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.
Draft financial statements show revenue of $106 000 and closing inventory of $2100. There were 100 items which had cost $10 an item but which were ...
Inventory is valued at the lower of cost and net realisable value. Which accounting principle is being applied?
A trial balance includes a suspense account. The bank balance of $28 412 has mistakenly been entered as an overdraft and placed on the credit side ...
A company has obtained the following information for the year ended 31 December. $ opening balance on sales ledger control account 31 000 closing...
A draft income statement shows a profit for the year of $360 000. Interest received for the year of $1200 has been treated as interest paid. What i...
What is prime cost?
A company operates three departments and apportions heat and light on the most appropriate basis. The table shows information for a year. departmen...
Which item appears in the financial statements of a limited company but not in those of a sole trader or partnership?
Which items would appear in a partnership's appropriation account? 1 partners' interest on capital 2 partners' introduction of new capital 3 salari...
The following information relates to the annual membership subscriptions of a cricket club for the year ended 31 December. 1 January $ 31 December ...
A business does not keep complete accounting records. The following information is known: $ capital at start of year 52 000 capital at end of yea...
The table shows information relating to closing inventory. $ cost 50 000 realisable value 45 000 costs of realisation 5 000 replacement cost 35...
A company uses the straight-line method of depreciation for all its non-current assets. On 1 January the company bought machinery on hire purchase....
A company has issued non-cumulative preference shares and ordinary shares. Which statement is correct?
A company has an authorised share capital of 1 000 000 $0.50 ordinary shares. Its issued share capital is 800 000 shares. An ordinary dividend of 7...
A company has the following year end information. $000 credit purchases 210 credit sales 630 total purchases 280 total sales 840 trade payable...
A company has a current ratio of 2:1. Which transactions would always increase the ratio? 1 buying goods on credit 2 debtors paying their account t...
A company wants to increase its return on capital employed in the short-term. Which course of action will achieve this?
Beatrice calculates some ratios to help her understand her financial statements. What helps her interpretation of the ratios?
A business employs machinists to make children's sunhats. As demand increases more machinists are employed. Every time eight extra machinists are e...
The total cost of making product X is shown on the graph. [Figure 26.1]
The diagram shows a break-even chart. [Figure 27.1]
The budget for a product is shown. unit sales 620 000 $ selling price per unit 31 variable cost per unit 16 contribution per unit 15 fixed cos...
A business provides the following information. month number of labour hours overheads $ May 68 000 986 000 June 134 000 1 316 000 The variable o...
The following information is taken from a trader's statement of financial position. $ non-current assets 80000 capital at start of year 75000 dr...
A business wishes to create a new provision for doubtful debts. Which effect will this have in the financial statements of the business? in the inc...
Anna owns a plumbing business. Costs for the year were $49500 for wages and $95000 for materials. These included $2200 labour and $540 materials us...
A building cost $340000. The accumulated depreciation on the building was $47600. It was decided to revalue the building to its market value of $56...
The table shows extracts from the statements of financial position of a business. 2011 $ 2012 $ non-current assets (at cost) 190000 245000 l...
An item can be converted easily into cash. In which section of the statement of financial position would this item appear?
A company's financial year ends on 31 December. At 31 December Year 1 the company carried forward a debit balance of $36200 on the rent account. Du...
A trader buys inventory costing $6000. He is entitled to trade discount at 10% and cash discount of 5%. On the same day he discovers that he can on...
A business is preparing a bank reconciliation and finds the following. $ unpresented cheques 3190 uncredited bankings 1949 The cash book has a...
A company's trial balance includes a suspense account. It was found that the only errors were discounts received of $240 and discounts allowed of $...
During the month a company lost a quantity of inventory in a burglary. The table shows the company's results for the month. $ opening trading in...
During the financial year a business receives $620000 from its trade receivables after allowing cash discounts of $30000. At the start of the year ...
A business had a profit for the year of $450000 before correcting the following errors. 1 Closing inventory was undervalued by $15000. 2 Sales retu...
The following departmental accounts have been prepared for a limited company for the year ended 30 September 2013. department X $ department Y ...
A company has the following expenses for the year. $ directors' salaries 140000 depreciation of delivery vehicles 87000 office salaries 90 000...
Which items appear in the manufacturing account of a business? 1 closing inventory of finished goods 2 closing inventory of work in progress 3 carr...
X becomes a partner in a business receiving a 25% share in the profits. He pays $50000 for his capital. The goodwill of the business is valued at $...
A club has 190 members. The club charges an annual subscription of $240 per member. At the start of the year, 11 members had paid their subscriptio...
The following financial information was provided at 31 December 2012. $ purchases 95.000 returns inwards 3300 returns outwards 2100 inventory...
A vehicle is sold for $1500. It cost $5000 and $3000 depreciation had been provided. Which entry is needed to close the disposal account? debit $ c...
A business is reviewing credit limits for its customers. What would result in a customer's credit limit being reduced?
The table shows extracts from the trial balance of a business at 31 December 2012. $ ordinary share capital 20000 share premium 40000 long-ter...
The trade receivables turnover for a company was 100 days in 2011. This reduced to 80 days in 2012, with no change in the sales revenue. Which stat...
A company provides the following information. $ trade payables at start of year 38000 trade payables at end of year 49000 payments to credit s...
A company makes three products. contribution per unit $ contribution per hour $ product 1 14 2.1 product 2 13 2.6 product 3 8 2.4 Total av...
The cost of using a mobile phone is made up of a monthly rental charge and the cost of phone calls. What type of cost is this?