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 following information is available. Direct materials $20000; direct labour $45000; direct expenses $6000; variable overheads $11000; fixed ove...
A company provides the following information. Budgeted overheads $136000; budgeted labour hours 10568; actual overheads $146000; actual labour hou...
The following information is for a business. Budgeted fixed costs per month $2000; target profit per month $3000; budget variable cost per unit $1...
The costs of a company that annually sells 10000 units are as follows. Direct material $50000; assembly labour $100000; factory overheads $70000. ...
Which statements identify a disadvantage of break-even analysis? 1 It does not show the effect of changes in output on the break-even point. 2 It...
What would not be a purpose of ledger accounts?
Which accounting concepts apply to depreciation? 1 consistency 2 matching 3 money measurement 4 prudence
A motor vehicle was purchased for $12000 on 1 January 2015. Its estimated residual value was $7000 and expected life 5 years. Depreciation was calc...
The following information relates to a motor vehicle part-exchanged for a new vehicle in the year. $ cost of old vehicle 20000 accumulated deprecia...
The table shows information in a purchases ledger control account at the year-end. $ cash paid to suppliers 36000 credit purchases 55000 discount r...
A sole trader withdraws goods for his own use. How does this affect his financial statements? income statement statement of financial position
Which error would affect the balancing of a trial balance?
Which group would appear only on the credit side of a sales ledger control account?
A company has a year-end of 31 December. Its inventory records on that date showed an inventory of 600 units with a cost of $10 each. A fire on 31 ...
A business has a draft profit for the year of $182750. The following adjustments have not yet been made. 1 a decrease of $2800 in the provision for...
Which rule does not apply in the absence of a partnership agreement?
The partnership of Ravi and Tania, who shared profits equally, was dissolved. The capital accounts prior to dissolution were Ravi $50000 and Tania ...
A company issues 50000 ordinary shares of $5 each at a premium of $15. It also issues a 4% debenture, $300000. By which amount do the net assets of...
Which statements describe a capital reserve? 1 It is a reserve arising from a gain which is not yet realised. 2 It is a reserve created by transfer...
The following is an extract from a statement of changes in equity. ordinary share general retained share capital premium reserve earnings $ $ $ $ b...
The following has been extracted from the financial statements of a business. $ revenue 135000 total capital employed 575000 non-current assets 180...
The statement of financial position of X Limited at 31 December 2017 shows the following. $000 non-current assets 1350 current assets 140 ordinary ...
Which business would use a job costing system of accounting?
What is a direct cost?
A company pays its employees $6.80 per hour for a basic 40-hour week. An overtime premium of 50% is payable together with a production bonus of $0....
Adam records his inventory using the AVCO (perpetual inventory) to calculate its value. Which statement is correct?
Which statements about absorption costing are correct? 1 It can be used as a basis for calculating the selling price of a product. 2 It ensures tha...
How is the margin of safety calculated?
A business provides the following information about a product. $ variable cost per unit 16 selling price per unit 30 total fixed costs 35000 budget...
A business provides the following financial information. $ per unit selling price 41 direct materials 5 direct labour 8 variable overhead 3 fixed o...
Which factor will determine the optimum production plan in a limited resource situation?
A company manufactures two products. per unit product X product Y $ $ selling price 20 30 direct labour 10 20 direct materials 4 2 Total fixed cost...
A company uses absorption costing and makes and sells one product. In the last month budgeted overheads totalled $60000. Budgeted production was 15...
A business has recorded the following total costs for the last two months. units produced total costs ($) month 1 8000 31 800 month 2 10000 36 700 ...
A company has recently introduced a system of budgetary control. Workers have given the following reasons for materials costs being more than budge...
An item is included in the financial statements because it affects their interpretation. Which accounting concept is being applied?
A company purchased an asset costing $100000. It had a life of five years and an estimated residual value of $20000. The company uses straight-line...
A business provides the following information. $ cheque paid in 2018 for equipment bought in 2017 15000 equipment purchased on credit in 2018 42000...
Daphne buys a non-current asset for $10000. It has an estimated life of two years and a scrap value of $2000. She is considering whether to depreci...
What is not a purpose of control accounts?
The balance on a sales ledger control account was $21500. This did not agree with the total of the sales ledger account balances. It was discovered...
During the month of June, a business recorded the following information. $ payments to credit suppliers during June 16380 credit purchases for June...
A business paid an annual rent of $24000. At 1 January 2018 there was accrued rent of $4000. Rental payments were as follows. $ 1 January 2018 1200...
At the year-end, a business has some damaged goods in inventory. The following information is available. 1 The goods were purchased for $8500. 2 If...
A company undervalued the closing inventory for its current accounting period. How did this affect gross profit?
For the year ended 31 December 2018, Sim’s net assets increased by $1210. The following transactions took place during 2018. 1 Payments out of Sim’...
Meena was a sole trader. On 1 July 2018, Hanna entered into a partnership with her sharing profits equally. Profit for the year ended 31 December 2...
Z is admitted as a new partner in the partnership of X and Y. He brings the following into the business. $ cash 20000 inventory 6000 vehicle 11000 ...
L and M are in partnership sharing the profits equally. No goodwill account is maintained in the accounts. N joins the partnership and pays $30000 ...
During the year a business issued $1 ordinary shares at $1.20 each. The directors proposed a final dividend at the end of the year. Which balances ...