2. Turnover
  3. Cost of sales
Show the answers

(a) Cost of sales

(b) The trading account and the balance sheet

(c) Net profit

Your turn: Higher Level questions on Final accounts.

Higher Level

Asked on 4 of the last 10 Higher Level papers, most recently in 2025.

Every paper, year by year

YearWhere it came up
2026Not asked
2025Q1
2024Not asked
2023Q1
2022Not asked
2021Q1
2019Not asked
2018Not asked
2017Q1
2016Not asked

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

More Final accounts questions

Final accounts, 2 marks

Sales less cost of sales equals…

  1. Net profit
  2. Turnover
  3. Gross profit
Show the answer

Gross profit

E.g. sales €100,000 − cost of sales €60,000 = gross profit €40,000. Expenses are deducted after that to get net profit.

Final accounts, 2 marks

Cost of sales = opening stock + net purchases − …

  1. Gross profit
  2. Closing stock
  3. Sales
Show the answer

Closing stock

E.g. opening stock €5,000 + purchases €40,000 − closing stock €7,000 = cost of sales €38,000, the cost of goods actually sold.

Ordinary Level

Asked on 5 of the last 10 Ordinary Level papers, most recently in 2026.

Every paper, year by year

YearWhere it came up
2026Q1
2025Not asked
2024Q1
2023Q1
2022Not asked
2021Q1
2019Not asked
2018Q1
2017Not asked
2016Not asked

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

More Final accounts questions

Final accounts, 3 marks

Gross profit €30,000; expenses €18,000; discount received €1,000. Net profit?

  1. €11,000
  2. €49,000
  3. €13,000
Show the answer

€13,000

Net profit = gross profit − expenses + gains = €30,000 − €18,000 + €1,000 = €13,000.

Final accounts, 2 marks

Carriage outwards is shown in the…

  1. Balance sheet, as a current liability
  2. Profit and loss account, as an expense
  3. Trading account, as part of the cost of sales figure
Show the answer

Profit and loss account, as an expense

Carriage outwards is the cost of delivering goods to customers, so it is a selling and distribution expense.

Final accounts, 2 marks

Returns inwards (sales returns) are deducted from…

  1. Sales
  2. Purchases
  3. Net profit
Show the answer

Sales

Goods sent back by customers cancel part of the sales, so the trading account shows sales less returns inwards.

Other Accounting topics

All of Leaving Cert Accounting