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.
On 1 January a sports club's subscriptions account had a debit balance of $500. During the year subscriptions received amounted to $6000. Subscript...
A trader provided the following information for September 2014. opening trade payables $40000 cheques paid to credit suppliers $220000 purchases o...
What is net pay?
How is rate of inventory turnover calculated?
A trader provided the following information. inventory $60000 trade receivables $39000 cash $-1000 $100000 trade payables $18000 bank $62000 $80 0...
'A business will continue to trade in the foreseeable future.' Which accounting principle is described by this statement?
A business applies the money measurement principle. What would be included in the financial statements?
A trader purchased a motor vehicle for his business using a cheque from his personal bank account. How is this recorded in the books of the business?
Arnold's ledgers contain an account for Jim, a credit supplier, and a purchases account. In which ledgers will these accounts appear?
Abdul sells goods to Rekha on credit. The goods are damaged in transit. Which document will Rekha send to Abdul?
Logan records his sales invoices in a sales journal. What happens at the end of the month?
Zaffor sold $300 of goods to Yasmin on credit. Zaffor prepared an invoice but posted it as a credit note. Which entry will Zaffor make to correct t...
On 15 April, Kalou made the following entries in his accounts. debit bank account $228 discount allowed account $12; credit Droghba account $240. W...
What is the purpose of preparing a trial balance?
After preparing a trial balance the following errors were discovered. Error 1: Goods returned to Ken Loo had been debited to Ken Lao. Error 2: Repa...
On 1 January 2013 advertising of $120 was prepaid. During the year $1280 was paid for advertising. On 31 December 2013 an amount of $960 was transf...
The difference on a trial balance was posted to a suspense account. It was later found that a cheque for $800 paid to Rafiq, a supplier, had been e...
A trader provided the following information. 1 March purchases ledger control account balance $4000; 31 March purchases journal total $53000; purch...
Which item is an intangible non-current asset?
Candy and Abel are in partnership. Abel made a loan to the partnership. How will the annual interest on the loan be recorded?
Walter provided the following information. revenue $150000; expenses $25000. The mark-up on cost is 25%. What is the profit for the year?
The financial year of ABZ Limited ends on 31 March. Debenture interest is paid annually in arrears on 1 April each year. Where will debenture inter...
How is prime cost calculated?
During a week Ali works 40 hours and produces 240 items. He can choose to be paid $6 per hour, or $1.25 for each item he produces with a guaranteed...
How is the return on capital employed (ROCE) calculated?
A trader provided the following information. bank overdraft $1650; trade receivables $2200; trade payables $2900; inventory $4200; short term loan ...
'Only the financial transactions of the business are recorded in the business's accounting records.' Which accounting principle is being described?
Adil's transactions in August 2014 included the following. August 2 Purchased goods on credit from Tiara, $1500, less 20% trade discount. August 5...
The following information relates to the delivery vehicles of Swift Limited. 1 July 2012 Purchased delivery vehicle 1 for $15000. 1 July 2013 Purc...
Wing Limited had the following balances in its books after the calculation of the profit for the year ended 30 September 2014. Profit from operati...
Lai Yee provided the following information. Profit from operations (before bank loan interest) $36000 Capital $200000 Trade payables $50000 Trade ...
Nikolas is a manufacturer. The following balances were extracted from his books on 31 July 2014. Capital $80000 Drawings $20000 Machinery (cost) $...
Maria had the following assets and liabilities on 1 May 2014. Inventory $ 1950 Amount payable – Midland Telecoms 400 Bank 550 Dr 5% Bank loan (rep...
Ajib commenced business on 1 October 2014 delivering parcels to customers' homes. He purchased a motor van on that date, the details are as follows...
Basir is the owner of the Korner Café. He does not maintain full double entry books, but has provided the following information for the year ended ...
The following information relates to the business of Lili. Revenue $ 200 000 Inventory 1 October 2013 15500 Inventory 30 September 2014 24500 Rate ...
Darius and Edgar are in partnership. The partnership agreement states that they share profits and losses in the ratio 3:2. Interest on capital is a...
A business provided the following information. $ inventory 2880 bank overdraft 750 trade receivables 1600 trade payables 1950 loan from bank 2000 ...
Which item would be recorded by a credit entry in an account?
Harvey bought goods on credit from Janet. The goods were unsuitable and Harvey returned them to Janet. Which document did Harvey send to Janet?
How are the totals of the sales journal and the purchases returns journal recorded in the ledger?
Sally buys goods and is allowed a discount for early payment. How does Sally record this discount? account to be debited | account to be credited ...
On 1 April a trader's cash book showed a debit balance of $3204. No entry had been made in the cash book for bank charges of $78. Deposits of $288 ...
The following account appears in the ledger of Chan. Fu account 2015 | $ | 2015 | $ Aug 28 bank | 100 | Aug 1 balance b/d | 100 31 balance c/d | 2...
An invoice for goods purchased on credit, $100, was entered in the purchases journal as $1000. How will this affect the trial balance?
On 1 January commission receivable, $210, was outstanding. Commission received during the year amounted to $4850. Which journal entry would be made...
A trader decides to change his provision for doubtful debts from 2% to 3% of trade receivables. Which entry is made to record this?
On 1 January a builder had tools valued at $3100. During the year he purchased additional tools costing $490 and tools valued at $140 were scrapped...
Which journal entry records the annual depreciation of machinery of $500?
Henri has charged Thibault interest on his overdue account. Where does this interest appear in Thibault's control accounts?