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.
Chang owed Tan $130 which he paid by cheque. Tan credited the bank account and debited Chang's account. Which journal entry will correct this error?
Sukesh's account in the books of Jack showed the following. Sukesh account date debit $ credit $ balance $ May 1 balance 450 dr 4 sales 200 650 dr ...
On 1 April the balance on the purchases account was $7200. During April the following transactions took place. cash purchases $1200 credit purchase...
At the start of the financial year insurance was prepaid and commission receivable was still outstanding. How would these balances appear in the le...
Gary's financial year ends on 31 March. On 1 April 2011 rent prepaid amounted to $3000. During the year ended 31 March 2012 a total of $7000 rent w...
Which entries are required to create a provision for doubtful debts?
Harry's income statement showed a loss for the year of $2040. It was later discovered that motor expenses, $480, had been included in non-current a...
A machine cost $30 000. It had an estimated life of six years. Using the reducing (diminishing) balance method of depreciation at 30% the first yea...
How is the loss on the sale of a non-current asset recorded?
An invoice for stationery, $100, was entered as a credit note. Which entries should be made to correct this error?
What does a debit balance on a sales ledger control account represent?
Which is an intangible asset?
Two traders are considering forming a partnership. Which statement is not correct?
Karim did not keep proper accounting records, but provided the following information. $ drawings 8 500 capital introduced in year 15 000 capital at...
What is a feature of preference shares?
Which group of items would appear in the capital and reserves section of a limited company balance sheet?
A manufacturer provided the following information. $ factory wages 11 000 carriage on raw material 2 700 machine repairs 3 420 supervisor's wages 6...
Esarba has a pension contribution and a trade union subscription deducted from her pay. Which type of deduction are they?
A business had the following assets and liabilities. $ inventory 11 000 trade receivables 39 000 bank overdraft 8 000 trade payables 12 000 long-te...
Sally applies the historical cost principle and records all her non-current assets at the actual cost. What is an advantage of applying this princi...
Which task would not be carried out by an accountant?
Jane made a payment to a supplier for goods bought on credit. Jane does not have a bank overdraft. What is the effect on the accounting equation?
Anna keeps a full set of accounting records. Goods purchased by Anna from Winston were returned before they were paid for. Where will Anna record t...
What is true about a statement of account issued by a business? 1 It is a source document for the purchases journal. 2 It is a source document for ...
Hasina buys radios from Nazneen at a list price of $10 each. Hasina bought 12 radios and was offered 20% trade discount and 4% cash discount. Two r...
A trader posts the total of her purchases returns journal to the ledger at the end of each month. On 30 April 2012 the purchases returns journal sh...
On 1 January Sudip borrowed $15 000 from the bank at an interest rate of 8% per annum. On 1 August the loan was increased to $24 000. How much inte...
On 31 March 2012, Ahmed's bank statement showed a credit balance of $2500. Ahmed found that a cheque issued for $90 and a deposit of $500 had not b...
Which item is recorded in the general journal before it is entered in the ledger?
Which account could have a credit balance?
What is a trial balance?
Which is an error of omission?
John's financial year ends on 31 December. He pays his annual insurance premium on 1 July. He provided the following information. $ insurance premi...
Raminder maintains a provision for doubtful debts of 2½% of the trade receivables. On 1 January the balance on the provision account was $1075. The...
A company purchased a new computer system. What would be recorded as revenue expenditure?
What is depreciation?
A machine costing $60 000 is depreciated by 25% per annum on the reducing (diminishing) balance method. What was the depreciation charge for the se...
Lisa's trial balance failed to balance and a suspense account was opened. It was found that the return of goods, $20, by Zaffar, a customer, had be...
What would be entered in a purchases ledger control account?
Which statement is correct?
When might goodwill appear in a balance sheet?
A trader provided the following information. $ non-current assets 25 000 current assets 12 000 current liabilities 9 000 non-current liabilities 10...
At the end of his financial year Tom owes $150 rent. How will the adjustment for this amount affect Tom's financial statements?
Amina and Sabena are in partnership. How is interest on drawings recorded in the ledger?
Which would appear in a receipts and payments account?
A trader does not keep a full set of accounting records. How is the profit for the year calculated?
A manufacturing business provided the following information. $ direct expenses 6 000 direct labour 15 000 direct materials 20 000 office expenses 4...
Anne works 40 hours and is paid $5 per hour. She pays income tax at 20%, national insurance at 10% and pension contributions at 5%. What is her gro...
A trader provided the following information. $ $ revenue 60 000 opening inventory 15 000 purchases 30 000 45 000 closing inventory 10 000 35 000 gr...
Loose tools are shown in a balance sheet at valuation. Which accounting principle is being applied?