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 sold goods with a list price of $50 each. The terms of trade were: trade discount for more than 20 items bought 10% cash disco...
Paul rents premises from John and pays the rent by credit transfer. How would John record this? account debited account credited A bank ...
Sita discovers that $1000 received from the sale of fixtures had been entered in the sales account. Which journal entry corrected this error? debi...
The totals of a trial balance did not agree and $200 was debited to a suspense account. On checking the books it was found that two errors had been...
What would result in a cash book balance being lower than the balance showing on a bank statement?
Thembi is preparing her sales ledger control account. She needs to know: 1 The total for goods which have been returned by credit customers. 2 The ...
The following payments were made when a new machine was purchased. $ cost of the machine 32000 charge for delivering the machine...
Elzevir purchased a motor vehicle costing $8000 on 1 January 2018. It is depreciated at 40% on the reducing balance basis. Which journal entry reco...
Annual rental income due from Kumar, a tenant, is $3600. At the start of the year Kumar had prepaid rent of $900. At the end of the year he owed tw...
Joel's inventory on 31 December 2019 was valued at $4800. It was discovered that: 1 Goods, cost $100, had not been included. 2 Goods, cost $170, ha...
The statement of financial position of X Limited at 31 December 2018 included the following: $ ordinary share capital 40 000 general...
Which is a feature of debentures?
Which cost is part of the prime cost for a manufacturing business?
A manufacturing business provided the following information. $ prime cost 236 000 factory overheads 42 000 opening work in prog...
A trader provided the following information. $ trade receivables at start of the year 5000 trade receivables at end of the year 8500 cash...
Gordon provided the following information for the year. revenue $90 000 opening inventory $8000 closing inventory $2000 mark up ...
Sabelo's liquid (acid test) ratio was higher on 1 January 2019 than it was on 31 December 2019. What could have caused this?
The following ratios have been calculated for a trader. year 1 year 2 profit margin 15% 20% return on capital employed (ROCE)...
Which external parties would be interested in the accounting ratios of a business?
At the end of the financial year, a company did not account for the unused stationary valued at $50. Which accounting principle did the company apply?
A trader wrote off the balance on a credit customer's account as irrecoverable. Which accounting principle was applied?
A limited company applied the accounting objective of comparability in preparing its financial statements. What is the effect of this on the intere...
The ZED Sports Club has a shop which sells sportswear. The following details relate to the shop for the year ended 29 February 2020. Opening inven...
Ame provided the following balances from his books at 31 March 2020. Capital $ 10369 Drawings $ 4000 Equipment at cost $ 15500 Provision for depre...
Chippo owns a manufacturing business which produces product S. She provided the following information for the year ended 30 April 2020. Revenue $ ...
Rani is a trader. Her financial year ends on 31 March. She provided the following information about her three types of inventory at 31 March 2020. ...
MPT Limited prepares its financial statements to 30 April each year. The company's retained earnings at 1 May 2019 were $14000. The general reserve...
Bilal is a trader. He buys goods on credit and for cash. He sells goods on a cash basis only. The following transactions took place in April 2020. ...
The K Music Club provides facilities for listening to music and also provides a refreshment bar for members. The club had the following assets and ...
Gok is a wholesaler. He prepares his financial statements to the end of February each year. At 29 February 2020, Gok's ledger account balances incl...
Nadia is a trader. Her financial year ends on 31 March. She extracted a trial balance at 31 March 2020. The debit and credit totals did not agree. ...
The directors of JKY Limited provided the following information. For the year to 30 April 2020: Revenue $ 209510 Purchases 121618 At 30 April 2020:...
What increases owner's capital?
Carl, a trader, took goods from the business for his own use. These goods had cost $100, and $8 carriage had been paid for them to be delivered to ...
Shula's financial year ends on 31 March. On 1 April 2021 there was a credit balance of $100 on Yasmin's account in Shula's purchases ledger. What d...
Which items would be recorded in the general journal of a bakery? 1 correction of an error of principle relating to an oven repair 2 purchase of a ...
Alisha entered the credit notes she received in March in the correct returns journal. How was the total of this journal recorded in the ledger at t...
Which item would not be shown on a bank statement?
Which statement about a purchases ledger control account is not correct?
Javid's sales ledger control account had a debit balance of $12000. Interest on an overdue account, $40, and discount allowed, $150, had been omitt...
What is the effect of treating an item of capital expenditure as revenue expenditure? 1 Cost of non-current assets is overstated. 2 Cost of non-cur...
Why does a business provide for depreciation on non-current assets?
Machinery which had cost $6290 was sold for $3100. The disposal account showed a profit on disposal of $584. How much was the depreciation up to th...
The following ledger account appeared in the books of a trader. Rent receivable account $ $ 2020 2020 Dec 31 balance c/d 600 Jan 1 balance b/d 40...
Why does a business maintain a provision for doubtful debts account?
What are the advantages of being a sole trader?
Which items would appear in the income statement of a service business?
A business provided the following information. $ long-term loan 20000 trade receivables 12000 trade payables 9700 bank overdraft 2000 prepaid ...
What is added to owner's capital to calculate capital employed?
On 1 April 2020 Ahmed had a provision for doubtful debts of $290. The following journal entry was made on 31 March 2021. debit $ credit $ provisio...