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 trader provided the following information. Profit for the year: $24 000 Working capital: $20 000 Capital: $120 000 Non-current liability: $30 00...
Which actions could a clothing retailer take to improve his rate of inventory turnover? 1 increase the selling prices of all clothing 2 offer disc...
A trader is considering selling goods on credit to a new customer. What could be calculated from the customer's financial statements to indicate t...
Which accounting policy requires that the information in financial statements is free from significant errors and bias?
The following ledger account appeared in the books of Leah, a trader. Amraz account $ April 26 purchases returns 150 30 bank 1900 discount 100 bal...
Sarah sold goods on credit to Zafar. How was this recorded in Sarah's ledgers?
Omar sent a credit note to Miriam for goods returned. How would Miriam record this transaction?
Ben sold goods to David for $900 cash. In which book of prime entry would David record this transaction?
A petty cashier received $100 from the chief cashier and $10 from an employee who had made private calls on the business telephone. How would these...
After the preparation of Abdul's draft financial statements, two errors were discovered. The purchase of a machine by bank transfer, $5000, was omi...
What would be recorded on the credit side of a sales ledger control account?
Maria's draft income statement for the year ended 31 March 2022 showed a profit for the year of $38 750. On 31 December 2021, Maria received a 5% ...
Which statement about the reducing balance method of depreciation is not correct?
After the financial statements for the year ended 30 April 2022 had been prepared, a trader discovered that the closing inventory had been over-val...
Mariam owns a business providing accounting services. She provided the following information for the financial year ended 31 March 2022. $ fees owe...
Which item would not appear in the appropriation account of a partnership?
Carol and Denise are in partnership sharing profits and losses in the ratio 2:1. Denise's current account balances were as follows. at 1 May 2021...
Which statements are correct? 1 A debenture holder of a limited company is liable for the debts of the company. 2 A partner is liable to pay busin...
The draft financial statements of a limited company showed retained earnings of $31820. It was then found that no adjustment had been made for the ...
Which statement about club accounts is correct?
A sports club provided the following information for the financial year ended 31 December 2021. $ 1 January 2021 subscriptions paid in advance 200...
A manufacturing company provided the following information. $ cost of production 345 000 finished goods 1 January 2021 42 000 31 December 2021 36 ...
Tahir provided the following information for his first year of trading. $ sales 170000 sales returns 6000 purchases 129000 Tahir's gross margin w...
A business provided the following information. $ opening inventory 6800 closing inventory 6000 rate of inventory turnover 5 times What were the p...
A trader provided the following information at the end of the financial year. $ revenue 80 000 gross profit 20000 expenses 12000 What was the pro...
A trader provided the following information. $ profit for the year 24 000 working capital 20 000 capital 120 000 non-current liability 30 000 Wha...
Samuel, a trader, decided to issue statements of account each month. Which ratio does Samuel hope to improve by doing this?
John's rate of inventory turnover was 10 times in year 1 and 8 times in year 2. What may have caused the change in the rate of inventory turnover?
Maya had annual revenue of $100000. In year 1, her gross margin was 45% and her profit margin was 5%. In year 2, her gross margin was 40% and her...
Why would a bank manager be interested in the financial statements of a business?
'Revenue should only be regarded as earned when the legal title of goods and services passes from the seller to the buyer.' To which accounting pr...
'The information provided in financial statements should be capable of being independently verified.' To which accounting policy does this stateme...
Nakul is a trader. He buys and sells goods on credit. He buys most of his supplies from one supplier, Nadia, who allows Nakul a trade discount of 2...
Fatima is a sole trader. She prepares her financial statements to the end of March each year. At 31 March 2022, Fatima's ledger account balances i...
Jules is a hairdresser. He bought some new energy-saving hairdrying equipment, $1900, on credit from YZH Limited on 30 April 2022. REQUIRED
Ekua is a trader who sells household furnishings. She has provided the following information. At 30 April 2022: $ Inventory 14650 Trade r...
The Sew and Soup Club offers membership to people who are interested in sharing sewing and knitting patterns. It runs a refreshment café for member...
Peter is a trader. The following transactions took place in April 2022. April 2 Cash sales, $410, were paid directly into the bank account 3 Paid $...
Stalla started trading on 1 April 2021. All receipts are paid into the bank and all payments are made from the bank. She has not kept a full set of...
Mosi is a trader. The totals of his trial balance at 30 April 2022 did not agree and the difference was placed in a suspense account. Mosi later di...
Nala is a trader who buys and sells stationery. She provided the following information about her inventory at 28 February 2022. Item Number of unit...
The trial balance of M Limited at 30 November 2021 was as follows. M Limited Trial Balance at 30 November 2021 Debit Credit $ Revenue $\quad$ 20360...
Why does the accountant of a business analyse its financial statements?
Padma started a business on 1 April 2022 with $30000 of her own money. On 31 March 2023, her assets and liabilities were as shown. $ machinery at ...
A trader credited the income statement and debited his capital account. What does this double entry record?
Ted, a manufacturer, purchased a machine on credit from T Limited. How did Ted record this?
The following account appeared in the books of Abdul. Hanif account 2023 $ Jan 18 returns 100 31 bank 392 discount 8 balance c/d 150 650 2023 $ Ja...
Which items are shown on a statement of account?
A trader issues an invoice for goods sold on credit. The full price of the goods is $2500. The trader allows a trade discount of 15%, and offers a...
A trader prepared a trial balance at 31 December. Which statement about this trial balance is correct?