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.
Walter provided the following information. revenue $150000; expenses $25000. The mark-up on cost is 25%. What is the profit for the year?
The financial year of ABZ Limited ends on 31 March. Debenture interest is paid annually in arrears on 1 April each year. Where will debenture inter...
How is prime cost calculated?
During a week Ali works 40 hours and produces 240 items. He can choose to be paid $6 per hour, or $1.25 for each item he produces with a guaranteed...
How is the return on capital employed (ROCE) calculated?
A trader provided the following information. bank overdraft $1650; trade receivables $2200; trade payables $2900; inventory $4200; short term loan ...
'Only the financial transactions of the business are recorded in the business's accounting records.' Which accounting principle is being described?
Adil's transactions in August 2014 included the following. August 2 Purchased goods on credit from Tiara, $1500, less 20% trade discount. August 5...
The following information relates to the delivery vehicles of Swift Limited. 1 July 2012 Purchased delivery vehicle 1 for $15000. 1 July 2013 Purc...
Wing Limited had the following balances in its books after the calculation of the profit for the year ended 30 September 2014. Profit from operati...
Lai Yee provided the following information. Profit from operations (before bank loan interest) $36000 Capital $200000 Trade payables $50000 Trade ...
Nikolas is a manufacturer. The following balances were extracted from his books on 31 July 2014. Capital $80000 Drawings $20000 Machinery (cost) $...
Maria had the following assets and liabilities on 1 May 2014. Inventory $ 1950 Amount payable – Midland Telecoms 400 Bank 550 Dr 5% Bank loan (rep...
Ajib commenced business on 1 October 2014 delivering parcels to customers' homes. He purchased a motor van on that date, the details are as follows...
Basir is the owner of the Korner Café. He does not maintain full double entry books, but has provided the following information for the year ended ...
The following information relates to the business of Lili. Revenue $ 200 000 Inventory 1 October 2013 15500 Inventory 30 September 2014 24500 Rate ...
Darius and Edgar are in partnership. The partnership agreement states that they share profits and losses in the ratio 3:2. Interest on capital is a...
A business provided the following information. $ inventory 2880 bank overdraft 750 trade receivables 1600 trade payables 1950 loan from bank 2000 ...
Which item would be recorded by a credit entry in an account?
Harvey bought goods on credit from Janet. The goods were unsuitable and Harvey returned them to Janet. Which document did Harvey send to Janet?
How are the totals of the sales journal and the purchases returns journal recorded in the ledger?
Sally buys goods and is allowed a discount for early payment. How does Sally record this discount? account to be debited | account to be credited ...
On 1 April a trader's cash book showed a debit balance of $3204. No entry had been made in the cash book for bank charges of $78. Deposits of $288 ...
The following account appears in the ledger of Chan. Fu account 2015 | $ | 2015 | $ Aug 28 bank | 100 | Aug 1 balance b/d | 100 31 balance c/d | 2...
An invoice for goods purchased on credit, $100, was entered in the purchases journal as $1000. How will this affect the trial balance?
On 1 January commission receivable, $210, was outstanding. Commission received during the year amounted to $4850. Which journal entry would be made...
A trader decides to change his provision for doubtful debts from 2% to 3% of trade receivables. Which entry is made to record this?
On 1 January a builder had tools valued at $3100. During the year he purchased additional tools costing $490 and tools valued at $140 were scrapped...
Which journal entry records the annual depreciation of machinery of $500?
Henri has charged Thibault interest on his overdue account. Where does this interest appear in Thibault's control accounts?
How is the profit for the year calculated?
A company had inventory which cost $100000. The inventory was damaged and would cost $10000 to repair after which it could be sold for $80000. At w...
How are current liabilities calculated?
A trader took out a business bank loan of $5000 and also transferred $2000 to the business bank account from his own funds. How did these transacti...
Alice took goods for her own use but did not enter this in her accounting records. She made an adjustment for these goods in the year-end financial...
Rajid and Sunil formed a partnership on 1 January 2014 but did not prepare a partnership agreement. They provided the following information. Rajid...
A partner made a loan to the business. How was the interest on this loan recorded?
A sports club was formed on 1 January 2014. During the year ended 31 December 2014 the club purchased equipment costing $5000, paying by cheque. In...
On 1 January the trade receivables owed $1000 and on 31 December they owed $1500. During the year $5000 was received from credit customers and a de...
Which item would not be entered in a statement of changes in equity?
Zed Limited provided the following information. $ issued and paid up share capital | 200000 general reserve | 30000 retained earnings | 15000 10% ...
Wages are paid by a manufacturing business to machine operators, factory cleaners and office staff. Where are these wages recorded in the financial...
Yousef started a business on 1 April. His employees are paid weekly and any statutory deductions are paid to the authorities monthly in arrears. Fo...
A trader overvalued his year-end inventory. Which statements are correct? 1 Current assets are understated. 2 Current liabilities are understated....
Anwar's profit for the year was $28 000. He provided the following information at the end of his financial year. $ capital | 112000 current assets...
In a trader's statement of financial position the non-current assets are shown at cost less depreciation to date. Which accounting principle is bei...
The following balances were taken from the books of Krul Limited on 1 July 2015. Carston Garages account $ Motor van expenses account ...
Martino's trial balance at 30 September 2015 did not agree and a suspense account was opened. The following errors were discovered. 1 The total of ...
Aina and Barry are in partnership. The partnership agreement states the following: Interest is charged on drawings at the rate of 6% per annum Inte...
Galenia buys and sells goods on credit. The following information was available on 30 September 2015. Inventory 1 October 2014 $11000 Inventory 30 ...