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.
How is the profit for the year calculated?
A company had inventory which cost $100000. The inventory was damaged and would cost $10000 to repair after which it could be sold for $80000. At w...
How are current liabilities calculated?
A trader took out a business bank loan of $5000 and also transferred $2000 to the business bank account from his own funds. How did these transacti...
Alice took goods for her own use but did not enter this in her accounting records. She made an adjustment for these goods in the year-end financial...
Rajid and Sunil formed a partnership on 1 January 2014 but did not prepare a partnership agreement. They provided the following information. Rajid...
A partner made a loan to the business. How was the interest on this loan recorded?
A sports club was formed on 1 January 2014. During the year ended 31 December 2014 the club purchased equipment costing $5000, paying by cheque. In...
On 1 January the trade receivables owed $1000 and on 31 December they owed $1500. During the year $5000 was received from credit customers and a de...
Which item would not be entered in a statement of changes in equity?
Zed Limited provided the following information. $ issued and paid up share capital | 200000 general reserve | 30000 retained earnings | 15000 10% ...
Wages are paid by a manufacturing business to machine operators, factory cleaners and office staff. Where are these wages recorded in the financial...
Yousef started a business on 1 April. His employees are paid weekly and any statutory deductions are paid to the authorities monthly in arrears. Fo...
A trader overvalued his year-end inventory. Which statements are correct? 1 Current assets are understated. 2 Current liabilities are understated....
Anwar's profit for the year was $28 000. He provided the following information at the end of his financial year. $ capital | 112000 current assets...
In a trader's statement of financial position the non-current assets are shown at cost less depreciation to date. Which accounting principle is bei...
The following balances were taken from the books of Krul Limited on 1 July 2015. Carston Garages account $ Motor van expenses account ...
Martino's trial balance at 30 September 2015 did not agree and a suspense account was opened. The following errors were discovered. 1 The total of ...
Aina and Barry are in partnership. The partnership agreement states the following: Interest is charged on drawings at the rate of 6% per annum Inte...
Galenia buys and sells goods on credit. The following information was available on 30 September 2015. Inventory 1 October 2014 $11000 Inventory 30 ...
Cheng is a sole trader. The following balances were extracted from his books on 30 September 2015. $ Revenue 315000 Purchases 165000 Returns outwar...
What would be the most useful way of monitoring the progress of a retail business?
Which account always has a credit balance?
Kamal purchases and sells goods on credit. Where does he maintain the accounts of his credit suppliers?
Ali sold goods, $600, on credit to Malik on 19 October. The terms of the sale were 2¹⁄₂% cash discount if payment was received within 14 days. Paym...
What is correct about a bank reconciliation statement?
Which transaction of a manufacturer would be entered in the general journal?
The following account appeared in Sue's ledger. Tony account $ May 1 balance b/d 400 12 sales 590 990 $ May 16 returns 21 28 bank 284 discount 6 31...
The totals of a trial balance agreed. What does this mean?
Gary rents his business premises. His financial year ends on 30 September. On 1 October 2016 rent prepaid amounted to $3000. During the year ended ...
Ann's financial year ends on 31 August. The annual rates on her shop are $3000. On 1 September 2016 rates prepaid amounted to $750. Rates paid duri...
Ajay maintains a provision for doubtful debts of 3% of trade receivables. On 1 January 2016, the balance on the provision for doubtful debts accoun...
Mona paid $32000 for a new motor vehicle. This included $100 for fuel and $250 for road tax. She debited the purchases account and credited the cas...
A trader incorrectly posted sales returns of $100 to the credit of purchases returns account. What was the effect on the gross profit?
The owner of a business paid $5000 into the business bank account. A loan for $10000 repayable in 2020 was also obtained and the money used to purc...
Tareq started a business on 1 October 2016. He provided the following information. On 28 November 2016 he paid an insurance premium, $1800, for the...
What is a disadvantage of forming a partnership?
Abi and Erni are in partnership. They share profits and losses equally. Erni is entitled to an annual partnership salary of $3000. The profit for t...
A golf club has 230 members. The annual subscription is $100. At the beginning of the year subscriptions prepaid amounted to $1000 and at the end o...
What would not appear in the income and expenditure account of a sports club?
Karim did not keep proper accounting records, but was able to provide the following information. capital at 1 January $58000 drawings during the ye...
Sumit does not maintain a full set of accounting records. What does Sumit not need to calculate his credit sales?
Which is shown as loan capital in the statement of financial position of a limited company?
The financial year of AB Limited ends on 30 September. Debenture interest is paid annually in arrears on 1 October each year. Where did debenture i...
In year 1, Sam's gross profit was calculated as follows. $ revenue $180000 opening inventory 6000 purchases 118000 124000 closing inventory (4000) ...
Stephan's major competitor has invested in a new machine for making goods more cheaply. Stephan knows this will affect his sales but did not record...
At the end of the financial year Omar's inventory was 100 units of which 10 units were damaged and could not be sold. The selling price per unit is...
A trader provided the following extract from his sales journal. 2017 sales journal: October 7 J Sango goods $100 trade discount $20 Total $80 Which...
What is correct about a bank reconciliation statement? | | prepared by the bank | prepared by the trader | part of double entry book-keeping | |---...
Which transaction is recorded in the general journal?