Cambridge Past Paper Questions
Browse 23,045questions from 25 years of O-Level & A-Level exams. Click any question to practice.
Toby's purchases for the year were $13000. His closing inventory was $1000 more than his opening inventory. Toby's gross margin is 20%. What was To...
CD Limited took out a long-term bank loan and used part of the funds to pay some of its credit suppliers early. How did this affect the trade payab...
Jimmy made credit sales of $98 550 in each of the years 2021 and 2022. In 2022, his trade receivables turnover was exactly two days shorter than it...
Which characteristic of financial information requires that financial statements be clearly presented and assumes that the users of the financial s...
Seok buys and sells goods on credit. He has three credit customers and allows one of them, Naomi, trade discount of 10%. All customers pay Seok by ...
Sara owns a clothing factory. She sells the clothing to a small number of local shops. She allows 30 days credit. At 30 September 2023, Sara's ledg...
Lionel started trading on 1 July 2022. He paid $15 000 of his own personal money into the business bank account. He did not keep full accounting re...
Rachel is a trader. The totals of Rachel's trial balance prepared on 30 September 2023 did not agree and the difference was placed in a suspense ac...
Nala is a retailer who sells toys and games. All sales are on a cash basis and all purchases are on credit. She has provided the following informat...
Shakir started trading in the year ended 31 August 2023 but did not keep proper books of account. His assets and liabilities at 1 September 2023 ar...
Hilary owns a manufacturing business. She has provided the following information. Inventory at 1 August 2022 Raw materials $910...
Logan is a trader who sells goods on credit. His year end is 30 September. Logan has provided the following information. At 1 October 2022 Invento...
Asia is a trader. She prepared her trial balance at 31 August 2023. The credit side totalled $273 more than the debit side. Asia placed the differe...
B Limited provides cleaning services to client offices and factories. The clients provide their own cleaning materials. The trial balance of B Limi...
A trader prepares financial statements each year. What do these help the trader to do?
A trader bought new fixtures. He paid half the purchase price in cash and agreed to pay the balance at a later date. How does this purchase affect ...
Which account is not kept in the nominal ledger?
On 15 February Kalou made the following entries in his accounts. debit $ bank 228 discount allowed 12 credit $ Droghba 240 Which transaction was be...
Ranjit is a credit customer of Balbir. In April the following activities took place. Balbir sold goods on credit to Ranjit. Ranjit advised Balbir t...
What is an advantage to a business of maintaining books of prime entry?
Which items appear on the debit side of a trial balance? 1 amounts owed from credit customers 2 discount received from credit suppliers 3 drawings ...
A trader had prepared her year-end financial statements. She later discovered that an adjustment to reduce the provision for doubtful debts by $100...
A trader's draft income statement showed a profit for the year of $24500. The following errors were later discovered. 1 No adjustment had been made...
The bank statement of a business had a credit balance of $2690 on 31 October. At that date cheques issued which had not been presented totalled $85...
The bank column of a trader's cash book showed an overdrawn balance of $1200. When the trader compared the cash book with the bank statement he fou...
What is an advantage of preparing a monthly sales ledger control account?
A summary of Jim's cash book for the year included the following: total cheques paid to suppliers $3750 total discount received $65 Which entries a...
Hamid owns a grocery store. He bought a motor vehicle, $2000, and fuel, $50. Both of these amounts were incorrectly debited to the purchases accoun...
Which statements are correct about depreciation? 1 It is a non-cash expense item. 2 It is an estimated amount. 3 It is the amount of money set asid...
Abdul is a trader. He rents out part of his warehouse to other businesses. Abdul is preparing his financial statements for the year ended 31 Decemb...
What is the journal entry required to close the irrecoverable debts account at the year end?
Which items would appear in the income statement for an accountancy business?
A business provided the following information. long-term loan 20 000 trade receivables 12000 trade payables 9700 bank overdraft 2000 prepaid insura...
What is an advantage to a trader of forming a partnership?
Which items should be entered in the appropriation account of a partnership?
X Limited provided the following information. ordinary share capital 300 000 general reserve 50 000 retained earnings 35000 8% debenture 60 000 Wha...
Which item is shown in the income statement and in the statement of changes in equity of a limited company?
The Daylee Sports Club was formed in January. During its first year the club purchased equipment costing $5000, paying by cheque. Which of the club...
The following ledger account appeared in the books of a club for the year ended 31 December. Subscriptions account Jan 1 Balance b/d $2000 Dec 31 I...
After a manufacturing account had been completed it was discovered that wages paid to factory cleaners had not been included. Which items in the ma...
W Limited manufactures motorbikes. The following information relates to the first year in business. purchases of motorbike parts $40000 wages of fa...
Anya did not keep a full set of double entry records but provided the following information. At 1 February 2022 capital $10000 At 31 January 2023 b...
A jewellery retailer marks up his goods by 100%. He provided the following information. revenue $68 200 discount received $1080 profit for the year...
Omar had an increase in his gross profit margin. What could have caused this?
Who would be interested in the value of non-current assets which a business has available as security?
Which accounting principle is the accounting equation based on?
Which qualitative factor requires that financial information is provided in a timely manner so that it can be used for decision making?
The following account appeared in the ledger of Eli. Jacob account $ $ June 1 balance b/d 220 June 4 bank 210 22 sales 400 discount 10 30 balance c...
The totals of a trial balance agreed but it was found that the purchase of office equipment had been debited to office expenses account. Which type...
Mandy's trial balance failed to agree. The difference of $620 was placed in a suspense account. The suspense account's balance was shown on the deb...