Cambridge & Pearson Edexcel Past Paper Questions
Browse 35,704 questions from Cambridge O-Level & A-Level and Pearson Edexcel IGCSE & IAL exams. Click any question to practice.
A business's sales are $100000, the expenses are $30000 and the profit for the year is $20000. What is the gross profit/sales ratio?
A trader provided the following information. $ profit for the year 24 000 working capital 20 000 capital 120000 non-current liability 30000 What wa...
A business prepares its accounts on the basis that it will continue to trade in the foreseeable future. Which accounting principle is being applied?
Which statement is not correct about reasons for using international accounting standards?
Wilson maintains a three column cash book in his business. On 1 March 2019 the following balances were available. Cash $10 Bank overdraft $35 Durin...
Catherine prepared a trial balance on 30 April 2019. The trial balance did not agree. She opened a suspense account. On inspection of the books she...
Caden and Shen had traded as sole traders for many years. On 1 May 2018 they formed a partnership. The following assets and liabilities were record...
Celia is in business buying and selling goods on credit. The following information is available: At 1 May 2018 Inventory $17500 For the year ended ...
Leo is in business as a sole trader. The following balances were extracted from his books on 31 March 2019. $ Capital 80000 Drawings 25000 Non-curr...
Mikaela purchases goods from Steve. On 1 March 2019 Mikaela owed Steve $900. Mikaela provided the following information for the month of March 2019...
Khalid is a trader. On 18 April 2019 he was informed that Aiden, a credit customer who owed $600, had ceased trading. Aiden paid Khalid $240 by che...
Jayden is in business buying and selling goods on credit. The following information is available for the month of March 2019. $ Balance at 1 March ...
Midhaven Products has a production line. The following information relates to the production line workers for the month of April 2019. Total for th...
Marcel and Naomi are in partnership. The partnership agreement states that the profits and losses are shared, Marcel three-fifths, Naomi two-fifths...
The balances remaining on the books of a business after the preparation of the income statement included the following. $ loan from XY Finance 1000...
On 2 April Nina received a cheque from Zaffar, a credit customer. On 12 April the cheque was returned unpaid by the bank. What entry would Nina mak...
Ann is a trader. On 1 April Cindy's account in Ann's ledger showed a credit balance of $520. The following transactions took place during April. Ap...
Goods bought on credit by Tumelo from Tebogo are returned before they are paid for. Tumelo keeps a full double entry system. Where will Tumelo reco...
What is recorded in the sales journal?
Which statement about a two-column cash book is correct?
Which statements about trade discount are correct? 1 It is debited to the supplier's account. 2 It is only given if the invoice is paid within the ...
Why is a trial balance prepared?
The income statement of a business showed a loss for the year of $16000. On checking the books the following errors were discovered. 1 No adjustmen...
Peter's bank statement showed a debit balance of $600 on 1 April. The following transactions took place in April. $ total cheque deposits 7400 tota...
A sales ledger control account had a debit balance of $10000. It was found that a $2000 contra entry to the purchases ledger control account had be...
A business had a new extension to its workshop premises. It incurred the following expenditure. $ building cost 65000 legal fees 1800 air condition...
A non-current asset was depreciated at the end of the first year of ownership using the straight-line method based on the following information. co...
A company's financial year ended on 31 December 2019. On 1 December 2019 it paid rent, $8000, for the four months ending 31 March 2020. What was th...
Alice's financial year ends on 31 December. The balances on her books on 1 January 2020 included the following. $ commission receivable 250 debit r...
Joseph sells goods on credit and maintains a provision for doubtful debts. He wants to increase his provision for doubtful debts by $250. Which jou...
Which items are deducted from the gross profit when calculating the profit for the year? 1 balance on the provision for doubtful debts account 2 ca...
On 31 December 2019 John had net assets of $2000 and capital of $2000. On 1 January 2020, goods costing $140 were sold on credit for $220. What was...
At the end of his financial year, Raminder made an adjustment for rent owed by a tenant. How did this affect Raminder's financial statements? profi...
The owner of a business took goods for his own use but forgot to make an entry in the accounts. What was the effect of this error? profit for the y...
Rajid and Sunil formed a partnership on 1 January 2019 but did not prepare a partnership agreement. They provided the following information. Rajid ...
Harry and Jane are in partnership. The following information relates to Harry for the financial year. $ salary 8000 drawings 2800 share of profit 4...
Which item is shown in the income statement of a company and statement of changes in equity?
Hassan's capital decreased by $200 over the year, even though he made a profit of $7000. Which transactions caused this? capital introduced drawing...
Ahmed provided the following information. $ trade receivables at 1 January 2019 15000 for the year ended 31 December 2019: credit sales 85000 cash ...
Gordon provided the following information for the year. revenue $90 000 opening inventory $8000 closing inventory $2000 mark up 50% Gordon took goo...
A trader provided the following information. $ for the year ended 31 March 2020 revenue 250 000 purchases: cash 125 000 credit 115000 at March 2020...
On 1 January 2019 current assets totalled $16000 and the current ratio was 2:1. On 31 December 2019 the current liabilities had increased by 50% an...
A company provided the following information about its liquid (acid test) ratio. Year 1 1.2:1 Year 2 1.4:1 Year 3 1.6:1 Which would explain the cha...
Which user of accounting statements is interested in past performance and taking remedial action where necessary?
Rashid's financial year ends on 31 December. He paid rent on 1 February, 1 May, 1 August and 1 November. An adjustment was made in the income state...
Which statement describes the going concern principle?
Brad purchased a machine for $1000 on 1 January 2019. The machine was expected to last for four years and have no residual value. On 31 December 20...
Which are examples of book-keeping? 1 entering details of a cheque received from a customer in a cash book 2 entering details of goods purchased on...
How does a trader use the information provided by financial statements?
A trader bought new fixtures. He paid half of the purchase price in cash and agreed to pay the balance in two months' time. How does this purchase ...