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.
The trial balance of Juan, after preparing the trading account section of the income statement, was as follows: Juan Trial Balance at 30 April 2017...
Khayla is a sole trader. The following balances were extracted from the books on 30 April 2017. $ Revenue 447000 Purchases 204 400 Returns inwards ...
On 1 September 2017 the balance of the bank column in Keung's cash book was $1900 debit. The transactions for the month of September 2017 were: Se...
Hannah prepared a trial balance but its totals did not agree. A suspense account was opened. She later discovered the following errors: 1 Rent rec...
The Puxton Social Club provides social facilities for the local community. The treasurer provided the following information: 1 Balances on 1 Octob...
Zara provided the following information: At 1 August 2016 Inventory $19700 For the year ended 31 July 2017 Cost of sales $240000 Expenses $65000 ...
Jian and Shen are in partnership sharing profits and losses in the ratio 3:1. Interest is allowed on capital at the rate of 5% per annum and is cha...
A trader invested $4000 into the business. $2000 was used to pay a credit supplier. The rest of the money was paid into the business bank account. ...
Wilma bought 55 items from Margot at a list price of $40 each, subject to a 15% trade discount. Wilma later returned 25 items as they were faulty. ...
The bank agreed to allow Dan an overdraft with a limit of $500. What did this mean?
On 30 September 2018, Ahmed's bank statement showed a credit balance of $2500. Ahmed found that a cheque issued for $90 and a deposit of $500 had n...
Which statement about a debit balance brought down on a ledger account is not correct?
On 1 September 2018 Chan owed Tan $570. During September 2018 the following transactions took place. Tan sold goods, $380, on credit to Chan Chan r...
Which name is given to a statement of ledger balances on a particular date?
The balance of which account will appear in the debit column of a trial balance?
Ella rents business premises. She owed rent at both the start and the end of the financial year. How can rent payable for the year be calculated?
Leroy has an engineering business. On 31 May he received an invoice from AB Machines showing the following: cost of replacement parts for machine c...
Why is depreciation charged on a non-current asset?
Chris purchased a machine costing $15000 on 1 January 2016. He depreciates the machine using the diminishing (reducing) balance method at 20% per a...
Hossam took out a 5-year bank loan on 1 January 2018. All of the money borrowed was used to purchase a delivery van. Under which heading will these...
Beth provided the following information at 31 December 2017. $ capital 1 January 2017 26000 profit for the year 3600 drawings 2500 long-term loan ...
Which businesses do not prepare a trading account section of an income statement? 1 furniture store 2 gym 3 newsagent 4 toy shop 5 window-cleaner
The following entries appeared in a trader's ledger. Dr. drawings account Cr. $ $ purchases 200 Dr. purchases account Cr. $ $ drawings 200 Which tr...
X and Y are sole traders. They decided to form a partnership. Which group contains only disadvantages of forming a partnership?
At the end of the financial year a sports club owed rent for the clubhouse. Some members had paid their subscriptions in advance for the following ...
Tariq provided the following information. 31 August 2017 $ 31 August 2018 $ non-current assets 60000 70000 current assets 20000 25000 current liabi...
A business provided the following information. opening inventory $8000 closing inventory $10000 rate of turnover of inventory 12 times mark-up 50% ...
A manufacturing business provided the following information. $ prime cost 250 000 factory overhead expenses 50000 office and selling expenses 2500...
Karim works 40 hours a week at a rate of $5 per hour and any overtime is paid at time and a half. He is paid monthly in arrears. He worked 12 hours...
What is included in the working capital ratio (current ratio), but not the quick ratio (acid test ratio)?
Kim has been in business for many years and expects this will continue. She provided the following information. $ premises at cost 50 000 at marke...
Ava had $4000 in the bank. She paid a supplier $575 by cheque in full settlement of $600 owing. Which changes would take place within the accountin...
Winston returned goods to Hanif. Which entries will Winston make in his ledgers?
Andy purchases goods from Charles. The account of Charles in Andy's books for the month of September showed the following entries. Sept 1 purchases...
The following amounts were recorded in the bank columns of Tamir's cash book in September. receipts from customers 4022 payments 4819 cheques banke...
Lisa is a credit customer of Daniel. Her account in Daniel's ledger showed the following entries. Aug 1 balance 10 cr Aug 8 sales 300 ? On 10 Augus...
Seema's financial year ends on 30 September. She rents premises at a monthly rent of $2000. During the year ended 30 September 2018 she paid $26000...
Sally bought a non-current asset. It was to be used for 10 years, after which it would have no scrap value. Sally used the straight-line method of ...
A draft income statement showed a gross profit of $12200. It was later found that carriage on purchases, $260, and carriage on sales, $230, had bot...
Raj is both a customer of and a supplier to Balbir. Raj's account in Balbir's sales ledger showed a debit balance of $300. There was a credit balan...
Michael's financial year ends on 31 August. On 30 August 2018 he purchased a motor vehicle using a bank loan which is repayable on 30 August 2020. ...
A club's financial year ends on 31 July. During the year ended 31 July 2018 the following subscriptions were received. subscriptions for the year e...
A trader does not keep full accounting records. How can credit purchases for his first year of trading be calculated?
A trader provided the following information. revenue 100 000 cost of sales 60 000 gross profit 40 000 profit for the year 20 000 What was the mark-up?
Which statements about ordinary shares are correct? 1 If a company is wound up ordinary shares are repaid after debentures. 2 Ordinary shares are a...
Which items are included in the equity section of the statement of financial position of a limited company?
During the financial year, a manufacturing company's payments included the following. purchase of a new machine running costs of the machine Where ...
A factory employee records his time of arrival and departure each day. Which document is used for recording his hours of work?
A trader provided the following information. revenue 95000 purchases 40000 opening inventory 20000 closing inventory 18000 cost of sales 42000 What...
A business provided the following information about its percentage of gross profit to sales. Year 1 40% Year 2 38% Year 3 35% What could explain th...