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.
Bilal purchased goods on credit from Asim. Where should Asim record this transaction? 1 cash book 2 nominal (general) ledger 3 purchases ledger 4 s...
Abdul sells goods to Rekha on credit. Some goods were damaged in transit. Which document would Rekha send to Abdul?
What is not shown on an invoice?
On 1 September, Peter sent a cheque to his credit supplier, John. This was correctly entered in John's books. On 10 September, the cheque was retur...
Which entries should be made to post the monthly totals of the discount allowed and discount received columns of the cash book? discount allowed di...
Jasvinder maintains a petty cash book using the imprest system. The monthly imprest of $100 is restored on the first day of each month. In Septembe...
Saddique's trial balance failed to balance. The debit column totalled $12250 and the credit column totalled $12200. The following errors were disco...
$68 paid by credit transfer for insurance was entered in the accounting records as $86. Which double entry will correct this error? account debited...
After the preparation of her income statement, Emma discovered the following errors. A debt, $1500, should have been written off as irrecoverable. ...
Hamid purchased a motor vehicle from an overseas motor manufacturer. Which expenditure relating to the motor vehicle is capital expenditure?
Wentile purchased a motor vehicle for $35000. He estimated it would be used for five years and then sold for $5000. Wentile depreciated the motor v...
On the first day of his financial year, Jason purchased a new machine costing $20000. On that date his old machine had a book value of $6000. Jason...
Martha rents out part of her business premises. On 1 September 2021, she was owed rent of $1500 and on 31 August 2022 she was owed $1800 rent. Duri...
Parker received cash from Alexi for a debt that had been written off as irrecoverable. How should Parker record this in his accounts? account to be...
Why should inventory be valued at the lower of cost and net realisable value?
How would current assets be listed if they are arranged in decreasing order of liquidity?
During the year, Sam paid advertising expenses, some of which related to the following financial year. Sam made an adjustment for this when prepari...
Members of a limited company have limited liability for the debts of that company. What does this mean?
A limited company provided the following information. $ non-current assets 35000 ordinary share capital 40 000 5% debentures 10000 net current asse...
What is included in the equity of a limited company? ordinary share capital retained earnings debentures general reserve A ✓ ✓ ✓ B ✓ ✓ C ✓ ✓ ✓ ...
The financial year of a club ends on 30 September. During the year ended 30 September 2022, the club received an interest-free loan from a member. ...
Dan makes t-shirts which are stamped with a design using fabric paint. He provided the following information. $ fabric for t-shirts 10000 factory h...
In a manufacturing account, carriage on raw materials was incorrectly treated as a factory overhead. How did this error affect the prime cost and t...
Chan provided the following information. 1 October 2021 $ 30 September 2022 $ non-current assets 10000 12000 inventory 2500 2000 trade receivables ...
Aruna does not maintain a full set of double entry records. She provided the following information. $ trade payables on 1 August 2021 23450 trade p...
Thabo provided the following information. revenue $250 000 gross margin 20% rate of inventory turnover 5 times What was the average inventory for t...
Naeema provided the following information. $ revenue 28 000 gross profit 11900 profit for the year 3500 What was her profit margin?
When calculating the liquid (acid test) ratio, what is compared to the liquid assets?
A trader provided the following information. year 1 year 2 gross profit $40 000 $75000 gross margin 35% 35% profit margin 11% 22% What would explai...
A business renewed an insurance policy. The total amount paid was charged as an expense in the income statement for the year even though half relat...
What is meant by the business entity principle?
Ahmed is a trader. Why should he prepare financial statements?
Pradip settled Amal's account by credit transfer and received a cash discount for prompt payment. How did Pradip record this discount?
Morgan made the following double entry in his ledgers. debit sales returns account credit Sally account Which transaction was being recorded?
Which business documents provide information for writing up the sales journal and the sales returns journal?
What would not be recorded in the ledgers of a business?
Which errors would be revealed by the preparation of a trial balance? 1 credit purchases, $240, entered as $420 in both the purchases account and t...
Jacob purchased a motor vehicle for business use on credit from Waheed for $20000. This was not recorded in Jacob's books. Which journal entry woul...
Jamal's bank statement on 1 September 2022 showed a bank overdraft of $1460. At that date there were unpresented cheques of $385 and uncredited dep...
A sales ledger control account included the following items. 1 discount allowed 2 dishonoured cheques 3 interest on overdue accounts 4 irrecoverabl...
A sales ledger control account had a debit balance of $4000 on 1 August. During the month of August, credit sales totalled $50000, sales returns fr...
Manjit depreciates her motor vehicles by $1000 at the end of each financial year. Which journal entry would Manjit make at the end of each financia...
On the first day of his financial year, Jason purchased a new machine costing $20 000. On that date his old machine had a book value of $6000. Jaso...
A trader provided the following information about his inventory at the end of his financial year. total number of units 500 cost price of each unit...
For which purposes would a trader use his income statement and statement of financial position? 1 to enable decisions to be made about the performa...
What may appear in a partnership appropriation account?
Anne and Paul are in partnership. How would interest on Anne's capital be recorded in the ledger accounts of the partnership?
Which statement about the members of a limited company is correct?
A limited company provided the following information. non-current assets $35000 ordinary share capital $40 000 5% debentures $10000 net current ass...
A limited company raised funds by issuing ordinary shares, preference shares and debentures. Which statements are correct? 1 Debentures are part of...