Cambridge Past Paper Questions
Browse 23,045questions from 25 years of O-Level & A-Level exams. Click any question to practice.
A company manufactures and sells chairs. The following per unit information is available. $ selling price 25 direct material and labour 12 other va...
The budgeted income statement of J Limited shows the following. $ sales 400 000 variable costs 240 000 fixed costs 132 000 profit for the year 28 0...
The following details are supplied by a company for the month of August. budgeted machine hours 36000 budgeted overheads $162000 actual machine hou...
A company has fixed costs of $40000 per month. It provided the following information. March units April units production 30000 15000 Total producti...
A company's profits using marginal costing and absorption costing principles were identical. Which statement is true about the company's production...
Which statement is not a reason why a business prepares budgets?
The owner of a business has been told that work completed for a customer should be recorded in the books of account although the invoice has not ye...
Adam's financial year ends on 31 December 2017. On 1 January 2017 the net book value of machinery was $20000. On 30 June 2017 he purchased a new ma...
A business has an accounting year-end of 31 March. It purchased a car on 1 April 2014 for $15000. The car was sold on 30 September 2017 for $5000. ...
The accounting year-end for a company is 31 October. The table shows the company's telephone invoice received on 2 December for the three months en...
A business created a provision for doubtful debts at 31 December 2016. The provision was calculated as a percentage of the trade receivables at eac...
Errors can exist in the preparation of both the sales ledger and the sales ledger control account. Which error would require an adjustment in the s...
The trial balance of a business did not balance. The following errors were found. 1 The total of the purchases journal of $33030 had been posted to...
During the financial year a business paid $295000 to its trade payables, after taking a cash discount of $15000. At the start of the year the trade...
What would not result in goodwill?
At the beginning of the financial year inventory was valued at $15000. During the year, sales of $21000 and purchases of $18000 were made. Unfortun...
A business does not keep complete accounting records. All transactions are in cash. Which item will not be required in order to calculate the owner...
The following summarised information has been taken from the statement of financial position of a partnership. non-current assets $4200...
X and Y had been in partnership for some years when Z was admitted as a partner. On that date the premises account was debited with $120000 followi...
Which company reserves may not be used to pay dividends? 1 general reserve 2 retained earnings 3 revaluation reserves 4 share premium
A company issued 50000 ordinary shares of $0.50 each at a price of $0.60 each. What were the accounting entries for the issue? debit $ ...
What could be used to fund a bonus issue of shares? 1 general reserve 2 retained earnings 3 share premium
The following is an extract from an income statement. $ revenue 180000 costs of goods sold (75000) dis...
The following information is available for the year ended 31 December 2017. $000 revenue 640 cost of sales ...
A baker receives one order for 350 loaves of bread. Which costing method will the baker use?
A business pays a salesman a basic salary, plus commission based on how much he sells. Which type of cost is the salesman's total earnings?
Which cost is treated as variable cost of a motor transport company?
Adam is paid $4 per hour and his expected output is 500 units per week. He is also paid a bonus $1 for every 20 perfect units made above the total ...
A business values their inventory using the AVCO method. The inventory on 1 June 2017 was 100 units valued at $2.40 each. The following took place....
The following budgeted information is available for a hotel for the next financial year. fixed overheads $192000 direct costs $240000 number of gue...
The costs of producing 1000 units of a product are as follows. $ direct materials 20000 direct labour 10500 direct expenses 1600 vari...
A business produces a single product. The following information is available for a month. budgeted sales quantity 200 units selling price per unit ...
A business hires machinery at a cost of $700 per machine per month. Each machine can produce 1000 units a month. A maximum of 10 machines can fit i...
The direct material cost of 20000 units is $8000. 400 direct labour hours are required at a cost of $6000. Overheads are absorbed at 150% of the co...
Why might a business prepare a budget?
Which concept is identified by the accounting equation assets = capital + liabilities?
What are causes of depreciation on non-current assets? 1 change in its cost of repair 2 change in its market value 3 changes in technology
June purchased a new machine. She depreciated it at a rate of 40% per annum using the reducing balance method. After two years its net book value w...
The following information relates to the motor vehicles of a business. | | 1 January 2018 $ | 31 December 2018 $ | |:---|:---|:---| | net book val...
A book-keeper compared the business bank statement with the cash book. He then updated the cash book and finally prepared a bank reconciliation sta...
On 31 December 2018, a business had the following balances. | | $ | |:---|:---| | sales ledger | 12800 | | sales ledger control account | 15200 | ...
The provision for doubtful debts at 1 January 2018 was $1580. Trade receivables at 31 December 2018 were $44750. This included a debt of $12500, co...
Which statements about valuing inventory are correct? 1 Any charges for carriage inwards should be included in its cost. 2 Cost should always be co...
A sole trader calculated a draft profit for the year of $56750. He then discovered that discounts received of $580 and discounts allowed of $665 ha...
Which item will not appear in the income statement of a sole trader?
X and Y are in partnership sharing profits and losses in the ratio 2:1. Z will be admitted with the following new arrangements. Profit and loss sha...
D, E and F are in partnership, sharing profits in the ratio 2:2:1. D is allowed an annual salary of $10000. E has made a loan to the partnership on...
L and M had been in partnership sharing profits and losses equally. P was admitted to the partnership and the partners continued to share profits a...
Which items do not appear in a statement of changes in equity? 1 dividend paid 2 dividend proposed 3 loan interest
On 1 January a company's equity included 100000 $1 ordinary shares. The directors of the company then did the following: 1 March Made a rights issu...