Cambridge & Pearson Edexcel Past Paper Questions

On 31 August 2011 the following extract was taken from the balance sheet of Stavros. Non-current assets Equipment Office Computers Cost $ 60 000 8...

Sandar Manufacturing makes a single product. The following balances were extracted from the books at the end of the financial year on 30 September...

The trial balance of Maya, after the calculation of the gross profit, was as follows: Maya Trial Balance at 30 September 2012 Dr $ Cr $ Gross pro...

Maria is in business as a retailer. The following balances were extracted from her books on 30 September 2012. Capital at 1 October 2011 Drawings ...

What is a benefit of using computers in book-keeping and accounting?

Zafar returned goods bought on credit from Khalid. How was this recorded in Zafar's books?

In which book is a credit note from a supplier entered?

Sabena bought goods from Yasmin for $150 and received a 10% trade discount. How should Yasmin record this transaction?

Which is both a book of prime entry and a ledger account?

LWS Ltd expects to have a short-term financial crisis lasting for one month. Which type of finance should be arranged?

A bank statement showed a balance at bank of $3200. The value of unpresented cheques was $1200 and the value of uncredited deposits was $700. What ...

Which journal entry records the transfer of the profit for the year, $10000, to a sole trader's capital account?

During its first month of trading, a business had the following transactions. credit sales $16000 cash sales $3000 goods returned by credit custome...

The following rent account appeared in Dixon's ledger. 2012 Jan 1 balance 1000 Dr Jan 30 bank 3000 4000 Dr May 27 bank 3000 7000 Dr Oct 26 bank 320...

Why does a business prepare a trial balance?

Wayne rents premises. The monthly rent is $400. On 1 April 2012 Wayne had prepaid one month's rent. During the year ended 31 March 2013 he paid ren...

During the year CN Ltd wrote off an unpaid invoice of $540. Which entries should CN Ltd make at the end of the financial year?

Which is a capital receipt for Susan who owns a shoe shop?

Capital expenditure is treated in error as revenue expenditure. What effect will this have?

Imran depreciates his machinery at 20% per annum using the diminishing (reducing) balance method. His financial year ends on 31 July. On 1 August 2...

A machine was purchased for $100000 and depreciated by 20% per annum using the straight line method. Three years later it was sold for $25000. What...

Expenses accrued, $250, were treated as a prepayment in the income statement. What effect did this have on the profit for the year?

Which would be included in a sales ledger control account?

Tim's gross profit was $32000. Opening inventory was $8000, purchases were $52000 and closing inventory was $10000. How much were the sales?

Rashid runs an advertising agency. He provided the following information. Amount owed by clients at start of year $100 Amount received from clients...

At the end of the financial year, a trader is owed commission. How will this be treated in the trader's financial statements?

At the end of a club's financial year, some members' subscriptions were unpaid. Where would these unpaid subscriptions appear in the club's financi...

A trader's sales were $300000. The mark-up was 25%. What was the cost of sales?

Which does not appear in the appropriation account of a limited company?

Which is a direct cost to a manufacturer?

Which will improve the gross profit as a percentage of sales?

Fatima provided the following information. opening inventory $30000 closing inventory $45000 purchases $200000 What was the rate of inventory turno...

Some items have such a low monetary value that it is not worth recording them separately. Which accounting principle is being applied?

Zafar returned goods bought on credit from Khalid. How was this recorded in Zafar's books? account to be debited account to be credited

Ashraf owed Yasmin $2000 for goods bought on credit. After deducting cash discount of 2½% Ashraf paid Yasmin the balance owing by cheque. Which ent...

The following account appeared in a trader's ledger. equipment account 2013 details debit $ credit $ balance $ July 31 balance 4000 Dr August 2 ban...

Ashraf sublets part of his premises for $100 per month. At the end of the financial year the tenant had paid rent totalling $1000. Which journal en...

In December 2012 Emma paid insurance, $30, in respect of January 2013. How would this be shown in the 2012 financial statements and in the insuranc...

A motor vehicle, book value $2400, was sold for $2750. How would this transaction be treated by the business? capital receipt $ revenue receipt $

What would occur using the diminishing (reducing) balance method of depreciation?

A trial balance failed to balance. The difference was entered in a suspense account. It was discovered that the purchases returns journal had been ...

How can purchases be calculated?

BCD Limited provided the following information. $ ordinary shares 300 000 retained earnings 200 000 debentures 170 000 How much was the equity a...

Alan's inventory consisted of the following. quantity goods cost per unit $ selling price per unit $ 100 large t-shirts 5 7 20 small t-shirts 5 3 W...

A trader takes goods from the business for personal use. How is this recorded? account to be debited account to be credited

A trader provided the following information. $ opening inventory 10000 closing inventory 14000 sales for year 60000 Goods are sold at a mark up of ...

A limited company has an issued share capital of 100000 ordinary shares of $1 each of which 50000 are fully paid. There are also debentures of $200...

A business provided the following information at the end of its first year of trading. $ prime cost 280000 factory overheads 110000 closing work in...

Mark paid net wages, $5200, for the month of August after statutory deductions of $1200. Which journal entry records this transaction? debit $ cred...

What is not included when calculating the quick (acid test) ratio?