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 draft profit for the year of a business is $53000. During the year, the business acquired new premises and included the following costs in the...
Non-current assets can be depreciated using a number of methods. How is the most appropriate method decided?
Ryan purchased a van for $16000 on 31 December 2021. It is his policy to apply 25% per annum reducing balance depreciation for each part of the yea...
The totals of the trial balance of a business did not agree. The following errors were discovered. 1 The wages account had been overcast by $550....
In the books of a trader, discounts received of $1400 have been posted correctly in the suppliers' accounts but debited in the discounts allowed ac...
What are the advantages of preparing a bank reconciliation statement? 1 It eliminates the risk of fraud in banking transactions. 2 It helps to ide...
The cash book of a business showed a debit bank balance of $3900. This differed from the bank statement balance. The bank statement included bank c...
Which items will be entered in the debit side of the purchases ledger control account? 1 contra with sales ledger control account 2 discount recei...
The current assets of a company include the balances on both the rent payable and rent receivable accounts. What do these balances represent?
The following information is available for a sole trader. allowance for irrecoverable debts at the start of the year $1400 total trade receivables...
A sole trader's statement of profit or loss shows the following information. opening inventory $5000 operating expenses $3000 profit for the year ...
A company issued shares at a premium. In which financial statements would the share premium appear?
The statement of financial position of a company at 31 December showed the following: issued share capital: $200 000 200 000 ordinary shares at $1...
Which ratio measures the efficiency of a business?
A company's return on capital employed decreased to 10% in the current year from 15% in the previous year. The directors have noted the following ...
A sole trader's cost of sales is $240000. The gross profit margin is 20%. What are the sales for the year?
A business employs machinists to make a single type of product. As demand increases, more machinists are employed. Every time eight extra machinis...
The inventory movements of a business in a three-month period are shown. receipts month | units | cost per unit | issues units January | 100 | $5 ...
A customer places an order for 20000 bricks. Which costing method will the supplier use to price the order?
The following budgeted and actual information is available. budgeted | actual overheads $460 000 | $420000 labour hours 28 750 | 21000 machine hou...
The following information is available from the costing records. budgeted overheads cost $32000 budgeted direct labour hours 4000 actual overheads...
Which items are included in the calculation of the contribution to sales ratio?
The financial information for selling 6000 units in August was as follows: $ per unit selling price 40 variable costs 22 fixed costs 12 profit 6 ...
Which statements correctly describe cost-volume-profit analysis? 1 It assumes a linear relationship between costs, revenue and volume. 2 It can be...
A company needs to raise finance to build a factory. Which action is suitable to protect the existing shareholders' interest?
Which items appear in the credit column of a trial balance?
A trader sells goods for $6600 to a customer on 31 March 2025, the last day of his financial year. He does not produce an invoice until three days ...
An item of capital expenditure has been treated as revenue expenditure. What is the effect on the non-current assets and on the loss for the year?...
Y Limited purchased a motor van and incurred the following expenditure at the beginning of the year. $ motor van 50 000 delivery of motor van 450...
A business charges depreciation on its property using the straight-line method. At the start of the year, the business revalued its property upwar...
X Limited purchased a property for $100 000 on 1 January 2010. The property had an expected useful life of 50 years. On 1 January 2024, the propert...
The totals of a trial balance did not agree. As a result, a suspense account was opened with a credit balance of $1720. So far, two errors have bee...
The total of the discount column on the debit side of the cash book had been debited to the discount received account. Which accounts will be used...
At 31 December, the following information is available about a company's banking transactions. balance at bank per bank statement $22650 uncleared...
A business maintains control accounts as a part of its double entry system. The balance of the purchases ledger control account is $8232. However, ...
A sales ledger control account included the following entries: 1 contra with the purchases ledger control account $500, debit 2 discount allowed $...
Which item would result in a credit entry in a statement of profit or loss?
A sole trader rented out part of his business office on 1 January 2024 at $500 per month for 24 months. During the year ended 31 December 2024, he ...
What will have the effect of increasing the profits when entered in the statement of profit or loss for a sole trader?
A partnership maintains both capital and current accounts for its partners. What is the correct accounting entry for recording interest on capital...
Lee and Mia are in partnership sharing profits and losses in the ratio 4:3 respectively. An error was made when their appropriation account for th...
The following information is extracted from the draft statement of financial position of a limited company at 31 December. ordinary share capital ...
Who are the internal users of financial information? 1 bank 2 directors 3 employees 4 potential investors
A trader calculates his trade receivables turnover as 89 days. What was the denominator (bottom figure) in his calculation?
The following details have been extracted from the financial statements of a limited company. statement of profit or loss for the year profit fro...
A business makes a single type of product. The following information is available. production total cost $ 600 units 4200 800 units 5200 What is...
W Limited is unsure whether to use marginal costing or absorption costing. Which row is correct? charges overheads to expenses rather than to pro...
J Limited makes individual pieces of furniture in customers' homes. The business adds a mark-up of 40% when quoting for jobs. It received an enqui...
A manufacturing company uses absorption costing. The following information for one month is available for the cutting department. budget actual ov...
A business provides the following information. number of units produced and sold 48 000 $ direct materials ($3 per kg) 298 000 direct labour ($4 ...