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.
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...
Jane took cash drawings from the business. The amount was debited to the purchases account and credited to cash. How did this error affect the prof...
What is true about a bank statement? 1 It is a demand by the bank for repayment of an overdraft. 2 It shows a positive bank balance as a debit bala...
On 30 June the bank column in Farad's cash book showed an overdrawn balance of $2000. The following items had not been entered in the cash book. st...
What is an advantage of maintaining a purchases ledger control account?
A limited company sells office equipment. The following amounts were recorded in the company's books of account. 1 cash received from disposal of m...
On 1 January 2023 Kate paid $400 for a two-year maintenance contract on her machinery starting on that date. In error this amount was debited to th...
Why should a business depreciate its non-current assets?
A trader had a credit balance on his heat and light account at the start of the financial year. What does this balance represent?
Which statements about irrecoverable debts are correct? 1 They are an application of the historic cost principle. 2 They are debts which will not b...
At the end of his financial year Raminder made an adjustment for rent owed to him by a tenant. How did this affect Raminder's financial statements?
What is a disadvantage of operating as a sole trader?
Which statement correctly describes the effect of limited liability if a business fails?
At the start of the year, V Limited had $45750 total equity, of which $10750 was retained earnings. At the year end, the company had transferred $1...
The treasurer of a sports club provided the following information. clubhouse and sports fields $250 000 sports equipment $80 000 cash at bank $1200...
What will be included in a receipts and payments account of a social club? 1 cash payment for new furniture for the clubhouse 2 depreciation charge...
Thato is a manufacturer. His manufacturing account for the year ended 31 December showed that his work in progress had increased. How did this affe...
A factory makes uniforms for school children. What is not included in the calculation of prime cost in the factory's manufacturing account?
The average inventory of a business was $40000. The rate of inventory turnover was 5 times a year. Mark-up was 20%. What was the revenue for the year?
Shelley does not maintain a full set of accounting records but was able to provide the following information. sales for the year ended 31 August 20...
Wayne provided the following information. non-current assets $110000 current assets $25000 current liabilities $15000 profit for the year $23000 Wh...
The trade payables turnover of a business is 36 days. What do these 36 days represent?
Paul's gross margin increased from 16.5% in year 1 to 17.5% in year 2. What would explain the improvement in the gross margin?