Cambridge Past Paper Questions
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The balance of the bank column in a trader's cash book was $520 debit. The trader later discovered that the following items did not appear on his b...
When preparing a sales ledger control account, what is the source of information for amounts received from credit customers?
Plant and machinery, $2000, was incorrectly posted to the credit side of the purchases account. The draft profit for the year was $63000. Ignore de...
Why are non-current assets depreciated? 1 to avoid overstating the value of non-current assets 2 to charge the cost of an asset as an expense over ...
On 1 January, Raheem purchased equipment costing $850. It was estimated to have a working life of 5 years and a scrap value of $50. The asset was d...
Imran maintains a provision for doubtful debts of 5% of the trade receivables at the end of each financial year. The balance on his provision for d...
Ariadne prepares her financial statements to 31 December each year. She valued all her inventory at cost on 31 December 2021, even though some inve...
A trader has capital of $24400. His non-current assets are $16100 and his current liabilities are $4500. There are no non-current liabilities. What...
At 1 January 2022, there was a credit balance of $800 on the electricity account. Payments made during the year totalled $4900. At 31 December 2022...
Josh and Karen are in a partnership sharing profits and losses 3:2. Interest on capital is allowed at 5%. Salary payable to Josh is $10000 per annu...
A partner is charged interest on the drawings he made during a financial year. How is this recorded in the partner's accounts?
Which organisation is the most difficult to establish and has to comply with many legal formalities?
Z Limited has the following types of equity and liabilities. 1 debentures 2 general reserves 3 long-term bank loan 4 ordinary share capital 5 prefe...
A sports club operates a shop selling running shoes to members. These shoes are purchased on credit terms from suppliers. Which item is recorded in...
Which cost is a direct factory cost?
A manufacturing business provided the following information. $ closing work in progress 840 factory overheads 20 945 opening work in progress 910 p...
Elaine is starting a business. She wants to make sure she doesn't miss out on any cash discount which is offered to her. Which action would help he...
Ahmed provided the following information. $ trade receivables at 1 January 2022 15000 for the year ended 31 December 2022: credit sales 85000 cash ...
A business provided the following information. revenue $20000 gross margin 25% profit margin 10% There was no other income. How much were expenses?
A business has the following assets and liabilities. $ inventory 2000 trade receivables 4000 trade payables 1100 bank overdraft 3100 The owner plan...
Lynne provided the following information about her trading business. $ for the year ended 31 August 2023 revenue: cash sales 250 000 credit sales 2...
A trader values his inventory on the same basis at the end of each financial year. Which accounting principle is the trader observing?
Jack is a shareholder in a company. He received the company's financial statements. Why did he find the financial statements relevant?
Which action does not reduce the owner's capital?
Which statement correctly describes the accounting equation?
What could a credit balance on a ledger account represent?
Aiden purchased goods from Jai and paid for them by bank transfer when he received a statement of account. Jai says he has not received the payment...
At the end of the month, how is the total from the sales journal recorded in the ledger?
A customer paid $15600 to a supplier after receiving a 21% cash discount and a trade discount of 20%. What was the amount of the invoice entered in...
A trader maintains a petty cash book using the imprest system. The imprest amount is $120. The petty cash transactions during the month of June wer...
Paula's trial balance contains errors. [Table showing debit and credit balances for various accounts: fixtures and fittings $4000, light and heat $...
The following entry was made in a journal to record the correction of an error. [Table showing debit $320 for Wasim, credit $320 for bank] Which er...
Which statement correctly describes a suspense account?
A trader prepared a draft income statement which showed a profit for the year of $36000. A check of the books revealed the following information. 1...
Alicia's cash book showed a debit balance of $100 on her bank account. She compared her cash book to the bank statement and updated the cash book f...
The balance of cash at bank shown in the cash book is $1200. The bank statement at the same date shows the balance to be $1440. What could explain ...
Jane wished to make a contra entry between a sales ledger account and a purchases ledger account. The credit entry was made correctly but the debit...
Which transaction is capital expenditure?
What is a reason for charging depreciation on a non-current asset?
Which non-current asset should be depreciated using the revaluation method?
A motor van originally cost $11500 and had been depreciated by $9000. The van was sold for $2750. How should the profit or loss on the sale of the ...
What is an advantage of operating as a sole trader?
Emma provided the following information at the end of her financial year. [Table showing: fees receivable from clients $78000, rent receivable $110...
A trader provided the following data. [Table showing: total purchases $25301, purchase returns $1945, carriage inwards $748, goods taken for own us...
Pari and Ira are in a partnership, sharing profits and losses equally. Interest on the capital account balances is allowed at 6% per annum. Pari is...
What are the features of a debenture? [Table with columns: return received, rate of return, voting rights. Rows for options A, B, C, D]
How are subscriptions received and subscriptions written off recorded in a receipts and payments account? [Table with columns: subscriptions receiv...
Par Golf Club had a shop that sold golfing equipment to its members. The treasurer provided the following information for the shop for the year end...
Which option contains only indirect costs?
Rahat has not maintained a full set of double entry records. She has details of her assets and liabilities at the start and end of the year. Which ...