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.
A social club was formed on 1 January 2012. During the year ended 31 December 2012 members paid subscriptions totalling $1800. Subscriptions outsta...
Karnail does not keep a full set of accounting records. Which is not used to calculate his total credit sales?
Owusu Ltd was formed with an authorised share capital of 1000000 ordinary shares of $0.80 each. It issued 60% of these on 1 April 2013, with half t...
How is the cost of production calculated?
On 28 February the statutory deductions account had a credit balance of $2700. Statutory deductions during March amounted to $1800. The amount due ...
Which is used to calculate the current ratio but not the quick (acid test) ratio?
The financial statements of a trader include wages paid to employees. The skill and expertise of the employees is not included. Which principle is ...
A business depreciated machinery using the straight line method in year 1 and the diminishing (reducing) balance method in year 2. Which accounting...
Mary started business on 1 January 2012, renting premises at $12000 per annum, paid by instalments on the first day of January, April, July, and Oc...
The following are some of the transactions carried out by Tay, a retailer, during April 2013. (i) Paid insurance $470 by cheque. (ii) Sold goods o...
The following balances were extracted from the books of Alex Penn on 31 March 2013. $ Equipment (net book value) 40000 Delivery vans (net book val...
On 1 April 2011 Lynne purchased two motor vehicles for business use on credit from Villa Motors Limited. The vehicles cost $12000 each. Depreciati...
The following balances were extracted from the books of Paul Lee, a manufacturer, on 31 May 2013. Capital $220000 Drawings $10800 Factory machiner...
Jamie provided the following information on 1 May 2012. Non-current assets at net book value $14000 Trade receivables $3012 Trade payables $1298 Pr...
John Given’s trial balance at 31 May 2013 failed to agree and a suspense account for the difference, $926 debit, was opened. The following errors w...
The following is an extract from David’s wages book for January 2013. Wages book Employee Number Gross pay $ Tax $ Employee’s Social Security Contr...
Baljit provided the following information for the year ended 30 April 2013. $ Inventory 1 May 2012 14841 Inventory 30 April 2013 21159 Cost of good...
The following balances were extracted from the books of Patricia Chin on 31 March 2013. $ Premises 67000 Fixtures and fittings (cost) 20000 Motor v...
Why does a trader prepare a statement of financial position?
Which statement about a computerised accounting system is correct?
Which is a liability of a business?
A business bought a computer for office use and paid by cheque. How will the business record the transaction?
Abdul sold goods on credit to Zaffar. Which entries will Zaffar make in his ledgers?
A business provided the following information for March. credit notes issued $2000 debit notes received $1000 payments received from credit custome...
Fatima returned goods to Youseff. How would this be recorded by Youseff?
Melissa transferred $5000 from the bank deposit account to the bank current account on 1 May. On the same day she received a bank loan, $10000, whi...
Ali allows Yasmin a trade discount of 20%. Yasmin returned goods to Ali with a list price of $980. How is this recorded in Ali's books?
The total of the credit side of a trial balance was $9000 more than the total of the debit side. Which error has been made?
On 1 January the motor expenses account had a credit balance of $135. During the year payments of $462 were made. On 31 December $74 remained unpai...
Andrew issued an invoice to Edward for $1000. After receiving 50% of the invoice value from Edward, Andrew decided to write off the amount outstand...
Motor vehicle repairs, $2000, were debited to the motor vehicles account. Motor vehicles are depreciated at 20% per annum on the balance on the acc...
Machinery is depreciated at 20% per annum using the diminishing (reducing) balance method. A machine, cost $20000, is sold after two years at book ...
Bola provided the following information about her delivery van. cost $12800 net book value at end of year 1 $8960 net book value at end of year 2 $...
Tahir is preparing his purchases ledger control account. From which book of prime (original) entry will he obtain information about contra entries?
What is prepared to show the trading results for a financial year?
At the year end a business wrote off a bad debt. What is the effect of this?
The owner of a business takes goods for his own use. How is this recorded?
X and Y are sole traders. They decide to form a partnership and agree to share profits and losses equally. Goodwill is valued as follows. X's busin...
The Allstars Sports Club was formed on 1 October 2012. Some members' subscriptions were still outstanding on 30 September 2013. Where would these o...
A trader provided the following information. 1 April 2013 capital $25000 31 March 2014 assets $75000 liabilities $36500 drawings during the year $7...
On 1 January NH Limited was formed with the issue of 200000 ordinary shares of $0.50 each. During the first year it made a profit of $21000. A divi...
In which section of a manufacturing account would a royalty payment appear?
Which items are statutory deductions from an employee's gross pay?
Martin's revenue for the year was $100000 and his expenses were $20000. His profit for the year was 10% of revenue. What was his gross profit?
What information is required to calculate the return on capital employed for a sole trader?
Jai intends to continue trading for many years. He provided the following information about his assets. cash at bank $1000 trade receivables $4000 ...
What is the meaning of the money measurement principle?
A trader divides his ledger into sales, purchases and general ledgers. Which statement is not correct?
On 1 April Jane sold goods on credit to Martha subject to a trade discount of 25%. Martha returned goods, list price $200, to Jane on 7 April. How ...
The cash book has a credit balance of $1500. There are unpresented cheques of $350 and uncredited deposits of $150. What is the balance on the bank...