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.
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 ...
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...