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.
L and M are in partnership, sharing profits and losses in the ratio of 3:2. They have the following current account balances. [Table with L $ and M...
How is unpaid debenture interest recorded in the financial statements of a company at the year end? 1 a current liability in the statement of finan...
On 1 December 2019 a company's statement of financial position included the following. [Table with 'ordinary shares of $5 each' $2500000, 'share pr...
A business sells goods at a uniform mark-up of 25%. The following information is available. [Table with 'sales revenue' $120000, 'opening inventory...
The rate of inventory turnover of a company has been calculated for two successive periods. current period 5.6 times previous period 4.8 times The ...
The following items appear on a statement of financial position. [Table with 'inventory' $20000, 'cash and cash equivalents' $3500, 'trade payables...
Which costs are indirect? 1 bought-in components used in a finished product 2 materials used for factory maintenance 3 raw materials used in a fini...
A business provided the following information. [Table with 'budgeted overheads' $20000, 'budgeted direct labour hours' 2000, 'direct labour rate' $...
A business has produced the following estimates of labour costs for next month. [Table with 'units produced' (600, 800, 1100) and 'total labour cos...
Why are service centre costs apportioned to production departments?
The following data were available for a department for July. [Table with 'budget' and 'actual' for 'direct labour hours' (40000, 41950), 'machine h...
Which statements about marginal costing are correct? 1 It cannot be used as a basis to calculate contribution. 2 It is useful for decision-making. ...
A company with fixed costs of $50000 and a contribution to sales ratio of 40% makes a profit of $30000. What are the total costs?
What is not an assumption made in cost-volume-profit analysis?
The actual output for a business is lower than that forecast. Which costs would normally still be the same as forecast? 1 fixed cost per unit 2 tot...
A manufacturer produces a single product. The following information is available. [Table with 'selling price per unit' $14, 'variable costs per uni...
Which of these items require entries to be made in the general journal? 1 purchase of a non-current asset on credit 2 sale of inventory to a custo...
Which statement relating to depreciation is not correct?
Arnaud owned a vehicle which originally cost $20000. During the year ended 31 May 2021, he paid for repairs of $3700 and provided depreciation of $...
Two years ago a business purchased two machines costing $25000 each. During the third year one of them with a net book value of $16000 was sold. A...
Which statements about an unpresented cheque are correct? 1 It arises as the result of an error of omission. 2 It arises from a timing difference....
The balance on the purchases ledger control account did not agree with the total of balances from the purchases ledger accounts. The following erro...
The correction of which error requires an entry in the suspense account?
A business had a draft profit for the year of $200000. The following items were then discovered. 1 Depreciation charges had been overstated by $2...
A trader purchased fixtures and fittings on credit from a supplier. These were faulty and were returned to the supplier. Which entry in the trader...
A sole trader provided the following information. $ sales 200 000 opening inventory 50000 closing inventory 75000 gross margin 25% What were the...
Which item would not appear in the financial statements of a sole trader?
L and M are partners sharing profits and losses equally. This year M's share of the profit is $18000. Next year they plan to change the partnershi...
V and E are in partnership, sharing profits and losses equally. Their capital accounts showed the following credit balances at 31 March 2021. $ V...
Which account is used to calculate the profit or loss on the dissolution of a partnership?
Which statements apply when a bonus issue of ordinary shares is made by a company? 1 It will be made to existing shareholders. 2 The issue can be ...
At the start of the year a limited company's equity was as follows. $ ordinary shares of $1 each 200 000 retained earnings 120 000 During the ye...
The financial year of a limited company ends on 30 June. The following information is available regarding ordinary dividends. for the year ended d...
The trade receivables turnover ratio figures for two companies are shown. company turnover in days X 45 Y 55 What does this indicate about compan...
In 2019 a company's non-current asset turnover ratio was ()/()20200}{\5100 = 3.96 times. During 2020 the following took place. 1 Net revenue was ...
Which statements are correct? 1 Fixed cost per unit changes with a change in the level of production. 2 Variable cost per unit changes with a chan...
An employee is paid $20 an hour basic pay for working seven hours a day. Overtime is paid at the rate of time and a quarter (basic pay plus 25%). A...
A business uses absorption costing. What will be included in cost of sales?
The following information is provided about one unit of a product. $ selling price 100 contribution 40 profit 10 The selling price is expected t...
The following information is available. $ unit selling price 36 direct cost per unit 18 selling commission per unit 2 total fixed costs 180 000 t...
How is break-even revenue calculated?
A business manufactures three products. The following information was provided. per unit X $ Y $ Z $ selling price 450 350 400 direct material 1...
The following information is available for a month. per unit $ selling price 100 contribution 30 Total fixed costs were $100000 and budgeted sal...
A business makes and sells a single product. It has a selling price of $100 and a contribution per unit of $40. When output is 500 units, the bus...
What is not an advantage to a business of preparing budgets?
Which accounting concept states that revenue can only be recognised after it has been earned?
A sole trader has changed the method of depreciating his machinery from the reducing balance method in the year 1 to the straight-line method in th...
Paul has a year end of 31 December. On 1 January 2020, he bought a non-current asset for $10000. He sold it on 1 January 2021 for $8500. Paul usual...
A business depreciates its machinery at 10% per annum using the straight-line method on a month-by-month basis. The business's financial year end i...
Why does a business maintain sales and purchases ledger control accounts as part of the double entry accounting system? 1 It allows a trial balance...