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.
Jasmine owns a consulting business. At 1 April 2024, Jasmine's ledger accounts included the following balances. Motor vehicles $16000 Provision for...
Bilal prepared a trial balance at 31 December 2024. Bilal later discovered the following errors. 1 Goods taken for Bilal's own use, costing $185, h...
Rexford is a trader. All his sales and purchases are on credit. He does not keep a full set of accounting records but has provided the following in...
A trader prepares financial statements (final accounts) each year. What do these assist the trader to do? A calculate the amount owing to creditors...
Which does not reduce the owner's capital? A business expenses paid using a personal cheque B cash withdrawn from the business bank account for per...
A customer returns goods to a supplier. How does the supplier record this in his ledger? account to be debited | account to be credited A customer ...
Which transaction is recorded in the purchases ledger? A cash purchases B cheque paid to a creditor C cheque received from a debtor D purchase of n...
Which document may be sent by a purchaser to a supplier when damaged goods are returned? A credit note B debit note C invoice D statement of account
Where is the total of the purchases journal posted? A credit income statement (trading account) B debit income statement (trading account) C credit...
Wayne sold goods with a list price of $5000 to a credit customer. The customer was allowed a 5% trade discount and a further 2½% cash discount if p...
The totals of the discount columns in a trader's cash book were as follows. $200 debit $150 credit Which entry did the trader make in the discount ...
On 1 September the bank statement showed an overdrawn balance of $2015. A refund for insurance, $74, and bank charges, $86, have not been entered i...
Sarah bought a motor vehicle on credit from Ace Motors for $8000. Which journal entry did Sarah make to record this? | debit $\ | credit $\ A Ace ...
The following incomplete account appears in Singh's sales ledger. Bashir account 2010 | debit $\ | credit $\ | balance $\ June 1 Balance | | | 800...
The following account appears in the ledger of Chan. Fu account 2010 | $ | 2010 | $\ Aug 28 Bank | 100 | Aug 1 Balance b/d | 100 31 Balance c/d | ...
A cheque received from Joe was credited to Joanna's account. Which type of error was made? A commission B compensating C original entry D principle
Paul's financial year ends on 31 December. He purchased premises on 1 July 2008. The insurance premium payable on the premises was: 1 July 2008 – 3...
A trader decides to change his provision for doubtful debts from 2% of trade receivables (debtors) to 3% of trade receivables (debtors). Which entr...
A restaurant spends the following amounts. cutlery | 500 food | 5000 plates | 1500 drinks | 3000 What is the amount of capital expenditure? A $2000...
Sam buys a new computer for business use and the cost is debited to the purchases account. What is the effect of this error on the profit for the y...
Mandy depreciates her motor vehicles annually. Which journal entry records the depreciation for the year ended 31 December 2009? debit $\ | credit ...
Zafar purchased a motor vehicle for $4800. He estimated the residual value will be $300. Zafar decided to write off the motor vehicle over 4 years....
Which will not appear in a sales ledger control account? A discounts allowed B interest charged on overdue accounts C provision for doubtful debts ...
Beth provided the following information. 1 January | 31 December Net assets | $28 000 | $24 000 Her drawings during the year amounted to $3000. Wha...
What affects gross profit? A carriage outwards B discounts allowed C discounts received D goods taken by owner for own use
Which would not appear in a balance sheet? A carriage inwards accrued B gross profit for the year C provision for depreciation of fittings D rent r...
Which appears in a sports club's receipts and payments account? A accrued expenses B accumulated fund C bank balance D subscriptions in arrears
On 1 January 2009 a club had received prepaid subscriptions of $560. During the year ended 31 December 2009 the club received subscriptions of $848...
A statement of affairs may be prepared when a trader has not maintained a complete set of accounting records. Which is similar to a statement of af...
A limited company provided the following information. non-current (fixed) assets | 35 000 ordinary share capital | 40 000 5% debentures | 10 000 ne...
Richi has the following assets and liabilities. inventory (stock) | 8400 trade receivables (trade debtors) | 9300 cash | 400 trade payables (trade ...
Inventory (stock) at 31 December 2008 was overstated by $6000. What was the effect on the gross profit for the year ended 31 December 2009? A $6000...
Assets and liabilities are recorded in the accounts at the actual amount of the transaction. Which accounting principle is being applied? A account...
The following balances were taken from the books of Dilshan on 1 September 2010: $ Insurance 280 Dr Gul & Co 450 Dr The following transactions t...
Jayani prepared a trial balance at 30 September 2010, which balanced. A draft income statement (trading and profit and loss account) was then prepa...
Harland Ltd had the following balances in its accounts after the calculation of the profit for the year (net profit) ended 31 October 2010: $ Cal...
Windy Ltd is in business buying and selling goods on credit. The following balances were taken from the books of Windy Ltd. Year ended 30 Septembe...
The following balances were extracted from the books of Doji, a trader, on 30 September 2010: $ Ordinary goods purchased (purchases) 70 000 Carri...
How should the owner of a business use his annual financial statements?
Melanie provided the following information at the end of her financial year. $ non-current assets at cost 14 000 amount owing by customers 1 250...
How does the information provided by computerised accounting differ from that provided by a manual system?
Eli buys goods on credit from Mona. What entries should Eli make in his ledgers?
Raoul trades with Christine. They exchange the following documents. Which document would normally be issued first?
Zoran was given the following discounts by his supplier when he bought goods, list price $4000. trade discount 25% cash discount 5% Which amount ...
Melissa transferred $5000 from the bank deposit account to the bank current account on 1 May. On the same day she received a bank loan, $10 000, w...
The bank statement of Leroy shows a balance of $3500 and the cash book shows a balance of $4200. The difference is due to a receipt of $1000 shown...
Why is the general journal used to correct errors in the ledger?
At the end of the financial year there was a debit balance brought down on the office expenses account. In which section of the balance sheet will...
There is a credit balance of $100 on Yasmin's account in Shula's purchases ledger. What does this mean?
Which is an example of a compensating error?