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.
Kia is a trader. The totals of the trial balance prepared on 30 April 2021 did not agree and the difference was placed in a suspense account. Kia ...
Which task would be carried out by a book-keeper?
Sarah sold goods on credit to Zafar. How was this recorded in Sarah's ledgers? general ledger sales ledger
Omar sent a credit note to Miriam for goods returned. How would Miriam record this transaction? account to be debited account to be credited
The discount column on the debit side of a trader's cash book totalled $1300 and the discount column on the credit side totalled $700. How much di...
Kai bought office equipment from Meena and paid immediately by bank transfer. How should Kai record this in his accounting records? account to be...
Jabari maintains a petty cash book using the imprest system. The imprest is restored at the end of each month. Which amount restores the imprest a...
Which statement about a trial balance is correct?
What is an example of a compensating error?
After the preparation of Abdul's draft financial statements, two errors were discovered. The purchase of a machine by bank transfer, $5000, was om...
Raj had a debit balance of $10800 in the bank column of his cash book. He discovered that purchases, $890, paid by cheque, had been recorded as $98...
Why is a sales ledger control account usually prepared by a different member of staff than the person who maintains the sales ledger?
Tamal provided the following information for March, his first month of trading. Credit purchases: $9100 Credit purchases returned: $322 Total paym...
The following payments were made by John when he purchased a machine. Purchase of machine: $10000 Delivery charge: $1200 Insurance: $800 Installat...
On 1 January, Zac entered the cost of repairing equipment, $420, in the equipment account. On 31 December, depreciation of 20% per annum, using th...
Atif depreciates his motor vehicles at a rate of 20% per annum using the reducing balance method. On 1 May 2021, Atif owned motor vehicles which c...
The financial year of Yeung ends on 31 March. On 1 April 2021, he purchased a machine for $4000. He estimated that it would have a useful working ...
On 1 April 2021, commission receivable, $210, was outstanding. Commission received during the year ended 31 March 2022 amounted to $4850. Which jo...
Which statement about a debts recovered account is correct?
Nula's financial year ends on 31 December. She maintains a provision for doubtful debts of 5% of trade receivables. On 1 January 2021, the provisi...
When preparing his financial statements, a trader valued his inventory at cost. He then found that 10 units of inventory, costing $12 per unit, we...
At the end of his financial year, Marek was owed $200 for interest on a loan he had made to an employee. He recorded this in his financial statemen...
What is the purpose of preparing a partnership appropriation account?
Raj and Seema are in partnership sharing profits and losses 2:1. Raj withdrew $5000 during the year and was charged interest at 3%. Seema did not ...
A limited company raised funds from an issue of debentures. Which statement is correct?
A limited company provided the following information. Total equity on 1 January 2021: $500 000 Ordinary share dividend paid 30 June 2021: $25 000 ...
Which group contains only items included in the prime cost of a manufacturer?
A trader does not keep full accounting records but was able to provide the following information. Capital at 1 January 2021: $26 000 Capital at 31...
A business provided the following information. Opening inventory: $6800 Closing inventory: $6000 Rate of inventory turnover: 5 times What were th...
Jerry started his business on 1 January 2022 with no opening inventory. On 19 April 2022, a fire destroyed all his inventory. Jerry provided the f...
A trader provided the following information. Profit for the year: $24 000 Working capital: $20 000 Capital: $120 000 Non-current liability: $30 00...
Which actions could a clothing retailer take to improve his rate of inventory turnover? 1 increase the selling prices of all clothing 2 offer disc...
A trader is considering selling goods on credit to a new customer. What could be calculated from the customer's financial statements to indicate t...
Which accounting policy requires that the information in financial statements is free from significant errors and bias?
The following ledger account appeared in the books of Leah, a trader. Amraz account $ April 26 purchases returns 150 30 bank 1900 discount 100 bal...
Sarah sold goods on credit to Zafar. How was this recorded in Sarah's ledgers?
Omar sent a credit note to Miriam for goods returned. How would Miriam record this transaction?
Ben sold goods to David for $900 cash. In which book of prime entry would David record this transaction?
A petty cashier received $100 from the chief cashier and $10 from an employee who had made private calls on the business telephone. How would these...
After the preparation of Abdul's draft financial statements, two errors were discovered. The purchase of a machine by bank transfer, $5000, was omi...
What would be recorded on the credit side of a sales ledger control account?
Maria's draft income statement for the year ended 31 March 2022 showed a profit for the year of $38 750. On 31 December 2021, Maria received a 5% ...
Which statement about the reducing balance method of depreciation is not correct?
After the financial statements for the year ended 30 April 2022 had been prepared, a trader discovered that the closing inventory had been over-val...
Mariam owns a business providing accounting services. She provided the following information for the financial year ended 31 March 2022. $ fees owe...
Which item would not appear in the appropriation account of a partnership?
Carol and Denise are in partnership sharing profits and losses in the ratio 2:1. Denise's current account balances were as follows. at 1 May 2021...
Which statements are correct? 1 A debenture holder of a limited company is liable for the debts of the company. 2 A partner is liable to pay busin...
The draft financial statements of a limited company showed retained earnings of $31820. It was then found that no adjustment had been made for the ...
Which statement about club accounts is correct?