Cambridge Past Paper Questions
Browse 23,045questions from 25 years of O-Level & A-Level exams. Click any question to practice.
A building was purchased for $500000. The following costs were also incurred. $ adapting the new building 50000 legal fees for the building purchas...
Which statement about the sales ledger control account is correct?
In which book of prime entry is the contra between the sales ledger control account and the purchase ledger control account recorded?
A business omitted discounts allowed of $700 from its trial balance. During the year a machine had been sold for cash of $500 but the only accounti...
In an income statement carriage outwards of $5000 has been treated as carriage inwards. Carriage inwards of $3000 has been treated as carriage outw...
A company received interest of $8800 during the financial year. Interest of $700 was due at the beginning of the year and $850 at the end of the ye...
Katrina commenced business on 1 January 2015. For the year ended 31 December 2015, the following information is available. drawings $53500 profit f...
The following information is available for rent and rates. $ prepaid rent at the start of the year 1250 accrued rates at the start of the year 1380...
The directors of a company are completing the financial statements for the year ended 30 April 2016. They discover that the inventory at 1 May 2015...
X and Y were in partnership sharing profit and losses equally. They then admitted Z into the partnership and profits and losses were still shared e...
A and B were in partnership sharing profits and losses equally when they decided to retire. Details of the realisation are shown in the table. book...
A company's profit from operations has increased by 10% in a year, whilst its gross profit has only increased by 5%. Which factors could explain th...
A company has 1000000 ordinary shares of $1 issued at $2.50. It also has a 5% debenture of $300000. Profit from operations for the year was $465000...
A company issues 100000 new $1 ordinary shares at a premium of $0.20 each. Which effect does this have on the statement of financial position?
The trial balance on 31 December 2015 showed the following information. ordinary share capital ($1 shares) $500000 retained earnings $300000 On 1 J...
A company wants to increase its return on capital employed in the short term. Which course of action will achieve this?
Which item is included in the current ratio but not the liquid (acid test) ratio?
A business has prepared the following information for the year ended 30 April 2015. revenue $220000 opening inventory $25000 purchases $120000 clos...
An employee works a standard 40-hour week. In that time he is expected to make 200 complete units. He is paid a bonus of $10 for every hour saved i...
A business was started on 1 January. The purchases and sales of inventory for January were as follows. date purchases sales 4 January 3 at $200 eac...
A manager is preparing a quotation for Job 88. A specialised technician is hired to work for this job only. He will use machinery that the company ...
Budgeted overhead expenditure was $180000 and budgeted labour hours were 12000. Actual overheads amounted to $196000 and actual labour hours were 1...
Why might a business use marginal costing? 1 to calculate break-even units 2 to decide on the most profitable use of limited resources 3 to decide ...
A business provided the following information for the past two months. month number of labour hours total overheads $ February 64000 918000 March 7...
A company uses marginal costing. Which costs are included in its inventory valuation?
The break-even sales of a company are 1000 units when the variable costs are $30000 and fixed costs are $20000. What is the profit if 70 units abov...
Who should be on the budget committee?
When a businessman introduces capital into his business, the transaction is debited in the cash book and credited to his capital account. Of which ...
Which are examples of the accounting equation? 1 capital + assets = liabilities 2 capital = assets + liabilities 3 capital = assets – liabilities
Amitav purchased a van costing $20000. He provided an old van with a net book value of $8000 in part exchange. There was a profit on disposal of $1...
The net book value of a company's non-current assets was as follows. $ at 1 January 2016 100000 at 31 December 2016 80000 During 2016 assets were s...
The following errors were found after a suspense account was opened. 1 Motor repairs of $400 were credited to the motor vehicle at cost account. 2 ...
Which items appear in a sales ledger control account? 1 cash discount allowed 2 credit sales 3 payments to trade payables 4 returns inwards
The following information is extracted from the statement of financial position of a business at 31 December 2016. $ bank loan (repayable 2025) 16 ...
The following items are recorded in the cash book of a business but not yet recorded in its bank statement. $ cheques drawn 3000 amounts banked 250...
Finn provides the following information. $ capital at the start of the year 19 800 profit for the year 24 000 drawings (cash) 19 500 drawings (good...
A business provides the following information. year 1 $ year 2 $ profit for the year 30 000 40000 cost of goods sold 240 000 320 000 The owner then...
Sam was unable to conduct a physical count of inventory at 31 December 2016. On 3 January 2017 inventory had been sold to Abdul for $11950. The cos...
Which item is not taken into account when a partner joins a partnership?
Ali, Bharti and Chan were in partnership sharing profit and losses in the ratio 3:2:1. Bharti retired from the partnership on 30 June 2016. The fol...
A partnership maintains both capital and current accounts for its partners. What is the correct accounting entry for recording interest on capital ...
Which statement describes the treatment of purchased goodwill for a limited company?
A company's equity is made up as shown. $ 100000 ordinary shares of $0.25 each 25000 share premium 3000 retained earnings 8000 The following took p...
Which statement about ordinary shares is correct?
Who are internal users of accounting information?
A company provides the following information. $ profit from operations 16000 finance costs 4000 ordinary share capital ($1 shares) 50000 non-curren...
The following financial information is available for a business. All purchases and sales are made on credit. $ purchases 121980 revenue 209 980 tra...
How are stepped costs best described?
Jamal uses the AVCO system to value his inventory. He provides the following information: March 1 no opening inventory 6 60 units were purchased at...
Which statement best describes variable costs?