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.
Zaha is a consultant who receives fees from clients. How would Zaha calculate his profit for the year?
What is an advantage of forming a partnership?
Ann and Ben are in partnership sharing profits and losses equally. They provided the following information for the year ended 30 April 2021. profi...
Which statement about a receipts and payments account is incorrect?
How does a manufacturer calculate prime cost?
A trader provided the following information. cost of sales $80000 expenses $4000 profit for the year $16000 What was the profit margin?
A trader provided the following information. revenue $3600 opening inventory $100 purchases $2600 closing inventory $300 gross profit $1200 It was...
Sally's business has reached the overdraft limit set by the bank of $1500 and is not able to pay its debts when they fall due. Sally is considerin...
Company X and Company Y provided the following information. gross margin Company X 36.7% Company Y 42.6% profit margin Company X 5.4% Company Y 5.4...
The current ratio of X is 2:1. The current ratio of Y is 1.3:1. What does a comparison of these ratios show?
Which international accounting objectives are described by the following statements? 1 Information in financial statements must be free from mater...
Rahat is a trader. The following transactions took place in March 2021. March 3 Cash sales, $580, were paid directly into Rahat's business ba...
John and Banu are partners. The partners provided the following list of balances at 31 March 2021. ...
TC Limited is a manufacturing company. The company's year end is 31 January. On 31 January 2021, the company's ledger account balances included the...
Neith is a trader. Her financial year ends on 31 March. Neith prepared the following trial balance which contains errors. Neith Trial Balance at 3...
Omer is a trader. He provided the following information. For the year ended 30 April 2021 $ C...
Leo maintains a petty cash book using the imprest system. The imprest amount, which is $200, is restored on the first day of each month. All payme...
Tej is a trader who sells goods on credit. His year end is 28 February. Tej provided the following information. At 1 March 2020 Trade receivables ...
The trial balance of HV Limited at 31 March 2021 was as follows. HV Limited Trial Balance at 31 March 2021 Debit Credit $ Revenue $ 145 000 Invent...
RIA Music Club owns its premises where it has a shop and a number of music rooms. Shop sales are for cash and shop purchases are on credit. Mark-up...
Kia is a trader. The totals of the trial balance prepared on 30 April 2021 did not agree and the difference was placed in a suspense account. Kia ...
Which task would be carried out by a book-keeper?
Sarah sold goods on credit to Zafar. How was this recorded in Sarah's ledgers? general ledger sales ledger
Omar sent a credit note to Miriam for goods returned. How would Miriam record this transaction? account to be debited account to be credited
The discount column on the debit side of a trader's cash book totalled $1300 and the discount column on the credit side totalled $700. How much di...
Kai bought office equipment from Meena and paid immediately by bank transfer. How should Kai record this in his accounting records? account to be...
Jabari maintains a petty cash book using the imprest system. The imprest is restored at the end of each month. Which amount restores the imprest a...
Which statement about a trial balance is correct?
What is an example of a compensating error?
After the preparation of Abdul's draft financial statements, two errors were discovered. The purchase of a machine by bank transfer, $5000, was om...
Raj had a debit balance of $10800 in the bank column of his cash book. He discovered that purchases, $890, paid by cheque, had been recorded as $98...
Why is a sales ledger control account usually prepared by a different member of staff than the person who maintains the sales ledger?
Tamal provided the following information for March, his first month of trading. Credit purchases: $9100 Credit purchases returned: $322 Total paym...
The following payments were made by John when he purchased a machine. Purchase of machine: $10000 Delivery charge: $1200 Insurance: $800 Installat...
On 1 January, Zac entered the cost of repairing equipment, $420, in the equipment account. On 31 December, depreciation of 20% per annum, using th...
Atif depreciates his motor vehicles at a rate of 20% per annum using the reducing balance method. On 1 May 2021, Atif owned motor vehicles which c...
The financial year of Yeung ends on 31 March. On 1 April 2021, he purchased a machine for $4000. He estimated that it would have a useful working ...
On 1 April 2021, commission receivable, $210, was outstanding. Commission received during the year ended 31 March 2022 amounted to $4850. Which jo...
Which statement about a debts recovered account is correct?
Nula's financial year ends on 31 December. She maintains a provision for doubtful debts of 5% of trade receivables. On 1 January 2021, the provisi...
When preparing his financial statements, a trader valued his inventory at cost. He then found that 10 units of inventory, costing $12 per unit, we...
At the end of his financial year, Marek was owed $200 for interest on a loan he had made to an employee. He recorded this in his financial statemen...
What is the purpose of preparing a partnership appropriation account?
Raj and Seema are in partnership sharing profits and losses 2:1. Raj withdrew $5000 during the year and was charged interest at 3%. Seema did not ...
A limited company raised funds from an issue of debentures. Which statement is correct?
A limited company provided the following information. Total equity on 1 January 2021: $500 000 Ordinary share dividend paid 30 June 2021: $25 000 ...
Which group contains only items included in the prime cost of a manufacturer?
A trader does not keep full accounting records but was able to provide the following information. Capital at 1 January 2021: $26 000 Capital at 31...
A business provided the following information. Opening inventory: $6800 Closing inventory: $6000 Rate of inventory turnover: 5 times What were th...
Jerry started his business on 1 January 2022 with no opening inventory. On 19 April 2022, a fire destroyed all his inventory. Jerry provided the f...