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.
When a businessman introduces capital into his business, the transaction is debited in the cash book and credited to his capital account. Of which ...
Which are examples of the accounting equation? 1 capital + assets = liabilities 2 capital = assets + liabilities 3 capital = assets – liabilities
Amitav purchased a van costing $20000. He provided an old van with a net book value of $8000 in part exchange. There was a profit on disposal of $1...
The net book value of a company's non-current assets was as follows. $ at 1 January 2016 100000 at 31 December 2016 80000 During 2016 assets were s...
The following errors were found after a suspense account was opened. 1 Motor repairs of $400 were credited to the motor vehicle at cost account. 2 ...
Which items appear in a sales ledger control account? 1 cash discount allowed 2 credit sales 3 payments to trade payables 4 returns inwards
The following information is extracted from the statement of financial position of a business at 31 December 2016. $ bank loan (repayable 2025) 16 ...
The following items are recorded in the cash book of a business but not yet recorded in its bank statement. $ cheques drawn 3000 amounts banked 250...
Finn provides the following information. $ capital at the start of the year 19 800 profit for the year 24 000 drawings (cash) 19 500 drawings (good...
A business provides the following information. year 1 $ year 2 $ profit for the year 30 000 40000 cost of goods sold 240 000 320 000 The owner then...
Sam was unable to conduct a physical count of inventory at 31 December 2016. On 3 January 2017 inventory had been sold to Abdul for $11950. The cos...
Which item is not taken into account when a partner joins a partnership?
Ali, Bharti and Chan were in partnership sharing profit and losses in the ratio 3:2:1. Bharti retired from the partnership on 30 June 2016. The fol...
A partnership maintains both capital and current accounts for its partners. What is the correct accounting entry for recording interest on capital ...
Which statement describes the treatment of purchased goodwill for a limited company?
A company's equity is made up as shown. $ 100000 ordinary shares of $0.25 each 25000 share premium 3000 retained earnings 8000 The following took p...
Which statement about ordinary shares is correct?
Who are internal users of accounting information?
A company provides the following information. $ profit from operations 16000 finance costs 4000 ordinary share capital ($1 shares) 50000 non-curren...
The following financial information is available for a business. All purchases and sales are made on credit. $ purchases 121980 revenue 209 980 tra...
How are stepped costs best described?
Jamal uses the AVCO system to value his inventory. He provides the following information: March 1 no opening inventory 6 60 units were purchased at...
Which statement best describes variable costs?
A company manufactures and sells chairs. The following per unit information is available. $ selling price 25 direct material and labour 12 other va...
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 0...
The following details are supplied by a company for the month of August. budgeted machine hours 36000 budgeted overheads $162000 actual machine hou...
A company has fixed costs of $40000 per month. It provided the following information. March units April units production 30000 15000 Total producti...
A company's profits using marginal costing and absorption costing principles were identical. Which statement is true about the company's production...
Which statement is not a reason why a business prepares budgets?
The owner of a business has been told that work completed for a customer should be recorded in the books of account although the invoice has not ye...
Adam's financial year ends on 31 December 2017. On 1 January 2017 the net book value of machinery was $20000. On 30 June 2017 he purchased a new ma...
A business has an accounting year-end of 31 March. It purchased a car on 1 April 2014 for $15000. The car was sold on 30 September 2017 for $5000. ...
The accounting year-end for a company is 31 October. The table shows the company's telephone invoice received on 2 December for the three months en...
A business created a provision for doubtful debts at 31 December 2016. The provision was calculated as a percentage of the trade receivables at eac...
Errors can exist in the preparation of both the sales ledger and the sales ledger control account. Which error would require an adjustment in the s...
The trial balance of a business did not balance. The following errors were found. 1 The total of the purchases journal of $33030 had been posted to...
During the financial year a business paid $295000 to its trade payables, after taking a cash discount of $15000. At the start of the year the trade...
What would not result in goodwill?
At the beginning of the financial year inventory was valued at $15000. During the year, sales of $21000 and purchases of $18000 were made. Unfortun...
A business does not keep complete accounting records. All transactions are in cash. Which item will not be required in order to calculate the owner...
The following summarised information has been taken from the statement of financial position of a partnership. non-current assets $4200...
X and Y had been in partnership for some years when Z was admitted as a partner. On that date the premises account was debited with $120000 followi...
Which company reserves may not be used to pay dividends? 1 general reserve 2 retained earnings 3 revaluation reserves 4 share premium
A company issued 50000 ordinary shares of $0.50 each at a price of $0.60 each. What were the accounting entries for the issue? debit $ ...
What could be used to fund a bonus issue of shares? 1 general reserve 2 retained earnings 3 share premium
The following is an extract from an income statement. $ revenue 180000 costs of goods sold (75000) dis...
The following information is available for the year ended 31 December 2017. $000 revenue 640 cost of sales ...
A baker receives one order for 350 loaves of bread. Which costing method will the baker use?
A business pays a salesman a basic salary, plus commission based on how much he sells. Which type of cost is the salesman's total earnings?
Which cost is treated as variable cost of a motor transport company?