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.
Adam is paid $4 per hour and his expected output is 500 units per week. He is also paid a bonus $1 for every 20 perfect units made above the total ...
A business values their inventory using the AVCO method. The inventory on 1 June 2017 was 100 units valued at $2.40 each. The following took place....
The following budgeted information is available for a hotel for the next financial year. fixed overheads $192000 direct costs $240000 number of gue...
The costs of producing 1000 units of a product are as follows. $ direct materials 20000 direct labour 10500 direct expenses 1600 vari...
A business produces a single product. The following information is available for a month. budgeted sales quantity 200 units selling price per unit ...
A business hires machinery at a cost of $700 per machine per month. Each machine can produce 1000 units a month. A maximum of 10 machines can fit i...
The direct material cost of 20000 units is $8000. 400 direct labour hours are required at a cost of $6000. Overheads are absorbed at 150% of the co...
Why might a business prepare a budget?
Which concept is identified by the accounting equation assets = capital + liabilities?
What are causes of depreciation on non-current assets? 1 change in its cost of repair 2 change in its market value 3 changes in technology
June purchased a new machine. She depreciated it at a rate of 40% per annum using the reducing balance method. After two years its net book value w...
The following information relates to the motor vehicles of a business. | | 1 January 2018 $ | 31 December 2018 $ | |:---|:---|:---| | net book val...
A book-keeper compared the business bank statement with the cash book. He then updated the cash book and finally prepared a bank reconciliation sta...
On 31 December 2018, a business had the following balances. | | $ | |:---|:---| | sales ledger | 12800 | | sales ledger control account | 15200 | ...
The provision for doubtful debts at 1 January 2018 was $1580. Trade receivables at 31 December 2018 were $44750. This included a debt of $12500, co...
Which statements about valuing inventory are correct? 1 Any charges for carriage inwards should be included in its cost. 2 Cost should always be co...
A sole trader calculated a draft profit for the year of $56750. He then discovered that discounts received of $580 and discounts allowed of $665 ha...
Which item will not appear in the income statement of a sole trader?
X and Y are in partnership sharing profits and losses in the ratio 2:1. Z will be admitted with the following new arrangements. Profit and loss sha...
D, E and F are in partnership, sharing profits in the ratio 2:2:1. D is allowed an annual salary of $10000. E has made a loan to the partnership on...
L and M had been in partnership sharing profits and losses equally. P was admitted to the partnership and the partners continued to share profits a...
Which items do not appear in a statement of changes in equity? 1 dividend paid 2 dividend proposed 3 loan interest
On 1 January a company's equity included 100000 $1 ordinary shares. The directors of the company then did the following: 1 March Made a rights issu...
The following balances are extracted from the books of J Limited. | | 30 April 2019 $ | 30 April 2018 $ | |:---|:---|:---| | ordinary shares of $0...
Which action will increase a company's current ratio?
A trader wishes to set a selling price. How does he use a mark-up?
The following information is available for the year ended 31 December 2018. | | $ | |:---|:---| | revenue | 800 000 | | cost of sales | (175000) |...
On 1 January 2018 a business expected to have sales for the year ended 31 December 2018 of $450 000. Its non-current assets at that date were $3060...
A business uses the First In First Out (FIFO) method to value its inventory. The following inventory transactions took place during a month. There ...
A business has two production departments: assembly and machinery. The following budgeted information is available. | | assembly | machinery | |:-...
A shortage caused a business to pay more for its purchases of raw materials. What is the effect of this? | | break-even point | marginal cost | co...
Which statement best describes a stepped fixed cost?
A company produces less than it sells in a particular period. Which statement is correct?
Which statements are true about the preparation of a break-even chart? 1 Costs are easily classified into fixed and variable. 2 Fixed costs always ...
When a company had sales revenue of $600000, its variable costs were $300 000. At the break-even point, its sales were $400000. How much profit did...
A company provided the following information. | | $ | |:---|:---| | total sales | 400 000 | | production and sales (units) | 10000 | | total costs...
Last year a company sold 2000 units and made a contribution of $50 per unit. Profit, after deducting total fixed costs, was $60000. This year: sale...
Why do businesses prepare budgets? 1 to communicate plans 2 to control activities 3 to improve co-ordination 4 to prepare their annual financial st...
A business depreciates its non-current assets. It then includes them in the statement of financial position at the net book value. Which concept is...
Which item is capital income?
A company purchased a machine on 1 April 2017 for $25000. It was depreciated at 20% per annum using the straight-line method. A full year's depreci...
Why do businesses charge depreciation on their non-current assets?
A trader's trial balance did not agree at the end of the financial period and a suspense account was opened. The following errors were discovered. ...
The following financial information is available for a business. [Table with 'draft profit for the year' $12650 and 'closing capital' $52780] The f...
A sales ledger control account has a closing balance of $21000. It was discovered that a contra entry with the purchases ledger control account for...
A sole trader does not keep a complete set of books of account. He believes a staff member has stolen some cash. Which items will not be needed to ...
A business provides the following information. [Table with 'trade receivables' $ and 'provision for doubtful debts' $ for 31 December 2018 ($46200,...
On 1 March a company has prepaid $3600 for 12 months' travel costs. It also has an outstanding hotel bill of $180. During March it pays the outstan...
A business owner provided the following information at the end of his first year of trading. [Table with 'closing inventory' $15000, 'total payment...
X, Y and Z were in partnership, sharing profits equally. When Z retired from the business the assets were revalued. Goodwill was also valued but wa...