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 will improve the gross profit as a percentage of sales?
Fatima provided the following information. opening inventory $30000 closing inventory $45000 purchases $200000 What was the rate of inventory turno...
Some items have such a low monetary value that it is not worth recording them separately. Which accounting principle is being applied?
Zafar returned goods bought on credit from Khalid. How was this recorded in Zafar's books? account to be debited account to be credited
Ashraf owed Yasmin $2000 for goods bought on credit. After deducting cash discount of 2½% Ashraf paid Yasmin the balance owing by cheque. Which ent...
The following account appeared in a trader's ledger. equipment account 2013 details debit $ credit $ balance $ July 31 balance 4000 Dr August 2 ban...
Ashraf sublets part of his premises for $100 per month. At the end of the financial year the tenant had paid rent totalling $1000. Which journal en...
In December 2012 Emma paid insurance, $30, in respect of January 2013. How would this be shown in the 2012 financial statements and in the insuranc...
A motor vehicle, book value $2400, was sold for $2750. How would this transaction be treated by the business? capital receipt $ revenue receipt $
What would occur using the diminishing (reducing) balance method of depreciation?
A trial balance failed to balance. The difference was entered in a suspense account. It was discovered that the purchases returns journal had been ...
How can purchases be calculated?
BCD Limited provided the following information. $ ordinary shares 300 000 retained earnings 200 000 debentures 170 000 How much was the equity a...
Alan's inventory consisted of the following. quantity goods cost per unit $ selling price per unit $ 100 large t-shirts 5 7 20 small t-shirts 5 3 W...
A trader takes goods from the business for personal use. How is this recorded? account to be debited account to be credited
A trader provided the following information. $ opening inventory 10000 closing inventory 14000 sales for year 60000 Goods are sold at a mark up of ...
A limited company has an issued share capital of 100000 ordinary shares of $1 each of which 50000 are fully paid. There are also debentures of $200...
A business provided the following information at the end of its first year of trading. $ prime cost 280000 factory overheads 110000 closing work in...
Mark paid net wages, $5200, for the month of August after statutory deductions of $1200. Which journal entry records this transaction? debit $ cred...
What is not included when calculating the quick (acid test) ratio?
A balance sheet included non-current assets at cost less depreciation. Which principle was being applied?
Abdul applies the accounting year principle. Why does he do this?
Mary buys goods on credit from Kim. Mary receives 14% trade discount on all purchases and takes advantage of the 5% cash discount offered for payme...
Raja supplied the following information relating to her trade receivables before the preparation of the income statement for the year ended 31 May ...
Rod's trial balance at 30 September 2013 failed to agree. REQUIRED Rod later discovered the following errors: 1 the sales journal had been over a...
Wenger's trial balance on 30 April 2013 was as follows: Trial Balance at 30 April 2013 Account Debit $ Credit $ Bank 1750 Capital 113500 Cash 250 I...
Genet and Vass are in partnership. The following balances were extracted from their books on 31 January 2013. Capital accounts 1 February 2012 $ Ge...
Kulbir commenced trading on 1 January 2013 with cash $350, bank $3000, motor vehicle $6500 and a loan from Sanjay of $5000.
Ann buys and sells on credit. She supplied the following information for the month ended 31 May 2013. 2013 $ May 1 Trade receivables 5687 31 Cred...
The receipts and payments account of Brown Lane Rovers Football Club for the year ended 30 June 2013 was as follows. $ | $ ---|--- Balance b/d 45...
Shaw's accounting year ends on 30 April. The following information is supplied for 2011, 2012 and 2013. | | 2011 | 2012 | 2013 |---|---|---|---| |...
Cain and Les are in partnership providing book-keeping and general administration services to small businesses. They share profits and losses in th...
Which are reasons for a trader measuring his profit or loss? 1 to calculate the expenses of running the business 2 to calculate the return on his ...
Karen borrowed $80000 from her father and obtained a bank loan, $6000 in order to start a business. She bought premises, $120000, equipment, $22000...
Andrew purchased a motor vehicle on credit from Claude Motor Company. How would Claude Motor Company record this?
Which document will a customer issue to inform a supplier of an overcharge?
Where are the totals of the purchases returns journal and the sales journal posted?
On 1 September Wayne sent a cheque to his credit supplier, John. This was correctly entered in John's books. On 10 September the cheque was returne...
A business received its bank statement showing the closing balance as $8500 overdrawn. It was found that unpresented cheques amounted to $2000 and ...
The following account appeared in a trader's ledger. Rent and rates account May 1 balance b/d $1650 31 bank $650 May 1 balance b/d $650 31 incom...
The purchase of photocopier paper has been debited to the office equipment account. Which type of error is this?
Liam rents premises from Gavin. In December Liam paid the rent in advance for January and February. How would the balance on 1 January appear in th...
The cost of a motor vehicle was debited to the purchases account in error. What is the effect of this on the profit and assets?
How will the annual depreciation charge on a non-current asset be recorded?
An invoice for $200 from PJ Motors for motor repairs was credited to the motor vehicles account and debited to PJ Motors' account. Which journal en...
A trader provided the following information. 1 March purchases ledger control account balance $4000 31 March purchases journal total $53000 purcha...
Which item affects gross profit?
A trader provided the following information. non-current assets $40000 inventory $10000 trade receivables $8000 cash at bank $15000 trade payables...
A trader took goods at cost price for his own use. In which account would he make a credit entry?
X and Y are in partnership with capital contributions of $50000 and $30000 respectively. The partnership agreement provides that profits are to be ...