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.
Which task is performed by a book-keeper?
In which book of prime entry does a trader record cash discount received?
The analysis columns of a petty cash book show the following totals. $ postage 20 stationery 31 How should these totals be posted to the ledger?
Which business documents are not entered in the books of prime entry? 1. credit note 2. debit note 3. invoice 4. statement of account
A trader has the following ledger account. heat and light account $ $ year 1 year 1 January 1 balance b/d 400 December 31 income statement 4850 Dec...
Trevor prepared his financial statements for the year ended 31 December 2020. He then discovered that he had omitted to record a cash payment, $240...
A payment of $68 for insurance has been entered in the insurance account as $86. Which double entry will correct this?
A business has received a bank statement. The bank statement shows the following entries. 1. a cheque issued to a credit supplier 2. a cheque recei...
On 31 May the bank statement of a business showed a positive bank balance of $1790. Comparing the bank statement with the cash book the following i...
What would not be included in a sales ledger control account?
Nadia provided the following information for the month of July. $ 1 July sales ledger control account balance debit 1750 credit 215 For the month o...
Samir runs a car hire business. He received cash payments for car hire. He also received the proceeds from the sale of an old vehicle. Which type o...
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 400 ...
Mandeep depreciates his motor vehicles at the rate of 20% using the straight-line method. A full year's depreciation is provided in the year of pur...
Why does a trader maintain a provision for doubtful debts? 1. to ensure amounts owing to the business for which payment is unlikely to be received ...
Why is inventory valued at the lower of cost and net realisable value?
At the end of the financial year Cindy valued her inventory at cost. This valuation incorrectly included damaged goods costing $300. Cindy estimate...
Which business is not a service business?
A trader was preparing her statement of financial position at 30 June 2021. She had four bank loans. loan date repayable $ 1 1 December 2021 5000 2...
What is shown in a partnership appropriation account?
A company supplied the following information. $ issued and paid up share capital 300 000 general reserve 45000 long-term bank loan 8000 retained ea...
Which apply to both debentures and preference shares?
The AB Sports Club runs a café for the use of members. The treasurer prepared draft financial statements which showed a deficit of $700 and an accu...
Which accounting statement prepared by the treasurer of a sports club provides a summary of all the monies received and paid out during the financi...
At the end of the financial year, a manufacturing business owed rent on its factory. The business adjusted its financial statements to account for ...
What is a direct cost for a manufacturer?
A business uses 20% mark up to arrive at its selling prices. During the year it made purchases of $35000 and the inventory decreased from $7000 to ...
What is needed for the preparation of a statement of affairs?
A trader provided the following information. $ cash purchases for the year 146 000 credit purchases for the year 108 000 trade payables at the year...
George provided the following information. $ non-current assets 15000 inventory 12000 trade receivables 18000 trade payables 8000 His liquid (acid ...
The following ratios have been calculated for a trader. year 1 year 2 profit margin 15% 20% return on capital employed (ROCE) 9% 6% What explains t...
William is a trader. He has received an order from James to supply goods on credit. When should William regard the revenue as earned?
Jameel's financial year ends on 31 December. On 1 January 2021 he brought down a debit balance on his stationery account. What does this balance re...
Alex issued credit notes in August and entered them in the correct book of prime entry. How was the total of this book of prime entry recorded in t...
Which business documents are used as sources of information to make entries in the cash book?
What is the double entry for recording a cheque payment to a credit supplier? debit credit A bank account purchases ledger account B bank account ...
A book-keeper made two errors which cancelled each other out. Which type of error did he make?
The totals of a trial balance did not agree and $200 was debited to a suspense account. The book-keeper then checked the books and found the follow...
A trader took some goods from the business for his own use. He credited the purchases account with the cost price of the goods, $200, and credited ...
What would result in the cash book balance being lower than the bank statement balance?
The bank statement of a business showed a credit balance of $280 on 31 December. At that date there were unpresented cheques of $312. A standing or...
A business keeps a complete set of books of accounts. What is not used as a source of information for making entries in control accounts?
Which item would not appear in the purchases ledger control account?
The cost of repairs to machinery was debited to the machinery account. What was the effect of this error? non-current assets profit for the year A...
A trader sold one of his vehicles. What is the journal entry to remove the total depreciation on the vehicle sold? account debited account credite...
Why is it important to match costs and revenues?
Devendra prepared the following journal entry. debit $ credit $ irrecoverable debts 714 Tobias 714 Which statement is correct?
Alex purchased goods costing $1000. She planned to resell the goods at a mark-up rate of 25%. These goods were unsold at the year end and were foun...
'Unlimited liability' is one of the disadvantages of operating as a sole trader. What is the correct explanation of unlimited liability?
Which item is a current asset?