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 business sells its product for $10 per unit and has variable costs of $6 per unit. The table shows the fixed costs for the year. $ factory ren...
A company's financial information is as follows. $ selling price per unit 55 variable costs per unit 15 total fixed costs 33000 If the sellin...
A company is asked to make a new machine for a customer. It provides the following estimates. materials will cost $1100 labour will be 30 hours at ...
Ted plans to buy a motor vehicle for $12000 on 1 May 2014. He intends to pay half at the time of purchase and to take out a loan at 6% interest a y...
At the end of its financial year a business had trade receivables of $16000 and had doubtful debts of $640. The provision is to be maintained at 5%...
The non-current assets of a business are shown in the table. end of year $ start of year $ cost 360 000 300 000 accumulated depreciation 120 0...
A sole trader calculated a draft profit for the year of $56750. He then discovers that discounts received of $580 and discounts allowed of $665 had...
Opening inventory is found to be overstated by $8000 and closing inventory is overstated by $6500. What is the effect of the correction of these er...
A cash book showed a credit bank balance of $6100 on 31 December. The bank statement on that date showed $60 of bank charges not in the cash book. ...
A purchase ledger control account shows the following: $ opening balance 1200 closing balance 1300 purchases 18400 payments made 17800 discoun...
A business sells some of its inventory for $500 on credit to a customer. The inventory cost $600. What is the effect of this transaction on the sta...
Goodwill is adjusted in partners' accounts when there is a change in the profit sharing ratio. How is this recorded?
What is the purpose of providing for depreciation?
A trader decides to prepare departmental accounts. Which statements explain the reason for his decision? 1 To be able to calculate inventory for e...
A sports club provides the following information at the year end. The bank balance had increased by $5000. The depreciation charge for the year was...
The following information is available for a partnership at 31 December 2013. $ residual loss 3000 total salaries to partners 5000 total interes...
The manufacturing account and income statement of a trader show the following: $ purchases of raw materials 70000 direct costs and overheads 540...
The following balances are extracted from the books of Juno Limited. 30 April 2014 $ 30 April 2013 $ ordinary shares of $0.50 each 700000 50000...
A company issues 1000000 ordinary shares of $1 each at a premium of 20%. Which value will be shown for ordinary shares in the statement of financia...
Which items increase when a company issues new shares?
A business has the following information for the past two financial years. year 1: average inventory $100000; revenue $800000; gross margin 25%. ye...
The draft accounts of a business for the year ended 30 June 2013 include the following: $ revenue 280 000 gross profit 60 000 It was subsequent...
The following financial information is available. $ trade payables 10000 bank overdraft 4400 trade receivables 20000 other receivables 600 oth...
Analysis of a business's financial statements shows the following. net profit ratio (%) inventory turnover (days) 2011 21 62 2012 23 58 2013 ...
X Limited and Y Limited both started trading on 1 January 2001. Each year, both businesses had a profit from operations of $20000. On 31 December 2...
Who will be most interested in a business maximising its profitability?
A company's sales revenue has increased by 40% in a period, but its gross profit has only increased by 30%. Which factors could explain this? 1 a ...
A business has fixed costs of $100000. It sells a single product for $25 per unit. The contribution to sales ratio is 40%. What is the break-even p...
What is the purpose of cost accounting?
A business provides the following financial information. $ per unit selling price 41 direct materials 5 direct labour 8 variable overhead 3 fi...
A business prepared a cash budget using the following information. $ fixed costs each month 5000 depreciation each month 1000 July $ August $ ...
Why does a trader account for accrued income?
A trader sends his staff on a training course costing $100 per person. 10 staff attended in April and 4 in May. Half the total cost had to be paid ...
A business paid $10000 for motor expenses in the year. The opening prepayment was $1500 and the closing accrual was $2000. What was the charge fo...
An item of revenue expenditure is wrongly treated as capital expenditure. What is the effect of this error?
A trader prepares a disposal account. On which sides do the cost of the asset and sale proceeds appear?
A trial balance at 30 June, before making end of year adjustments, showed the following. | | debit $ | credit $ | |---|---|---| | trade receivable...
Land and buildings are shown in the books of account at a cost price of $200000 with accumulated depreciation of $40000. The property is revalued ...
At 1 January 2014 a business had prepaid rent of $700. In July it paid an invoice for $9300 and on 31 December it transferred an expense of $9000 t...
Which cost should be treated as revenue expenditure?
A sales return of $400 has been credited to the customer's account as $40. A suspense account is created to complete the trial balance. What is t...
The creation of a provision for doubtful debts is an example of which accounting concept?
A business provided the following information. | | $ | |---|---| | 1 April purchases ledger credit balance | 16725 | | 30 April credit purchases f...
A business depreciates its motor vehicles over four years using the straight-line method. A full year's depreciation is charged in the year of purc...
Rachel's trial balance did not agree and she placed the difference in a suspense account. The following shows how four errors have been corrected ...
A bank reconciliation statement has been prepared by an inexperienced book-keeper. | | $ | |---|---| | bank statement balance (overdrawn) | (68100...
An invoice for purchases was credited to the purchases account. How is the balance on the purchases account corrected?
Which item may appear in the manufacturing account of a business?
Inventory is valued at the lower of cost and net realisable value. What is net realisable value?
A trader runs a manufacturing business. Which department should it close?