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.
Cheng is a sole trader. The following balances were extracted from his books on 30 September 2015. $ Revenue 315000 Purchases 165000 Returns outwar...
What would be the most useful way of monitoring the progress of a retail business?
Which account always has a credit balance?
Kamal purchases and sells goods on credit. Where does he maintain the accounts of his credit suppliers?
Ali sold goods, $600, on credit to Malik on 19 October. The terms of the sale were 2¹⁄₂% cash discount if payment was received within 14 days. Paym...
What is correct about a bank reconciliation statement?
Which transaction of a manufacturer would be entered in the general journal?
The following account appeared in Sue's ledger. Tony account $ May 1 balance b/d 400 12 sales 590 990 $ May 16 returns 21 28 bank 284 discount 6 31...
The totals of a trial balance agreed. What does this mean?
Gary rents his business premises. His financial year ends on 30 September. On 1 October 2016 rent prepaid amounted to $3000. During the year ended ...
Ann's financial year ends on 31 August. The annual rates on her shop are $3000. On 1 September 2016 rates prepaid amounted to $750. Rates paid duri...
Ajay maintains a provision for doubtful debts of 3% of trade receivables. On 1 January 2016, the balance on the provision for doubtful debts accoun...
Mona paid $32000 for a new motor vehicle. This included $100 for fuel and $250 for road tax. She debited the purchases account and credited the cas...
A trader incorrectly posted sales returns of $100 to the credit of purchases returns account. What was the effect on the gross profit?
The owner of a business paid $5000 into the business bank account. A loan for $10000 repayable in 2020 was also obtained and the money used to purc...
Tareq started a business on 1 October 2016. He provided the following information. On 28 November 2016 he paid an insurance premium, $1800, for the...
What is a disadvantage of forming a partnership?
Abi and Erni are in partnership. They share profits and losses equally. Erni is entitled to an annual partnership salary of $3000. The profit for t...
A golf club has 230 members. The annual subscription is $100. At the beginning of the year subscriptions prepaid amounted to $1000 and at the end o...
What would not appear in the income and expenditure account of a sports club?
Karim did not keep proper accounting records, but was able to provide the following information. capital at 1 January $58000 drawings during the ye...
Sumit does not maintain a full set of accounting records. What does Sumit not need to calculate his credit sales?
Which is shown as loan capital in the statement of financial position of a limited company?
The financial year of AB Limited ends on 30 September. Debenture interest is paid annually in arrears on 1 October each year. Where did debenture i...
In year 1, Sam's gross profit was calculated as follows. $ revenue $180000 opening inventory 6000 purchases 118000 124000 closing inventory (4000) ...
Stephan's major competitor has invested in a new machine for making goods more cheaply. Stephan knows this will affect his sales but did not record...
At the end of the financial year Omar's inventory was 100 units of which 10 units were damaged and could not be sold. The selling price per unit is...
A trader provided the following extract from his sales journal. 2017 sales journal: October 7 J Sango goods $100 trade discount $20 Total $80 Which...
What is correct about a bank reconciliation statement? | | prepared by the bank | prepared by the trader | part of double entry book-keeping | |---...
Which transaction is recorded in the general journal?
The following account appeared in Sue's ledger. Tony account: | May 1 balance b/d | $400 | May 16 returns | $21 | | 12 sales | $590 | 28 bank | $28...
Mark sold goods on credit to Paul for $5000. Paul returned goods costing $200 to Mark. What were the balances in Paul's ledger accounts after these...
Elizabeth issued an invoice to Jane for $500 on 1 February. On 30 April Elizabeth received $300 from Jane. She wrote off the remaining balance on 2...
Which are examples of capital receipts? 1 a loan received from a bank, repayable in three years' time 2 a profit made on the sale of a non-current ...
A business purchased a motor vehicle and included it as a business expense in the income statement. How did this affect the financial statements? |...
A café owner decided to use the revaluation method to calculate depreciation on the kitchen equipment. Kitchen equipment costing $3200 was purchase...
Imran's financial year ends on 31 December. A machine purchased on 1 January 2015 for $20000 was sold on 30 June 2017 for $8500. The machine had be...
Anita's business has two departments, X and Y. She provided the following information for department X. Expenses $28000 Profit for the year $9000 T...
David provided the following information. Capital employed $435000 Non-current assets $200000 Current liabilities $124000 What was the total of his...
Gurpreet is a broker and receives a commission from an insurance company when a client purchases a car insurance policy. The following information ...
What is the disadvantage to a sole trader of bringing in a partner?
A club had an accumulated fund at the start of the year of $18000 and at the end of the year of $16200. Total running costs for the year were $9550...
A trader has not kept proper accounting records for his business. What will he use when calculating trade payables at the end of the year?
The issued share capital of CD Limited consists of ordinary shares. Retained earnings were $86000 on 1 September 2016 and $88500 on 31 August 2017....
A manufacturer provided the following information at the end of his financial year. Prime cost $98400 Factory overheads $17800 Work in progress at ...
Which document shows employees the details of deductions made from their wages?
What is not included when calculating the quick ratio (acid test ratio)?
Aqil had the following assets and liabilities on 1 May 2017. Amount owing to Weston Water Supplies $700 Inventory $2250 Bank $90 Credit 5% Bank loa...
The following information relates to the machines of Crosby Packing. 1 January 2014 Purchased Machine A for $12 000 30 September 2015 Purchased Mac...
The following balances were extracted from the books of Digby Products for the year ended 31 March 2017. $ Inventory at 1 April 2016 Raw materials ...