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 sports club provided the following information for the financial year ended 31 December 2021. $ 1 January 2021 subscriptions paid in advance 200...
A manufacturing company provided the following information. $ cost of production 345 000 finished goods 1 January 2021 42 000 31 December 2021 36 ...
Tahir provided the following information for his first year of trading. $ sales 170000 sales returns 6000 purchases 129000 Tahir's gross margin w...
A business provided the following information. $ opening inventory 6800 closing inventory 6000 rate of inventory turnover 5 times What were the p...
A trader provided the following information at the end of the financial year. $ revenue 80 000 gross profit 20000 expenses 12000 What was the pro...
A trader provided the following information. $ profit for the year 24 000 working capital 20 000 capital 120 000 non-current liability 30 000 Wha...
Samuel, a trader, decided to issue statements of account each month. Which ratio does Samuel hope to improve by doing this?
John's rate of inventory turnover was 10 times in year 1 and 8 times in year 2. What may have caused the change in the rate of inventory turnover?
Maya had annual revenue of $100000. In year 1, her gross margin was 45% and her profit margin was 5%. In year 2, her gross margin was 40% and her...
Why would a bank manager be interested in the financial statements of a business?
'Revenue should only be regarded as earned when the legal title of goods and services passes from the seller to the buyer.' To which accounting pr...
'The information provided in financial statements should be capable of being independently verified.' To which accounting policy does this stateme...
Nakul is a trader. He buys and sells goods on credit. He buys most of his supplies from one supplier, Nadia, who allows Nakul a trade discount of 2...
Fatima is a sole trader. She prepares her financial statements to the end of March each year. At 31 March 2022, Fatima's ledger account balances i...
Jules is a hairdresser. He bought some new energy-saving hairdrying equipment, $1900, on credit from YZH Limited on 30 April 2022. REQUIRED
Ekua is a trader who sells household furnishings. She has provided the following information. At 30 April 2022: $ Inventory 14650 Trade r...
The Sew and Soup Club offers membership to people who are interested in sharing sewing and knitting patterns. It runs a refreshment café for member...
Peter is a trader. The following transactions took place in April 2022. April 2 Cash sales, $410, were paid directly into the bank account 3 Paid $...
Stalla started trading on 1 April 2021. All receipts are paid into the bank and all payments are made from the bank. She has not kept a full set of...
Mosi is a trader. The totals of his trial balance at 30 April 2022 did not agree and the difference was placed in a suspense account. Mosi later di...
Nala is a trader who buys and sells stationery. She provided the following information about her inventory at 28 February 2022. Item Number of unit...
The trial balance of M Limited at 30 November 2021 was as follows. M Limited Trial Balance at 30 November 2021 Debit Credit $ Revenue $\quad$ 20360...
Why does the accountant of a business analyse its financial statements?
Padma started a business on 1 April 2022 with $30000 of her own money. On 31 March 2023, her assets and liabilities were as shown. $ machinery at ...
A trader credited the income statement and debited his capital account. What does this double entry record?
Ted, a manufacturer, purchased a machine on credit from T Limited. How did Ted record this?
The following account appeared in the books of Abdul. Hanif account 2023 $ Jan 18 returns 100 31 bank 392 discount 8 balance c/d 150 650 2023 $ Ja...
Which items are shown on a statement of account?
A trader issues an invoice for goods sold on credit. The full price of the goods is $2500. The trader allows a trade discount of 15%, and offers a...
A trader prepared a trial balance at 31 December. Which statement about this trial balance is correct?
After completing the trial balance, it was found that an amount of $4000 for motor vehicle repairs had been entered in the motor vehicle account. ...
At the end of his financial year, Zane opened a suspense account. Why was it necessary to open this account?
Jack has opened a suspense account. He has found that rent paid of $250 has been correctly entered in the rent account but credited to the bank acc...
Naila provided the following information at 31 August. $ debit balance in cash book at 31 August 449 uncredited deposits 424 unpresented cheques 1...
Which statement about a sales ledger control account is not correct?
The following partly completed account appeared in Candy's ledger. Purchases ledger control account Dec 31 bank $42000 discount received $600 Dec ...
A trader's expenditure during the year includes the following amounts. $ redecoration of premises 5000 insurance of motor vehicles 2000 purchase o...
Which statement about depreciation is correct?
Rashid provided the following balances at 31 December. machinery at cost $52000 provision for depreciation of machinery $23000 Depreciation for t...
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 ...
At the end of the financial year, Gina had the following items of clothing in her inventory. 100 t-shirts: cost price per unit $15, selling price ...
Which error causes the gross profit to be overstated?
Which group consists of only intangible assets?
At the end of the financial year, Karim decided to increase his provision for doubtful debts. How will this affect his income statement and the st...
What is included in an appropriation account of a partnership? 1 annual salary to which each partner is entitled 2 drawings made by each partner d...
X and Y are in partnership with capital of $50000 and $30000 respectively. The partnership agreement provides that profits are to be shared in pro...
What is an advantage of being a member of a limited company?
A limited company provided the following information. $ issued share capital (50000 ordinary shares of $1 each) 50 000 profit for the year ended 3...
P Limited maintains a provision for doubtful debts account. On 1 April 2022, this account had a balance of $6200. The provision should have been i...
What is included in the income and expenditure account of a tennis club?