Cambridge Past Paper Questions
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A business provides the following information. month number of labour hours overheads $ May 68 000 986 000 June 134 000 1 316 000 The variable o...
The following information is taken from a trader's statement of financial position. $ non-current assets 80000 capital at start of year 75000 dr...
A business wishes to create a new provision for doubtful debts. Which effect will this have in the financial statements of the business? in the inc...
Anna owns a plumbing business. Costs for the year were $49500 for wages and $95000 for materials. These included $2200 labour and $540 materials us...
A building cost $340000. The accumulated depreciation on the building was $47600. It was decided to revalue the building to its market value of $56...
The table shows extracts from the statements of financial position of a business. 2011 $ 2012 $ non-current assets (at cost) 190000 245000 l...
An item can be converted easily into cash. In which section of the statement of financial position would this item appear?
A company's financial year ends on 31 December. At 31 December Year 1 the company carried forward a debit balance of $36200 on the rent account. Du...
A trader buys inventory costing $6000. He is entitled to trade discount at 10% and cash discount of 5%. On the same day he discovers that he can on...
A business is preparing a bank reconciliation and finds the following. $ unpresented cheques 3190 uncredited bankings 1949 The cash book has a...
A company's trial balance includes a suspense account. It was found that the only errors were discounts received of $240 and discounts allowed of $...
During the month a company lost a quantity of inventory in a burglary. The table shows the company's results for the month. $ opening trading in...
During the financial year a business receives $620000 from its trade receivables after allowing cash discounts of $30000. At the start of the year ...
A business had a profit for the year of $450000 before correcting the following errors. 1 Closing inventory was undervalued by $15000. 2 Sales retu...
The following departmental accounts have been prepared for a limited company for the year ended 30 September 2013. department X $ department Y ...
A company has the following expenses for the year. $ directors' salaries 140000 depreciation of delivery vehicles 87000 office salaries 90 000...
Which items appear in the manufacturing account of a business? 1 closing inventory of finished goods 2 closing inventory of work in progress 3 carr...
X becomes a partner in a business receiving a 25% share in the profits. He pays $50000 for his capital. The goodwill of the business is valued at $...
A club has 190 members. The club charges an annual subscription of $240 per member. At the start of the year, 11 members had paid their subscriptio...
The following financial information was provided at 31 December 2012. $ purchases 95.000 returns inwards 3300 returns outwards 2100 inventory...
A vehicle is sold for $1500. It cost $5000 and $3000 depreciation had been provided. Which entry is needed to close the disposal account? debit $ c...
A business is reviewing credit limits for its customers. What would result in a customer's credit limit being reduced?
The table shows extracts from the trial balance of a business at 31 December 2012. $ ordinary share capital 20000 share premium 40000 long-ter...
The trade receivables turnover for a company was 100 days in 2011. This reduced to 80 days in 2012, with no change in the sales revenue. Which stat...
A company provides the following information. $ trade payables at start of year 38000 trade payables at end of year 49000 payments to credit s...
A company makes three products. contribution per unit $ contribution per hour $ product 1 14 2.1 product 2 13 2.6 product 3 8 2.4 Total av...
The cost of using a mobile phone is made up of a monthly rental charge and the cost of phone calls. What type of cost is this?
A business sells its product for $10 per unit and has variable costs of $6 per unit. The table shows the fixed costs for the year. $ factory ren...
A company's financial information is as follows. $ selling price per unit 55 variable costs per unit 15 total fixed costs 33000 If the sellin...
A company is asked to make a new machine for a customer. It provides the following estimates. materials will cost $1100 labour will be 30 hours at ...
Ted plans to buy a motor vehicle for $12000 on 1 May 2014. He intends to pay half at the time of purchase and to take out a loan at 6% interest a y...
At the end of its financial year a business had trade receivables of $16000 and had doubtful debts of $640. The provision is to be maintained at 5%...
The non-current assets of a business are shown in the table. end of year $ start of year $ cost 360 000 300 000 accumulated depreciation 120 0...
A sole trader calculated a draft profit for the year of $56750. He then discovers that discounts received of $580 and discounts allowed of $665 had...
Opening inventory is found to be overstated by $8000 and closing inventory is overstated by $6500. What is the effect of the correction of these er...
A cash book showed a credit bank balance of $6100 on 31 December. The bank statement on that date showed $60 of bank charges not in the cash book. ...
A purchase ledger control account shows the following: $ opening balance 1200 closing balance 1300 purchases 18400 payments made 17800 discoun...
A business sells some of its inventory for $500 on credit to a customer. The inventory cost $600. What is the effect of this transaction on the sta...
Goodwill is adjusted in partners' accounts when there is a change in the profit sharing ratio. How is this recorded?
What is the purpose of providing for depreciation?
A trader decides to prepare departmental accounts. Which statements explain the reason for his decision? 1 To be able to calculate inventory for e...
A sports club provides the following information at the year end. The bank balance had increased by $5000. The depreciation charge for the year was...
The following information is available for a partnership at 31 December 2013. $ residual loss 3000 total salaries to partners 5000 total interes...
The manufacturing account and income statement of a trader show the following: $ purchases of raw materials 70000 direct costs and overheads 540...
The following balances are extracted from the books of Juno Limited. 30 April 2014 $ 30 April 2013 $ ordinary shares of $0.50 each 700000 50000...
A company issues 1000000 ordinary shares of $1 each at a premium of 20%. Which value will be shown for ordinary shares in the statement of financia...
Which items increase when a company issues new shares?
A business has the following information for the past two financial years. year 1: average inventory $100000; revenue $800000; gross margin 25%. ye...
The draft accounts of a business for the year ended 30 June 2013 include the following: $ revenue 280 000 gross profit 60 000 It was subsequent...
The following financial information is available. $ trade payables 10000 bank overdraft 4400 trade receivables 20000 other receivables 600 oth...