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.
The following information is available for the year ended 31 December 2021. $trade payables at 1 January 2021 18000 trade payables at 31 December 2...
What is recorded in both the appropriation account and the current accounts of a partnership? 1 drawings 2 interest on drawings 3 interest on capital
R, S and T were in partnership, sharing profits equally. T retired as a partner. At that time, the balance on his capital and current accounts tota...
Owing to an issue with Question 16, it has been removed from the question paper.
Where is the dividend received by a company shown in its financial statements?
On 1 January a company had 300000 ordinary shares of $1 each and a 10% bank loan of $100000. On 1 July the company issued a 6% debenture of $800000...
X Limited recorded the following information in its books of account. 1 issue of 10000 ordinary shares of $1 each at a price of $1.80 2 payment of ...
H Limited uses ratio analysis to analyse its financial performance. On 31 January 2021 the company prepared draft financial statements before it re...
A company purchases its inventory on credit. The following information is available. sales revenue: 440000 purchases: 270000 trade payables: 90000 ...
A business has the following wages policy for its direct workers. standard working hours per week: 40 basic rate per hour: $16 overtime: basic rate...
Which statements are correct about the first in first out (FIFO) method for inventory valuation? 1 issues to production are valued at the most rece...
A manufacturing business has two production departments: assembly and painting. The following information is available. assembly: machinery at net ...
Which statement about absorption costing is correct?
What is equal to total revenue at the break-even point?
A business manufactures and sells a single product. It is sold for $10 per batch. The variable cost is $4 per batch. Fixed costs are absorbed based...
A company provides the following information for a year. sales: 400000 total variable costs: 240000 total contribution: 160000 total fixed costs: 1...
A business makes and sells a single product. The budget for sales of 5000 units is as follows: per unit: selling price: 75.00 variable production c...
Which statements about a budgetary control system are correct? 1 It is a long-term plan. 2 It is a short-term plan. 3 It is qualitative. 4 It is qu...
Which list is a long-term source of additional funds for a limited company?
Which statements describe advantages of maintaining full accounting records? 1 A more complete assessment of business performance is possible. 2 B...
Maria recorded a cheque for $475 received from Josh, a credit customer. Josh had deducted a 5% cash discount. The cheque has now been returned as d...
A business purchased a shop and incurred the following costs. purchase price of the shop $680 000 legal fees incurred in the purchase of the shop ...
A used motor vehicle was part exchanged for a new motor vehicle. The balance of the purchase cost of the new motor vehicle was settled by cheque. ...
A non-current asset of a business cost $300000 in 2021. It is depreciated using the reducing balance method at the rate of 40% per annum. A full ye...
A business received $100 cash from a credit customer in settlement of a debt. When recording it, an error of commission was made. Which statement ...
Which statements describe the benefits of preparing a bank reconciliation statement? 1 checks the accuracy of transactions recorded on the bank st...
A trader's cash book shows a debit balance of $12460 at 30 April. Bank charges of $4500 have not been entered in the cash book. A cheque for $1447...
A credit customer gave cash to a sales ledger clerk in part settlement of her debt. The clerk was dishonest and kept the cash for himself. He enter...
The following information is available. balance of trade receivables at the start of the year $48 000 balance of trade receivables at the end of t...
At a business's financial year-end there were expenses owing, expenses prepaid, income owing and income received in advance. How will the ledger a...
A business prepared its statement of profit or loss for the year ended 31 December. During that year, on 30 April, a non-current asset had been so...
The owner of a trading business prepared draft financial statements for the year ended 31 December. It was then discovered that the following tran...
A business sells some inventory for $80 on credit. This originally cost $50. How does this affect the statement of financial position?
Which entries are made to record interest on capital in partnership accounts?
L and M are in partnership, sharing profits and losses in the ratio of 3:2 respectively. For the year ended 31 March, their statement of profit or...
Which reserves are revenue reserves? 1 general reserve 2 retained earnings 3 revaluation reserve 4 share premium account
A limited company has the following in its statement of financial position at 31 March. equity ordinary share capital $200 000 retained earnings $...
A company has calculated inventory turnover periods for two successive years. year inventory turnover in days 1 90 2 120 Company directors have s...
The following information is available for a business at the end of its financial year. credit purchases $140 000 credit sales $220 000 total purc...
A business commenced trading on 1 January. The purchases and sales of inventory for January were as follows: date purchases sales January 4 3 at $...
A company has been asked to quote a price for a specific job. Estimated costs are as follows: direct materials $2000 direct labour $3300 Overhead...
A manufacturing business has a service department, X, and production departments, Y and Z. Department Z is labour intensive. How is the overhead ...
What would cause overheads to be under absorbed?
A business produces two types of product, P and Q, for the month of January. Overheads are absorbed using direct labour hours. The production detai...
Which statements about marginal costing are correct? 1 Contribution is the difference between sales revenue and total production costs. 2 Costs ar...
The following information relates to a manufacturing business. production for the period 2400 units closing inventory 400 units direct material c...
Which statement reflects how cost-volume-profit (CVP) analysis can help with management decision-making?
A business sells computers. When it values its inventory it excludes the value of the inventory that is more than one year old. This is because it ...
A purchases ledger clerk has to use a password to access the ledger in a computerised accounting system. What is the purpose of the password? 1 t...
Peter is a credit customer of John. He settles his account of $200. He pays by cheque and receives a cash discount of 5%. Which entries are made i...