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.
X Limited started the year with an ordinary share capital of $100000. An ordinary share dividend of $3000 was paid during the year. Later a further...
Which providers of funds to a limited liability company receive a fixed rate of return on their investment?
Every member of a sports club is required to pay an annual subscription of $50. The subscriptions account showed the following. Subscriptions accou...
Which term is used to describe the surpluses which have been earned by a club over its lifetime?
Nula provided the following information for the year ended 31 March 2021. drawings for the year $3900 net assets at 1 April 2020 $60500 net asset...
A trader who does not keep full accounting records was able to supply the following information. $ amount owed by trade receivables at 1 April 202...
A trader provided the following information. $ revenue 120000 inventory at the start of the year 9600 inventory at the end of the year 10200 A ...
George provided the following information. $ non-current assets 15000 inventory 12000 trade receivables 18000 trade payables 8000 His liquid (...
A trader provided the following information. $ $ revenue 3600 opening inventory 100 purchases 2600 2700 closing inventory 300 2400 gross pro...
The current ratio of X is 2:1. The current ratio of Y is 1.3:1. What does a comparison of these ratios show?
Which external parties would be interested in the financial statements of a trader? 1 a bank manager considering a request by the trader for a loan...
Sabeena runs a retail business. She plans to close her business in a few weeks' time. How should her fixtures and fittings be valued in the stateme...
Why should a trader match his costs for a financial year with the revenues for the same period?
Which international accounting objectives are described by the following statements? 1 Information in financial statements must be free from materi...
Which statements about book-keeping and accounting are correct? 1 Accounting is performed periodically rather than daily. 2 Accounting relies on h...
William paid $500 in cash to Sonia for rent. How did Sonia record this?
Abdul buys all his machinery on credit. He provided the following information. at 30 April 2020: machinery at cost $30000, amounts owing to suppli...
Jameel sold goods on credit. Where did he first record the invoice he issued?
Which statements about a three-column cash book are correct? 1 It contains ledger accounts for bank and cash. 2 It contains ledger accounts for di...
Which statement is not true about a trial balance?
Which error is an error of original entry?
A cheque, $85, received from Shakeel, was credited to the account of Shamz. Which journal entry corrects this error?
Jamal's bank statement at 1 May 2021 showed a bank overdraft of $1460. At that date there were unpresented cheques of $385 and uncredited deposits...
What is included in a purchases ledger control account?
Which statements about capital expenditure are correct? 1 It is money spent on day-to-day business operations. 2 It is money spent on purchasing n...
Nia sold equipment with a net book value of $200. The proceeds of the sale, $250, were credited to the sales account and debited in the cash book. ...
A machine with an original cost of $10000 had been depreciated for two years at the rate of 10% per annum using the straight-line basis. It was the...
Why would a bakery business not include a value for inventory of stationery in the statement of financial position?
Shilpa's financial year ends on 30 April. On 31 March 2021 she wrote off a debt owed by Tahir as irrecoverable. Which entry did Shilpa make on 31 ...
James is an accountant and operates as a sole trader. Which items would not appear in his statement of financial position? 1 long-term loan 2 ret...
Zaha is a consultant who receives fees from clients. How would Zaha calculate his profit for the year?
What is an advantage of forming a partnership?
Ann and Ben are in partnership sharing profits and losses equally. They provided the following information for the year ended 30 April 2021. profi...
Which statement about a receipts and payments account is incorrect?
How does a manufacturer calculate prime cost?
A trader provided the following information. cost of sales $80000 expenses $4000 profit for the year $16000 What was the profit margin?
A trader provided the following information. revenue $3600 opening inventory $100 purchases $2600 closing inventory $300 gross profit $1200 It was...
Sally's business has reached the overdraft limit set by the bank of $1500 and is not able to pay its debts when they fall due. Sally is considerin...
Company X and Company Y provided the following information. gross margin Company X 36.7% Company Y 42.6% profit margin Company X 5.4% Company Y 5.4...
The current ratio of X is 2:1. The current ratio of Y is 1.3:1. What does a comparison of these ratios show?
Which international accounting objectives are described by the following statements? 1 Information in financial statements must be free from mater...
Rahat is a trader. The following transactions took place in March 2021. March 3 Cash sales, $580, were paid directly into Rahat's business ba...
John and Banu are partners. The partners provided the following list of balances at 31 March 2021. ...
TC Limited is a manufacturing company. The company's year end is 31 January. On 31 January 2021, the company's ledger account balances included the...
Neith is a trader. Her financial year ends on 31 March. Neith prepared the following trial balance which contains errors. Neith Trial Balance at 3...
Omer is a trader. He provided the following information. For the year ended 30 April 2021 $ C...
Leo maintains a petty cash book using the imprest system. The imprest amount, which is $200, is restored on the first day of each month. All payme...
Tej is a trader who sells goods on credit. His year end is 28 February. Tej provided the following information. At 1 March 2020 Trade receivables ...
The trial balance of HV Limited at 31 March 2021 was as follows. HV Limited Trial Balance at 31 March 2021 Debit Credit $ Revenue $ 145 000 Invent...
RIA Music Club owns its premises where it has a shop and a number of music rooms. Shop sales are for cash and shop purchases are on credit. Mark-up...