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.
Yang is a supplier of goods to Win. The following transactions took place in March 2012. 2012 March 1 Win owed $3 000 to Yang. March 17 Win purcha...
Lau buys and sells goods on credit. The following information is provided by her for the month of March 2012: $ Trade payables 1 March 2012 15 300...
The following balances were extracted from the books of Trinity Social Club on 30 April 2012: $ Fixtures and fittings 1600 Donations income for th...
Ashok provided the following information for the year ended 31 March 2012: $ Revenue (sales) 120 000 Inventory 1 April 2011 22 500 Inventory 31 Ma...
Thien has a retail business. The following balances were extracted from his books at the end of his financial year on 31 March 2012. $ Leasehold p...
Giorgos commenced business on 1 May 2012 with the following assets and liabilities. Bank loan $6 000 Bank 1 000 Dr Cash 600 Premises 15 000 Invento...
Haung's income statement showed a draft profit for the year of $15 500. After completion of the income statement the following errors were discover...
Dang Ltd had the following balances in its books after the calculation of the profit for the year ended 31 March 2012: Profit for the year (before ...
Jones is a trader, buying and selling goods on credit. The following balances were available on 30 April 2012. Capital $350 000 Revenue 200 000 Exp...
Su and Li are in partnership sharing profits and losses in the ratio 3:2. Interest is allowed on capital at the rate of 5% per annum. Su is entitle...
A trader prepares financial statements each year. What do these assist the trader to do?
Oliver received a statement from Sunway Wholesalers showing a debit balance of $6742. What does this mean?
A customer is given a discount of 25% for buying a large quantity of goods on credit with a list price of $2000. He is given a further discount of ...
On 1 May Hassan had an overdraft of $1144. On 2 May he was notified by the bank that a cheque, $133, received from Waheed had been dishonoured. On ...
Where is the total of the purchases journal posted?
The cash book acts as a ledger account for which accounts? | | cash account | bank account | discount allowed account | discount received account |...
On 31 March, Somraj's bank statement showed a credit balance of $740. Comparing the bank statement with the cash book he found the following. | | $...
A business discovers that cash received from Abdul, a credit customer, has been recorded as a cash sale. How can this be corrected? | | account to ...
Peter is a customer of Paul. On 1 May Peter owed Paul $250. Transactions during May were as follows. | | $ | |---|---| | sales | 1470 | | discount ...
Which is an error of original entry?
Hani decided to make a provision for doubtful debts of 3% of his trade receivables. How is this recorded? | | debit | credit | |---|---|---| | A | ...
The cost of motor vehicle repairs was debited to the motor vehicle account. How would this affect the profit and the non-current assets? | | profit...
A computer network costing $100000 is depreciated by the straight line method at 25% per annum. What will be the net book value at the end of year 3?
Ernest prepared a trial balance. He omitted the bad debts account, $400, and he entered the balance of the insurance account as $9000 instead of $9...
A trader prepares control accounts. Where will discount received be entered?
A business has two departments, X and Y. The total sales were $120000, of which 60% related to department X. The total cost of sales was $90000 of ...
Sabena is a trader. She provided the following information. | | $ | |---|---| | current assets | 130000 | | non-current assets | 300000 | | current...
Which would not appear in an income statement of a service business?
A trader took goods for her own use. How should this be recorded? | | account to be debited | account to be credited | |---|---|---| | A | drawings...
X and Y are in partnership sharing profits and losses equally. The following information was extracted from their financial records at 31 December....
Which will be included in this year's receipts and payments account? 1 depreciation of sports equipment 2 subscriptions prepaid at end of year 3 su...
A business provided the following information. | | $ | |---|---| | inventory at 1 January 2012 | 6800 | | inventory at 31 December 2012 | 6000 | | ...
At the end of its first year of trading, Sinola Ltd transferred $10000 to a general reserve. In which of the company's financial statements will th...
Satnam is a gardener and is paid on a time basis. He works a different number of hours each day. What should Satnam complete to enable his employer...
A business provided the following information for the year. profit for year: $24 000 expenses: $16 000 gross profit/sales percentage: 20% What were...
A trader decided that office equipment costing less than $100 would not be regarded as a non-current asset. Which accounting principle is being app...
What is ensured by applying the principle of consistency?
A customer received an invoice for $98 for goods priced at $88. Which document will the customer use to inform the supplier of this error?
Sue allowed Jane a discount for prompt payment. How would this be recorded in Jane's books?
A business's bank statement showed an overdraft of $8500. A cheque, $400, paid to a supplier has not been presented for payment. What will be the b...
The following partly-completed account appeared in Edward's sales ledger. Ann account 2013 debit $ credit $ balance $ Jan 4 sales 21500 11 sales re...
On 1 January 2012 Ahmed's rent receivable account had a credit balance of $160. On 31 December 2012 he transferred $1800 from the rent receivable a...
Bashir maintains a provision for doubtful debts of 3% of the trade receivables at the end of the year. On 31 December 2011 trade receivables amount...
Candy purchased a motor vehicle. She also paid for the cost of delivering the vehicle, insurance and fuel for the vehicle. Which would be included ...
James was late paying an invoice issued by Henry. Henry charged James interest on the overdue amount. Which entry would be made in Henry's control ...
Fatima opened a department store on 1 January 2012. She provided the following information on 31 December 2012. department X $ department Y $ reve...
Which statement describes a non-current asset?
Khalid sells two types of goods. He provided the following information at the end of his financial year. cost per unit selling price per unit ty...
Melissa made payments to the following suppliers. Which suppliers is a service business?
A trader took goods for her own use. How should this be recorded?