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.
The trial balance totals are as follows: debit $500 150 credit $500 000 Which error could have caused the difference?
A business maintains a provision for doubtful debts of 5% per annum. It has trade receivables balances of $560000 at the start and $468000 at the e...
The statement of the financial position of a company shows the following: $ tangible non-current assets 20 600 intangible non-current assets 5700 t...
An inexperienced bookkeeper calculated a draft profit for the year ended 31 December 2015 of $578 500. He had not accounted for the following: 1 Ja...
A computer used for demonstration to customers was treated as capital expenditure. At the end of the year a customer purchased the computer in the ...
A business makes up its financial statements to 30 April each year. Included in the ledger account balances on 1 May 2014 was insurance (debit) $80...
The statements of financial position of Goh's business showed the following: 30 June 2014 30 June 2015 net assets $152000 $184000 During the year e...
P joined the partnership of G and H. He brought into the business the following assets. non-current assets cost $25000, valued at $38000 inventory ...
X and Y have capital accounts of $50000 each and share profits equally. They plan to admit Z into partnership. The new profit sharing ratio will be...
David and Jane have been business partners for several years, sharing profits in the ratio of 2:1. Jane now wishes to retire. Her capital account a...
Which is not an appropriation of partnership profit?
A limited company intends to issue shares at a price above the nominal value. Which items, apart from bank balance, will be affected by the share i...
A company issues one million ordinary shares of $1 each at $1.30 per share. It also issues a debenture for $500000. What is the increase in the equ...
What is measured by the return on capital employed ratio?
The following ratios have been calculated for two businesses, both with the same revenue of $100000. X Y gross margin 20% 25% profit margin 10% 10%...
A business provides the following information. gross margin 20% $ sales 275325 opening inventory 25450 closing inventory 55975 What are the purchases?
A company provided the following information. material units cost per unit $ opening inventory 100 2.00 receipt of new inventory 400 2.10 issued to...
A production centre uses 20000 machine hours and 17000 labour hours each month. Which formula is used to calculate the overhead absorption rate?
The following information is available. budget actual overheads $60000 $66 000 direct labour 30 000 hours 35 000 hours The overhead absorption rate...
A particular cost is classified as 'semi-variable'. What effect will a 20% reduction in activity have on the unit cost?
A business produces and sells watches. In 2015, 4000 watches were produced and 3600 watches were sold. Other information for the year included the ...
Which items are included in the marginal cost of a unit of production?
Which statements about cost-volume-profit analysis are correct? 1 Profits are calculated on an absorption costing basis. 2 Profits are calculated o...
A business has the following budgeted and actual results for a period. $ budgeted fixed overheads 354 000 actual fixed overheads 360 000 under-abso...
What are the main purposes of budgeting? 1 to control expenditure 2 to forecast future expenditure 3 to determine company strategy
Which accounting treatments illustrate the use of the matching concept? 1 comparing the receipts and payments in the cash book to obtain the balan...
Which item should be treated as capital expenditure?
During the year ended 31 December 2012 a business purchased a vehicle for $23500. On 30 September 2015 it was sold for $3500. Depreciation was char...
Why is a sales ledger control account used? 1 to control discounts received 2 to ensure credit customers pay promptly 3 to provide a trial balanc...
A purchases ledger control account was prepared but contained a number of errors. purchases ledger control account Balance b/d $45750 Credit purc...
A suspense account shows a debit balance of $350. What could have caused this?
The following balances related to Ladha's business. At 31 March 2016: total assets $388000, total liabilities $84000, net assets $304000, drawings...
A trial balance showed a provision for doubtful debts as $1350. Trade receivables were $50320 which included a debt of $500 which was irrecoverable...
A business provides the following information. Revenue $140000; opening inventory $22000; closing inventory $24500; purchases $120000. Goods are ...
The draft financial statements of a business show a profit for the year of $64000 before taking account of the following: 1 the reduction of the p...
The table shows transactions relating to a product during July. There was no opening inventory. Purchased: 50 units at $4 per unit. Sold: 30 units...
A trader provides the following financial information for the year ended 31 December. Gross margin 20%; cost of goods sold $220000; drawings $7000...
Why is goodwill adjusted in the books of account when a new partner is admitted?
A partnership revalues its non-current assets upwards. What are the ledger entries to record this?
X and Y are in partnership. They admit Z as a new partner. The profit sharing ratio will be 2:1:1 respectively. Goodwill is valued at $100000. Good...
Which facts about preference shares are correct?
The table shows year end information for a company. Income statement: profit from operations 14000; finance costs (1500); loss on disposal of non-...
A company provided the following information. Revenue for the year $390000; year-end non-current assets at cost $260000; year-end accumulated depr...
The following information is given in the financial statements of a limited company. Ordinary shares $1200000; general reserve $120000; retained e...
Which item is a direct cost?
Samuel manufactures a single product. Total cost per unit is $70 when production is 100 units per week, and $62.50 when production is 160 units per...
How is the issue of inventory from stores valued when using FIFO?
A business absorbs overheads based on machine hours. During the last quarter it had the following budgeted and actual results. Actual overheads $1...
Actual output exceeds budgeted output. Which cost is higher than budgeted?
A company manufactures three products. The following information is obtained in respect of next month's budgeted production. For product X: contri...