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.
Doug received his business bank statement. He updated the cash book and prepared the bank reconciliation statement. Which items appeared on the ban...
At 31 December 2021, the sales ledger control account had a balance of $19100 while the total balances in the sales ledger were $20900. The followi...
At the year-end, Victor had 100 units of inventory which had cost $12 per unit. Of these, eight units had been received on the last day of the year...
Which items are treated as expenses in the income statement?
At 31 December 2021, the draft statement of financial position for a business showed total assets of $1000 000. The following was then discovered. ...
On what basis does a trading business produce an income statement? 1 cash received and paid out by the business in the year 2 income earned less co...
A business provides the following information. revenue $140000 opening inventory $22000 closing inventory $24500 purchases $120000 Goods are sold a...
A business owner does not maintain a full set of accounting records. At the end of the financial year the following information is available. trade...
The provisions of the Partnership Act apply if partners do not draw up a partnership agreement. Which statement is true as a provision of the Partn...
Dua and Noor are in partnership sharing profits and losses equally. They admitted Zee and now share profits and losses in the ratio Dua:Noor:Zee, 2...
The following information is available for a partnership. profit for the year before interest $15000 interest on partner's loan to the firm $1000 i...
Which item should not be recorded in a statement of changes in equity?
The following information has been extracted from the statement of financial position of a limited company. 6% debenture (2026–2028) $20000 400000 ...
On 1 January, X Limited had share capital of 100000 ordinary shares which had been issued at their par value of $1 each. There was no share premium...
The following information is available for a business. sales revenue $500 000 purchases $365 000 gross margin 25% mark-up 33% inventory at start of...
The following shows extracts from the statement of financial position of a company. at 30 September $ non-current assets 120 000 inventory 35000 tr...
The cost of direct materials is increasing. What is the effect if a business uses first-in-first-out (FIFO) instead of average cost (AVCO) for inve...
Q Limited employs machine operators and supervisors. Each machine operator produces 100 units per week. One supervisor can supervise up to 10 machi...
What is a limitation of absorption costing?
The following information relates to one accounting period. opening inventory 40 000 units closing inventory 44 000 units absorption cost profit $2...
The selling price of a product remains constant. In which circumstances will the break-even point in units decrease? 1 increase in labour costs per...
A company makes and sells a single product type. The product is sold for $50 per unit and variable costs are $30 per unit. Total fixed costs are $5...
A business makes and sells three different product types, M, N and O. The following information is available. product M N O per unit $ $ $ sellin...
A business has the following information. break-even point 5000 units variable costs per unit $27 contribution to sales ratio 40% What is the total...
Why does a business prepare budgets?
Which row correctly describes an advantage and a disadvantage of a partnership?
An asset is purchased on credit by a business. What is the effect of this transaction on the accounting equation?
Which items relating to new manufacturing equipment are capital expenditure? 1 cost of the equipment 2 delivery cost of the equipment 3 staff train...
The financial year of a business ends on 31 December. At the beginning of the financial year, the following payments were made in respect of a new ...
The motor vehicles at cost account had a balance of $90000 at the beginning of the year on 1 January. On 1 September in the same year, the followin...
Which error would not affect the agreement of the totals of a trial balance?
A trial balance did not agree and the book-keeper found the following errors. 1 A bank overdraft of $100 had been shown as a debit in the trial bal...
A bank statement shows a credit balance of $8360. Comparison with the cash book reveals: 1 bank charges of $124 have not been entered in the cash b...
Which statements are benefits of control accounts? 1 They check the numerical accuracy of the ledgers. 2 They help to identify missing entries in b...
A company has obtained the following information for the year ended 31 December. $ opening balance on sales ledger control account 31000 closing ba...
A business receives rent from letting part of its premises. On 1 January 2022, there was a balance brought forward of $1000 in the rent receivable ...
A sole trader's personal expenses had been paid out of the business bank account and included in the statement of profit or loss. What was the effe...
A business has a gross profit margin of 25%. The following information is available for the year. $ sales revenue 200 000 opening inventory 10000 c...
A partnership maintains separate capital accounts and current accounts. Which statements are correct? 1 The capital accounts represent the retained...
X, Y and Z are in partnership, sharing profits and losses in the ratio 2:2:1. X is allowed an annual salary of $10000. Y has made a loan to the par...
A company had sufficient balances in each of the share premium, general reserve and retained earnings accounts to issue bonus shares. During the ye...
X Limited had the following equity on 1 January. $ ordinary share capital ($1 shares) 400 000 share premium 30 000 general reserve 10000 retained e...
Which three key users of financial statements will be most interested in the statement of profit or loss?
Raj, a supplier of goods, has calculated the following ratios from the financial statements of a possible new customer. 1 current ratio 2 non-curre...
The following information is available for a business for the year ended 31 December. $000 revenue 800 purchases 600 owing to credit suppliers 46 o...
The table shows information from a company's financial statements. $000 revenue 135 gross profit 34 profit from operations 11 profit for the year 8...
A company incurs a semi-variable cost per employee hour worked. If hours worked exceed 10000, an extra fixed administrative cost of $600 is incurre...
Which costs are charged to individual jobs in a job costing system?
A business absorbs its overheads on the basis of direct labour hours. The following information is provided for its last period. actual budgeted ov...
Why might a business use absorption costing? 1 to calculate inventory valuation for financial statements 2 to calculate selling price by adding pro...