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 about two products. Product 1 per unit: material X 2 kilos, material Y 3 kilos, direct labour 3 hours. Produ...
A company provides the following information about its product. selling price $100, variable cost per unit $40, fixed costs $21600, break-even poin...
What are possible limitations of a budgetary control system? 1 Budgets are based on estimates. 2 Budgets may lead to staff demotivation. 3 Budgets ...
Why did Amitav prefer to form a partnership with Lennie rather than set up as a sole trader?
A credit customer cleared her debt of $600 after deducting a cash discount of $12. How would the customer account appear in the books of the suppli...
What is the advantage of keeping a full set of double entry books of account?
At the start of a financial period, the owner's capital account of a business showed a balance of $85000. During the period, the owner introduced t...
A business has incorrectly recorded a vehicle purchase as a vehicle repair. The business does not charge depreciation on assets in the year of purc...
Non-current assets at the end of Year 1 were recorded at cost, $500000, and carrying value, $360000. During Year 2, certain assets were sold. They ...
The cost of repainting a property was debited to the property account. Which type of error was made?
A trial balance does not balance. The difference has been entered in a suspense account. The following errors are found. 1 A cash payment of $630 f...
What are the benefits of preparing a bank reconciliation statement? 1 acts as a deterrent to fraud 2 identifies out-of-date cheques 3 prevents the ...
At the month end, a business bank statement showed a credit balance of $12697. This did not agree with the cash book balance. The following differe...
Which statements identify the advantages of using a purchases ledger control account as part of the accounting system? 1 Compensating errors within...
The sales ledger control account of a trader showed a debit balance of $28500 at the end of the financial period. This did not agree with the total...
At the start of the year on 1 January, a business had an inventory of stationery which had cost $3740. On that date, $1200 was owed to suppliers fo...
The following information is extracted from the records of a business for a financial year. $ at 1 January rent paid in advance 4000 during the y...
Which items would affect a sole trader's gross profit? 1 carriage inwards 2 cash discounts allowed 3 commission received 4 trade discounts received
John and Mary are in partnership. After the first year of operation, the current accounts of both partners had a debit balance. What might have cau...
The following information is available for a partnership at the end of the financial year. $ residual loss 3000 total salaries to partners 5000 t...
A limited company intends to issue shares at a price above the par value. Which items, apart from the bank balance, will be affected by the share i...
The following information is available for a limited company for a financial year ended on 31 December. $ total equity on 1 January 492 000 profi...
A business has a rate of inventory turnover of 17 times. What is the numerator in the calculation?
The year-end statement of financial position of X Limited at 31 December shows the following: $000 non-current assets 1350 current assets 140 ord...
A manufacturer operates a bonus system. He provides the following information. output required from each worker 175 units time allowed to complete...
A job cost sheet showed the following estimates. $ materials 680 labour at $20 per hour 200 overheads at $10 per labour hour 100 profit 280 price...
What is the most suitable basis to apportion power costs between two production centres?
A manufacturing business makes a single type of product. It has two production departments, machining and assembly. A maintenance department provid...
The following data applies to the budget for a job. direct materials $4800 direct labour $2200 machine hours 240 Direct labour is employed at an h...
A company has two production departments, manufacturing and assembly, and a stores service department. The overheads are apportioned to each depart...
What does an increase in the marginal cost of a product cause?
Which statements describe the usefulness of cost-volume-profit analysis? 1 to see the relationship between costs and revenue at different levels of...
Which statement about sole traders is correct?
Which source of finance would be available to a public limited company but not to a partnership?
Which items will be debited to accounts in the purchases ledger? 1 discount allowed 2 payments to suppliers 3 purchases 4 purchases returns
Tom bought goods costing $100 on credit from Sam. He returned goods costing $20 as faulty. He deducted a cash discount and paid $76 by cheque in fu...
What are the characteristics of non-current assets? 1 They are not intended for resale. 2 They provide future economic benefits. 3 They prevent th...
At the beginning of the financial year on 1 January, a business acquired a new motor vehicle for $34 000. In error, this was recorded in the accoun...
A company purchased a machine on 1 April 2021 for $25 000. It was depreciated at 20% per annum using the straight-line method. A full year's deprec...
Which error will cause a trial balance not to balance?
A business prepared a trial balance that included a suspense account. Draft financial statements were prepared which showed a profit for the year o...
Amit compared his bank statement with his cash book. How did Amit deal with the items revealed by this comparison?
The bank statement of a business shows a credit balance of $1570 at 31 December. The following differences were discovered on comparing the cash bo...
What are the benefits of preparing a sales ledger control account? 1 detecting errors of original entry 2 helping reduce the possibility of fraud ...
A company prepared its purchases ledger control account, which showed a balance of $15 960. The following items were then discovered. 1 Discounts ...
Deepak provided the following information. end of year 1 $ / end of year 2 $ allowance for irrecoverable debts 600 / 800 rate of allowance 3% / 5%...
A sole trader began a business on 1 January with $50 000 capital. During the year she introduced to the business her own private vehicle which had ...
Which provision of the Partnership Act 1890 applies when there is no partnership agreement?
A partnership provided the following information for the year. $: gross profit 76 000 operating costs 30 000 bank interest 1 300 interest on partn...
Why is a statement of changes in equity prepared?