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.
Ziningi prepared a trial balance. The total of the debit column was $225750 and the total of the credit column was $225250. What could explain the ...
Rent received from a tenant was debited to the rent receivable account and credited to the cash book. Which type of error has been made?
A computer system purchased from Ace Computers for $1430 had been incorrectly recorded as $1340 and was entered in the stationery account instead o...
A trader uses the reducing balance method of depreciation. What effect will this have over the life of the non-current asset?
Rashid provided the following information at 31 December. $ machinery at cost 52000 provision for depreciation of machinery 23000 Depreciation for ...
At the end of his financial year on 31 August 2020 a trader had prepaid insurance. How will this appear in the insurance account and the statement ...
Hayley's financial year ends on 30 September 2020. She provided the following information. $ on 1 October 2019 rent receivable accrued 480 during t...
The balances in the books of Jason on 1 July 2019 included the following. $ trade receivables 64200 provision for doubtful debts 1284 Trade receiva...
Which items will not be shown in an income statement prepared for a service business? 1 cost of sales 2 gross profit 3 profit for the year 4 wages ...
A trader provided the following information. $ capital at 1 October 2019 52000 motor vehicle given to the business by the trader 3500 personal expe...
John and Mark are in partnership. Profits and losses are shared in the ratio 3:2. John is entitled to an annual salary of $12000. The profit for th...
A partnership maintains both current and capital accounts for each partner. An inexperienced book-keeper prepared the following account which conta...
Z Limited provided the following information. $ 5% debentures 50 000 general reserve 25 000 issued ordinary share capital 300 000 retained earnings...
Which statement about preference shares is not correct?
A sports club was formed on 1 September 2019. What may appear in the receipts and payments account for the year ended 31 August 2020?
A manufacturing company provided the following information. $ cost of raw materials 186 000 direct wages 75000 machinery depreciation 45000 factory...
A trader made the following forecasts for the business for the next financial year. average inventory $80 000 rate of inventory turnover 6 times ma...
Kim's trade payables turnover increased. What could have caused this?
A company provided the following information about its rate of inventory turnover. year 1 24 times year 2 25 times year 3 27 times What would expla...
A company provided the following information about its current ratio. year 1 2.3:1 year 2 2.4:1 year 3 2.5:1 What would explain the changes in the ...
Zak has depreciated his machinery at the rate of 20% per annum using the straight-line method. At 31 December 2018 the statement of financial posit...
The financial statements of a business are prepared on the basis that it will continue to operate for many years into the future. Which accounting ...
When Marina opened a business she purchased a stapler for the office. She recorded this as office expenses rather than as office equipment. Which a...
Dev owns a business selling furniture. The following transactions took place during August 2020. Transaction | Date | Details | $ --- | --- | ---...
BH Sports Club provides sporting facilities and a café for the use of its members and guests. The club's financial year ends on 31 July. The follow...
JP Limited's financial year ended on 30 September 2020. The following balances were available at that date. | $ --- | --- 7% debentures (2026) |...
Carlos owns a business selling computer equipment. He provided the following information for the year ended 31 July 2020. | $ --- | --- Sales | 2...
Razia's financial year ends on 30 September. The totals of the trial balance on 30 September 2020 did not agree. The totals were debit $10450 and ...
Sariah owns a business selling ladies' clothing. She maintains a system of double entry bookkeeping. The following occurred during September 2020....
Eniola compared her bank statement for July 2020 with the bank columns of her cash book. She provided the following information. Overdrawn balance ...
Haziq has not maintained full accounting records for his business. Haziq provided the following information for the year ended 31 July 2020. At 1 A...
The directors of DW Limited provided the following information at 30 September 2020. $ 6% debentures (2028) 18000 Bank overdraft 6450 Dividend paid...
Nazim owns a wholesale business and has prepared draft financial statements for the year ended 30 June 2020, his first year of trading. After the ...
Which formulas may be used for the accounting equation? 1 assets = owner's equity minus liabilities 2 liabilities = assets minus owner's equity 3 o...
Goods purchased on credit from Zamir were returned by Ashwin. Which entries should Zamir make to record this? [Figure showing table with account de...
During her first financial year, a trader paid $1800 for insurance and $3200 for rent. At the end of the financial year, she transferred insurance ...
Leah bought goods, $8000, less 15% trade discount. She later returned half of these goods as they were faulty. Which document did Leah issue to the...
What is a cheque counterfoil used for?
Farouk sells goods on credit. A cheque from Khalid, a credit customer, was dishonoured by the bank. How should Farouk record this? [Figure showing ...
Why does a supplier offer trade discount?
Ann maintains a petty cash book using the imprest system. Which statement is not correct?
A sales invoice for $800 was incorrectly recorded in the sales journal as $1800. How did this error affect the trial balance?
A standing order paid for rent has not been entered into the accounting records of a business. Which statement is correct?
The bank statement of a business had a credit balance of $2690 on 1 October 2021. At that date cheques totalling $850 had not yet been presented fo...
A trader has purchased new business premises. What are examples of capital expenditure? 1 cost of heating and lighting the new premises 2 cost of p...
Two companies each purchased a motor vehicle for $10000 at the beginning of year 1. Company G used the straight-line method of depreciation at a ra...
At the end of the financial year Mui had prepaid rent of $1500. How should she record this?
After preparing draft financial statements at the end of her first year of trading, Lucy discovered two errors. 1 Damaged inventory had been valued...
Which is an advantage and a disadvantage of operating as a sole trader? [Figure showing table with advantage and disadvantage columns]
What is shown in the capital and liabilities section of a statement of financial position of a business?