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.
Which account balance will appear in the debit column of a trial balance?
The totals of a trial balance did not agree, and a suspense account was opened. It was later found that the total of the discount allowed column in...
After calculating his profit for the year, Yui discovered the following errors. 1 A purchase of a new motor vehicle for $3200 was debited to motor ...
Jerry received a cheque of $450 from Fatima. He entered the receipt of the cheque correctly in his cash book. The posting to Fatima's account was r...
Somraj's bank statement showed a credit balance of $740 at 31 January. Somraj compared the bank statement with his cash book and updated the cash b...
George is preparing his purchases ledger control account. Which information would he obtain from his general journal in order to do this?
Javid's sales ledger control account had a debit balance of $12000. Interest of $40 on an overdue account and also discount allowed of $150 had bee...
What is the effect of incorrectly treating expenses as capital expenditure? [Table with column headers: 'income statement: profit for the year', 'i...
Atif depreciates his motor vehicles at a rate of 20% per annum, using the reducing balance method. On 1 May 2024, Atif owned motor vehicles which h...
T Limited rents out part of its premises. At the start of the year, the tenant was $600 in arrears. During the year, T Limited received $8650 in re...
A provision for doubtful debts of 5% of trade receivables is maintained. At 1 January 2024, the provision for doubtful debts account had a credit b...
How should a business value its inventory?
Which items are shown in a statement of financial position? [Table with column headers: 'current assets', 'revenue', 'capital', 'non-current liabil...
A business provided the following information about two expenses. [Table with data: '1 January 2024 $ (electricity 240 accrued, insurance 180 prepa...
Which item is a current liability?
What is an advantage to a sole trader of forming a partnership?
Which statements are correct in relation to the financial statements of a partnership? 1 Interest on partners' capital is shown as an expense in th...
R Limited provided the following information. [Table with data: 'At 1 January 2024: ordinary share capital $350000, retained earnings $46000, gener...
A club included the balance on its accumulated fund in its statement of financial position. What is the equivalent of the accumulated fund in a sta...
Which item is included in a manufacturing account?
A trader's assets increased by $25000 and liabilities decreased by $5000 during the year. He took no drawings during the year. What was the profit ...
A trader does not maintain a full set of accounting records. How could he calculate the profit for the year?
Janice started trading on 1 January. All her sales were made on a cash basis. During the year, Janice paid wages of $12100 and took drawings of $78...
A trader provided the following information. [Table with data: 'revenue $120000', 'inventory at the start of the year $9600', 'inventory at the end...
A trader provided the following information for the year ended 31 December. [Table with data: 'total cash and credit purchases of goods for resale ...
The following information is taken from an income statement. [Table with data: 'cost of sales $15000', 'gross profit $10000', 'motor expenses $4000...
The trade receivables turnover of a business is 42 days. Trade receivables are allowed 30 days to settle their accounts. The business has difficult...
A business does not record the skills or morale of its employees in its financial statements. Which accounting principle is being applied?
What does the objective of understandability assume users of financial statements will possess?
Rikado left his job as a machine operator to start his own manufacturing business. Why was he interested in his financial statements at the end of ...
How is owner's equity calculated?
Shula's financial year ends on 31 March. On 1 April 2024, there was a credit balance of $100 on Yasmin's account in Shula's purchases ledger. What ...
Which document may be used by a business as proof that an invoice has been paid?
Raminder maintains a petty cash book using the imprest system. The monthly imprest of $250 is restored on the first day of each month. In January, ...
Which statement about cash discounts is not correct?
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...
Michael opened a suspense account when he prepared draft financial statements. He then discovered that purchases of $68 had been credited to the pu...
Sameer calculated that his profit for the year was $6300. He then found two errors. 1 A cheque for $3250, received from a credit customer, had only...
Miguel's cash book showed a debit bank balance of $4220. He later discovered the following errors. 1 A cheque for $200, issued for the purchase of ...
A trader was reconciling his bank statement with the updated balance of his cash book. There were unpresented cheques and uncredited deposits. The ...
Mary is a trader. She has a debit balance in the bank column of her cash book. Mary has received her bank statement and needs to update her cash bo...
The cash book provides information for which control account item?
When Mark started a car repair business, he purchased premises and equipment. Two years later, he spent $5000 on building an extension, $600 on new...
On 1 January 2023, equipment was purchased for $50000. The equipment is expected to have a useful life of five years and a residual value of $10000...
Anjum rents part of her premises to Ajay for $6120 per annum. At the beginning of the year, Ajay had paid two months' rent in advance. At the end o...
Why does a trader write off money owed by a credit customer as an irrecoverable debt?
Shilpa's financial year ends on 30 April. On 31 March 2025, she wrote off a debt owed by Tahir as irrecoverable. Which entry did Shilpa make on 31 ...
Tony has prepared an inventory calculation statement at the end of the financial period. The table shows: Item | cost () | net realisable value () ...
Draft financial statements prepared at the end of the first year of trading show: • draft profit for the year of $24000 • trade receivables of $630...
Ann and Bob are in partnership and share profits in the ratio 3 : 2 respectively. Ann is entitled to a salary of $20 000 per annum. There is no int...