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 trader's assets increased by $25000 and liabilities decreased by $5000 during the year. He took no drawings during the year. What was the profit ...
A trader does not maintain a full set of accounting records. How could he calculate the profit for the year?
Janice started trading on 1 January. All her sales were made on a cash basis. During the year, Janice paid wages of $12100 and took drawings of $78...
A trader provided the following information. [Table with data: 'revenue $120000', 'inventory at the start of the year $9600', 'inventory at the end...
A trader provided the following information for the year ended 31 December. [Table with data: 'total cash and credit purchases of goods for resale ...
The following information is taken from an income statement. [Table with data: 'cost of sales $15000', 'gross profit $10000', 'motor expenses $4000...
The trade receivables turnover of a business is 42 days. Trade receivables are allowed 30 days to settle their accounts. The business has difficult...
A business does not record the skills or morale of its employees in its financial statements. Which accounting principle is being applied?
What does the objective of understandability assume users of financial statements will possess?
Rikado left his job as a machine operator to start his own manufacturing business. Why was he interested in his financial statements at the end of ...
How is owner's equity calculated?
Shula's financial year ends on 31 March. On 1 April 2024, there was a credit balance of $100 on Yasmin's account in Shula's purchases ledger. What ...
Which document may be used by a business as proof that an invoice has been paid?
Raminder maintains a petty cash book using the imprest system. The monthly imprest of $250 is restored on the first day of each month. In January, ...
Which statement about cash discounts is not correct?
Ziningi prepared a trial balance. The total of the debit column was $225750, and the total of the credit column was $225250. What could explain the...
Michael opened a suspense account when he prepared draft financial statements. He then discovered that purchases of $68 had been credited to the pu...
Sameer calculated that his profit for the year was $6300. He then found two errors. 1 A cheque for $3250, received from a credit customer, had only...
Miguel's cash book showed a debit bank balance of $4220. He later discovered the following errors. 1 A cheque for $200, issued for the purchase of ...
A trader was reconciling his bank statement with the updated balance of his cash book. There were unpresented cheques and uncredited deposits. The ...
Mary is a trader. She has a debit balance in the bank column of her cash book. Mary has received her bank statement and needs to update her cash bo...
The cash book provides information for which control account item?
When Mark started a car repair business, he purchased premises and equipment. Two years later, he spent $5000 on building an extension, $600 on new...
On 1 January 2023, equipment was purchased for $50000. The equipment is expected to have a useful life of five years and a residual value of $10000...
Anjum rents part of her premises to Ajay for $6120 per annum. At the beginning of the year, Ajay had paid two months' rent in advance. At the end o...
Why does a trader write off money owed by a credit customer as an irrecoverable debt?
Shilpa's financial year ends on 30 April. On 31 March 2025, she wrote off a debt owed by Tahir as irrecoverable. Which entry did Shilpa make on 31 ...
Tony has prepared an inventory calculation statement at the end of the financial period. The table shows: Item | cost () | net realisable value () ...
Draft financial statements prepared at the end of the first year of trading show: • draft profit for the year of $24000 • trade receivables of $630...
Ann and Bob are in partnership and share profits in the ratio 3 : 2 respectively. Ann is entitled to a salary of $20 000 per annum. There is no int...
What are the advantages to shareholders of operating as a limited company? 1 It has a separate legal identity. 2 It makes it easier to prepare fina...
During the year ended 31 March 2025, subscriptions received by a club amounted to $2500, of which $120 related to the next financial year. On 31 Ma...
The bank account kept by a sports club shows that subscriptions totalling $2695 were received during the financial year. This figure includes arrea...
A tennis club sells refreshments on match days. At the end of the first accounting period, the receipts and payments account included the following...
A manufacturing business calculated the following amounts for the year ended 30 April 2025: prime cost: $360000 factory overheads: $114850 work in ...
Which items are included in the calculation of prime cost in a manufacturing account?
A manufacturer's work in progress at the start of the year was valued at $850. At the end of the year it was valued at $10200. What was the effect ...
Gustav began a business on 1 January 2023 with $50000 capital. He provided the following information for the year ended 31 December 2024: capital o...
The following information is available at the end of Savid's first year of trading: Amount owed by credit customers: $9600 Amount owed to credit su...
Which statement is a limitation of the comparison of the accounting ratios of different businesses?
Maluti has a trading business that has a bank overdraft and makes a profit. Why would the government be most interested in the financial statements...
Vikram wanted to apply the principle of consistency when accounting for the use of his delivery van. What did this require?
Benson wanted to compare his profitability with that of his competitors. However, the completion of his financial statements was significantly dela...
Anika started in business on 1 March 2024, but she did not start to keep full book-keeping records until 1 March 2025. Anika's assets and liabilit...
Mo is a farmer. He prepares his financial statements to 31 December each year. He delivers his farm produce to his customers in his delivery vehicl...
Nabil prepared a trial balance at 30 April 2025. The total of the debit side was $95428, and the total of the credit side was $95156. Nabil placed ...
H Limited prepares its financial statements to 30 April each year. During the year ended 30 April 2025, the following took place: 1 The company m...
Grace owns a factory which makes shoes. She buys handbags from a supplier and sells the shoes and handbags. Grace prepares her financial statement...
Kadima is a trader. He sells on credit only. During March 2025, the following transactions took place. March 4 Paid Lee, $196, by bank transfer in ...
Farah and Salma are sisters who trade as a partnership. Their partnership agreement provides for the following: • interest on capital of 2% per ann...