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.
Tim started a manufacturing business on 1 January. He provided the following information about his first year in business. $ closing inventory of ...
Hassan's capital decreased by $200 over the year, even though he made a profit of $7000. Which transactions caused this?
A trader provided the following information. credit sales $36000 cash sales 10% of total sales net profit margin 30% How much is the net profit?
The table shows the gross margin and profit margin for four businesses. Which business controls its overheads most efficiently?
Ramiz works as a sales manager in a car showroom. He is paid on the basis of the number of cars sold. Which accounting ratio will be relevant to R...
Manvinder started a business and paid a cheque for $1000 into a business bank account. He recorded this in the books of the business by debiting th...
A trader always records assets and expenses in his ledger at the price he paid for them. Which accounting principle is he applying?
What is the main function of book-keeping?
Which components of a statement of financial position do descriptions 1, 2 and 3 relate to? 1 finance and other resources that have been provided b...
A cheque received from Kate, a credit customer, was dishonoured. How was this dishonoured cheque recorded?
What does the sales ledger of a business contain?
Which action is an example of double entry book-keeping?
What is true about cash discounts received?
Tahir prepared a trial balance. He entered both the balance on the discount allowed account, $900, and the bank overdraft, $750, in the wrong colum...
Goods sold on credit to J Sharp were debited in error to the account of T Sharpe. Which type of error has been made?
Khalid made entries in a suspense account to correct two errors found in his ledger accounts. Once the errors were corrected, the suspense account ...
Maya depreciates her motor vehicle at 25% per annum using the straight-line method. The motor vehicle cost $15000. The depreciation for the current...
On 1 August, the sales ledger control account had a debit balance of $1800. During August, a debt of $200 was written off as irrecoverable and $100...
A wholesaler had the following transactions. sold goods, $30000, on credit received cheque, $12000, from sale of old fixtures at book value How wou...
A trader debited the cost of repairing office equipment to the office equipment account. How did this error affect the financial statements?
A business bought two assets, X and Y, on 1 January 2022, for $2000 each. It depreciates asset X by 10% per annum using the straight-line method, a...
Ravi's financial year ends on 30 April. Ravi bought a motor vehicle for $8000 on 1 May 2020 and sold it for $4050 on 1 May 2022. He uses the reduci...
On 2 January, Razia wrote off $450 owed to her by Annette, a credit customer, as irrecoverable. On 2 October, Annette paid $100 by cheque in part s...
Asha provided the following information about her inventory at the end of the financial year. product number of units cost price per unit $ selling...
Which group contains only service businesses?
What does the statement of financial position of a business show?
A trader pays her insurance premium on 1 January each year for the following 12 months. She made the following payments for insurance. 1 January 20...
Which item is added to the profit for the year in a partnership appropriation account?
Abi and Erni are in partnership. Erni is entitled to an annual partnership salary of $3000. They share residual profits and losses equally. The pro...
What is meant by the term equity?
During the financial year, AB Limited paid debenture interest of $1400 relating to that financial year. At the end of the year, debenture interest ...
Which items are included in an income and expenditure account prepared for a sports club? 1 cost of new furniture purchased during the year for the...
Melody is a music club. The club holds a music concert once every year. Prizes are awarded to musicians selected by a judge. The club provided the ...
A business provided the following information. opening inventory of raw material 50 000 closing inventory of raw material 60 000 purchases of raw m...
Ashwin started a business as a taxi driver on 1 January 2022. His taxi cost $5000 and he paid $100 into a business bank account. He did not keep an...
A trader did not keep a complete set of accounts. He provided the following information for the year. opening trade payables 5000 closing trade pay...
T Limited provided the following information. net profit before interest 29 200 profit for the year 28000 equity at the year-end 192000 6% debentur...
Sabelo's liquid (acid test) ratio was higher on 1 January 2022 than it was on 31 December 2022. What could have caused this?
The following ratios relate to the businesses of Ewa and Max. current ratio 2.2:1 liquid (acid test) ratio 1.4:1 Max 2.4:1 1.0:1 An accounting stud...
A café owner made no entry in her accounts for increased competition when another café opened nearby. Which accounting principle was applied?
Shvan maintains a petty cash book using the imprest system. The imprest amount, which is $200, is restored every Wednesday. All payments of less t...
Stalla is a sole trader who sells on credit. She maintains a provision for doubtful debts at 4% of trade receivables. Stalla's trade receivables w...
Eshe is a trader. She has prepared a trial balance at 31 March 2023. The totals did not agree and the difference was placed in a suspense account. ...
Salman owns a footwear factory. He sells to all of the three local shoe shops. Salman prepares his financial statements to 30 April each year. At ...
Q Limited prepares its financial statements to 31 March each year. The company's retained earnings at 1 April 2022 were $16250. During the year end...
Omer is a trader. The following transactions took place in April 2023. April 3 Paid $1000 into the bank from his own personal money 7 Paid $360 to ...
Ramla has calculated her draft profit figure for the year ended 28 February 2023. Adjustments in Ramla's ledger accounts have still to be made for ...
The Favourite Book Club was formed several years ago. The subscription amount of $52 per annum has remained unchanged since the club started. All s...
Akila and Darius are in partnership. The partnership agreement provides for the following: interest on capital of 3% per annum interest on drawings...
Amadi prepared the following trial balance which is not yet totalled and contains errors. Amadi Trial balance at 31 March 2023 Debit | Credit $ | $...