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.
What may help a book-keeper detect errors in the accounting records of a business? 1 books of original entry 2 sales ledger control account 3 stat...
The closing balance on a purchases ledger control account is $163762. The purchases journal has been undercast by $1000. What is the correct closin...
A business has calculated its draft profit for the year as $15000. The following were then discovered. 1 General expenses were understated by $600...
A sole trader maintains a provision for doubtful debts at 5% of trade receivables. Provision for doubtful debts at the start of the year was $2750....
Esarba has a financial year end of 31 December. On 31 March 2020, she transferred her private vehicle to the business at a value of $12000. Her p...
At the end of his first year of trading, the trader lost all of his inventory in a fire. He knows the values of sales and purchases and wishes to c...
X and Y were in partnership sharing profits and losses equally. Z was admitted as a partner and the profit and loss sharing ratio for X, Y and Z w...
Which items would appear in a partnership's appropriation account, in the absence of a partnership agreement? 1 profit for the year 2 partners' in...
Annie and Bernie have been in partnership for some years, sharing profits and losses in the ratio 2:1. On 1 January 2020, they decided to introduc...
The total of shareholders' equity at 31 December 2019 was $45500. During the year ended 31 December 2020, the following took place. 1 An issue of...
The following relates to a limited company during a year. $ repayment of a debenture 200 000 receipt from issue of ordinary shares 500 000 non-cur...
What is included in the reserves of a limited company?
Which ratio will help a business assess its ability to meet its immediate cash requirements?
The following information for a business was available at the end of its financial year. inventory $ 20 000 bank 8400 credit trade receivables 350...
A manufacturing company pays its production employees basic wages at the same hourly rate every week. It also pays them a bonus based on achieving ...
A company receives the following units of raw material into inventory. units per unit $ total $ 120 38 4560 100 40 4000 60 44 2640 It then issued...
The budgeted data of N Limited is as follows. production level total costs 15000 units $406 000 25000 units $546 000 What is the budgeted fixed c...
In March, a company's overhead absorption rate was $2 per machine hour. In April this rate increased. What had increased in April causing the chang...
A business absorbs its overheads on the basis of machine hours. The following information is provided. actual budgeted overheads $564 000 $560 00...
Which situation is not usually suitable for the use of marginal costing?
The following budgeted information is available for 10000 units. per unit $ selling price 53 direct materials and wages 22 variable manufacturing ...
The budgeted income statement of J Limited shows the following. sales $ 400 000 variable costs 240 000 fixed costs 132 000 profit for the year 28 ...
A business provided the following budgeted information. $ break-even sales revenue 300 000 fixed costs 180 000 target profit 144 000 What is the ...
Which factors should be considered when setting a budget? 1 availability of skilled labour 2 production capacity 3 quality of goods to be produced
Which actions are taken in respect of the totals of a three-column cash book at the end of an accounting period?
Which item is an example of capital expenditure?
On 1 July 2021, Tim bought a delivery van for $10000. He paid an additional $900 to have racks fitted inside, and $800 for a year's insurance. Tim ...
A business has a year end of 31 December. It purchased a non-current asset on 1 January 2020 for $100000. The asset was depreciated using the reduc...
What is entered in the sales ledger control account? 1 cash sales 2 increase in provision for doubtful debts 3 returns inwards
A trial balance included a suspense account. The bank balance of $28412 had mistakenly been entered as an overdraft and placed on the credit side a...
Which statement is correct?
The following information is available for a business at 31 December 2021. general expenses in arrears 1 January $420, general expenses in advance ...
When would the year end value of inventory need to be adjusted? 1 when inventory has not yet been paid for 2 when selling price has fallen below co...
A business had a draft profit for the year of $250000. The following errors were then discovered. 1 Depreciation charged was $25000. The figure sho...
A capital account for a sole trader contained three entries, in addition to the opening and closing balances. What did these entries represent?
The year end of a business is 31 December 2021. On 5 January 2022, inventory was counted and valued at cost, $30000. The following was then discove...
A sole trader provided the following information for the year ended 31 December. non-current assets increased by $25000, current assets increased b...
P and Q are in partnership sharing profits and losses equally. On 1 January 2021, the partnership had net assets of $410000. At that date, R was ad...
X and Y are in partnership, sharing residual profits and losses equally. Partners are charged 2% interest on their drawings. Y is entitled to a sal...
Which statements are correct? 1 Dividends can be paid out of the general reserve. 2 Rights issues can be made from the share premium account. 3 The...
A limited company had the following balances on 1 January 2021. revaluation reserve $20000, retained earnings $142000. Profit for the year ended 31...
The bank balance of a limited company was $390000 before the following transactions took place. 1 An issue of 500000 new shares of $0.50 each was m...
What might cause a decrease in a company's non-current asset turnover?
The following information for a limited company at 31 December 2021 is available. ordinary share capital $300000, retained earnings $110000, 8% deb...
Which statements about stepped costs are correct? 1 fixed within a range of activity levels 2 fixed whatever the level of activity 3 include fixed ...
A production worker is paid $15 per hour for working 8 hours a day. Overtime is paid at the rate of time and a fifth (basic pay plus 20%). A produc...
A retailer made the following purchases of inventory in October. 5 Oct: 50 units at $500, total cost $25000; 12 Oct: 50 units at $500, total cost $...
A company has two departments in its factory. The details are shown. Machining department: budgeted fixed overheads $180000, budgeted hours 6000. A...
What would cause overheads to be over-absorbed?
A company has the following information for producing 2000 units of a product. sales revenue $85000, direct materials $30000, direct labour $14000,...