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.
A business values its inventory at the lower of cost and net realisable value. Which accounting principle is being applied?
Lohit is a supplier of goods to Asanka. The following entries require recording in the books of Asanka for the month of August 2018. August 1 Asan...
Arjit provided the following information for the month of July 2018. 1 Sales ledger control account balances 1 July 2018 Debit $4230 Credit $80 2...
The following information is available for B Limited at 31 August 2018. B Limited Statement of Changes in Equity for the year ended 31 August 2018...
The following information was available from the books of Linrae. Totals for the year ended 30 September 2017 Revenue $240000 Cost of sales $18000...
Aung and Khin are in partnership. The partnership agreement states that they share profits and losses in the ratio 3:2 respectively. Interest is ch...
An inexperienced book-keeper prepared the following trial balance for Alia's business on 31 August 2018. The trial balance did not balance. Trial ...
East Town Decorators have two separate departments, paints and wallpapers. The following information is available, for the 3-month period ended 30 ...
Lodini and Mathy were in partnership sharing profits and losses equally. They provided the following information on 1 August 2017. Capital Lodini ...
Hema is a trader, buying and selling goods on credit. The following information is available. Balances at 1 September 2018 | Account | ...
Shobi is a sole trader. The following balances were extracted from the books on 30 September 2018. | Account | $ ...
Why does the owner of a business calculate profit?
A trader provided the following information. $ trade payables 2990 trade receivables 3120 bank 230 credit bank loan 5000 commission receivable accr...
Which book of prime (original) entry is used to record discount received?
A trader is preparing to draw up a bank reconciliation statement. How should the bank interest received be treated?
The following account appeared in Amna's ledger. Syed account date details debit $ credit $ balance $ Sept 1 balance b/d 400 dr 14 sales 600 1000 d...
A purchase of furniture was debited to the office stationery account. What type of error was made?
Javed wishes to write off a debt owed by Carl, a credit customer. Which entries would Javed make? debit credit
Zafar maintains a provision for doubtful debts of 2% of trade receivables. On 1 January 2018 the provision was $200. On 31 December 2018 the trade ...
Sales returns were incorrectly recorded as purchases returns in an income statement. What was the effect of this error?
Would the following be classified as a capital receipt or a revenue receipt? the proceeds received from the sale of the delivery van the profit mad...
After the preparation of Abdul's draft financial statements two errors were discovered. The purchase of a machine on credit, $5000, was omitted fro...
What are advantages of maintaining control accounts? 1 They act as a deterrent against fraud as they provide an independent check. 2 They ensure al...
Carlos is preparing his sales ledger control account. Where will he obtain information about contra entries?
Julie bought goods from a supplier for $650. She also paid $75 to have the goods delivered. The goods are expected to be sold for $825. At which va...
On 1 April 2018 a trader paid an annual insurance premium of $1800. Which entry will be recorded in the trader's statement of financial position at...
What is a disadvantage to a sole trader forming a partnership with another trader?
Sara and Fatima are in partnership. Sara is entitled to a partnership salary of $30000 per annum and the balance of the profit is shared equally. T...
What will not appear in the financial statements of a club?
A sports club provided the following information. $ subscriptions received during the year 12000 subscriptions owing at the start of the year 1 200...
Anita provided the following information for the year. $ sales 70000 profit for the year 7000 expenses 26000 opening inventory 2000 closing invento...
The following items appeared in the statement of financial position of a limited company. 1 debentures 2 general reserve 3 ordinary share capital 4...
A company had retained earnings of $3600 on 1 July 2018. The profit for the year ended 30 June 2019 was $20000. An interim ordinary share dividend ...
A manufacturer provided the following information. $ prime cost of manufacturing 81 200 factory overheads 63 200 opening work in progress 8500 clos...
Which are used to record the number of hours worked by an employee?
A trader provided the following information. What was the current ratio? trade receivables $ 12000 trade payables 8000 inventory 15000 cash 100 ban...
Which transaction will increase both assets and capital by the same amount?
On 1 May Waheed issued an invoice for a credit sale of ten chairs to Yasser at a list price of $40 each. Trade discount of 10% was deducted. Yasser...
On 1 October the bank column of Kim's cash book showed an overdraft of $120. She was then notified that a cheque, $80, received from a customer in ...
Which statement about a bank reconciliation statement is correct?
A supplier's account in Shilpa's ledger showed a balance owing on 1 October of $3400. In October Shilpa purchased goods, $860, and returned goods, ...
A flat above a trader's shop was rented out at $90 a month from 1 July 2018. At 30 June 2019 the rent receivable account showed entries for rent re...
Hanna owed Alan $1800. On 1 June Hanna paid $1300 and the remaining balance was written off. What entries did Alan make on 1 June?
At the end of her financial year Ling reduced the provision for doubtful debts by $500. Which journal entry records this?
What will be treated as capital expenditure?
Which methods of depreciation are used for these non-current assets? 1 a non-current asset consisting of a number of small items 2 a non-current as...
Machinery, $20000, was purchased on 1 January 2017. The provision for depreciation of machinery account at 31 December 2018 showed the following en...
Joseph depreciates his fixtures by 20% per annum using the straight-line method. A full year's depreciation is charged in the year of purchase. Dur...
Which item would not appear in a sales ledger control account?
After preparing her income statement Emma found that: 1 a bad debt, $1500, should have been written off 2 no adjustment had been made for rent prep...