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.
Which items are deducted from the gross profit when calculating the profit for the year? 1 balance on the provision for doubtful debts account 2 ca...
On 31 December 2019 John had net assets of $2000 and capital of $2000. On 1 January 2020, goods costing $140 were sold on credit for $220. What was...
At the end of his financial year, Raminder made an adjustment for rent owed by a tenant. How did this affect Raminder's financial statements? profi...
The owner of a business took goods for his own use but forgot to make an entry in the accounts. What was the effect of this error? profit for the y...
Rajid and Sunil formed a partnership on 1 January 2019 but did not prepare a partnership agreement. They provided the following information. Rajid ...
Harry and Jane are in partnership. The following information relates to Harry for the financial year. $ salary 8000 drawings 2800 share of profit 4...
Which item is shown in the income statement of a company and statement of changes in equity?
Hassan's capital decreased by $200 over the year, even though he made a profit of $7000. Which transactions caused this? capital introduced drawing...
Ahmed provided the following information. $ trade receivables at 1 January 2019 15000 for the year ended 31 December 2019: credit sales 85000 cash ...
Gordon provided the following information for the year. revenue $90 000 opening inventory $8000 closing inventory $2000 mark up 50% Gordon took goo...
A trader provided the following information. $ for the year ended 31 March 2020 revenue 250 000 purchases: cash 125 000 credit 115000 at March 2020...
On 1 January 2019 current assets totalled $16000 and the current ratio was 2:1. On 31 December 2019 the current liabilities had increased by 50% an...
A company provided the following information about its liquid (acid test) ratio. Year 1 1.2:1 Year 2 1.4:1 Year 3 1.6:1 Which would explain the cha...
Which user of accounting statements is interested in past performance and taking remedial action where necessary?
Rashid's financial year ends on 31 December. He paid rent on 1 February, 1 May, 1 August and 1 November. An adjustment was made in the income state...
Which statement describes the going concern principle?
Brad purchased a machine for $1000 on 1 January 2019. The machine was expected to last for four years and have no residual value. On 31 December 20...
Which are examples of book-keeping? 1 entering details of a cheque received from a customer in a cash book 2 entering details of goods purchased on...
How does a trader use the information provided by financial statements?
A trader bought new fixtures. He paid half of the purchase price in cash and agreed to pay the balance in two months' time. How does this purchase ...
A business sold goods with a list price of $50 each. The terms of trade were: trade discount for more than 20 items bought 10% cash disco...
Paul rents premises from John and pays the rent by credit transfer. How would John record this? account debited account credited A bank ...
Sita discovers that $1000 received from the sale of fixtures had been entered in the sales account. Which journal entry corrected this error? debi...
The totals of a trial balance did not agree and $200 was debited to a suspense account. On checking the books it was found that two errors had been...
What would result in a cash book balance being lower than the balance showing on a bank statement?
Thembi is preparing her sales ledger control account. She needs to know: 1 The total for goods which have been returned by credit customers. 2 The ...
The following payments were made when a new machine was purchased. $ cost of the machine 32000 charge for delivering the machine...
Elzevir purchased a motor vehicle costing $8000 on 1 January 2018. It is depreciated at 40% on the reducing balance basis. Which journal entry reco...
Annual rental income due from Kumar, a tenant, is $3600. At the start of the year Kumar had prepaid rent of $900. At the end of the year he owed tw...
Joel's inventory on 31 December 2019 was valued at $4800. It was discovered that: 1 Goods, cost $100, had not been included. 2 Goods, cost $170, ha...
The statement of financial position of X Limited at 31 December 2018 included the following: $ ordinary share capital 40 000 general...
Which is a feature of debentures?
Which cost is part of the prime cost for a manufacturing business?
A manufacturing business provided the following information. $ prime cost 236 000 factory overheads 42 000 opening work in prog...
A trader provided the following information. $ trade receivables at start of the year 5000 trade receivables at end of the year 8500 cash...
Gordon provided the following information for the year. revenue $90 000 opening inventory $8000 closing inventory $2000 mark up ...
Sabelo's liquid (acid test) ratio was higher on 1 January 2019 than it was on 31 December 2019. What could have caused this?
The following ratios have been calculated for a trader. year 1 year 2 profit margin 15% 20% return on capital employed (ROCE)...
Which external parties would be interested in the accounting ratios of a business?
At the end of the financial year, a company did not account for the unused stationary valued at $50. Which accounting principle did the company apply?
A trader wrote off the balance on a credit customer's account as irrecoverable. Which accounting principle was applied?
A limited company applied the accounting objective of comparability in preparing its financial statements. What is the effect of this on the intere...
The ZED Sports Club has a shop which sells sportswear. The following details relate to the shop for the year ended 29 February 2020. Opening inven...
Ame provided the following balances from his books at 31 March 2020. Capital $ 10369 Drawings $ 4000 Equipment at cost $ 15500 Provision for depre...
Chippo owns a manufacturing business which produces product S. She provided the following information for the year ended 30 April 2020. Revenue $ ...
Rani is a trader. Her financial year ends on 31 March. She provided the following information about her three types of inventory at 31 March 2020. ...
MPT Limited prepares its financial statements to 30 April each year. The company's retained earnings at 1 May 2019 were $14000. The general reserve...
Bilal is a trader. He buys goods on credit and for cash. He sells goods on a cash basis only. The following transactions took place in April 2020. ...
The K Music Club provides facilities for listening to music and also provides a refreshment bar for members. The club had the following assets and ...
Gok is a wholesaler. He prepares his financial statements to the end of February each year. At 29 February 2020, Gok's ledger account balances incl...