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 relates to one unit of a product. per unit $ selling price 20 marginal cost 8 fixed costs 5 What is its contribution to s...
The budgeted information for one month is shown. units sales 20000 selling price per unit $12 variable cost per unit $3 fixed costs $50000 It is ex...
What are the disadvantages of budgetary control systems? 1 Budget holders can be blamed for uncontrollable adverse outcomes. 2 Only financial outco...
A trader sells goods for $6600 to a customer on 31 March 2019, the last day of his financial year. He does not produce an invoice until three days ...
The following costs for a business relate to a newly purchased machine. 1 alterations to the factory building to install the machine 2 payment of i...
The following information is available. freehold premises at cost 125000 provision for depreciation of freehold premises 50000 The premises were re...
A business has a year end of 31 December. It purchased a motor vehicle on 1 January 2017 for $15000. The motor vehicle was sold on 31 March 2019 fo...
A trial balance does not balance and a suspense account is opened. Later the following errors are found and the suspense account is cleared. 1 A sa...
A sales ledger control account included the following entries. 1 contra with the purchases ledger control account $500, debit 2 discount allowed $6...
A company's bank statement showed a credit balance of $2000. The following errors were found. 1 A receipt of $2700 and a payment for $3000 were rec...
A business makes a provision for doubtful debts equal to 10% of trade receivables. The provision at 31 March 2018 was $8300. The trade receivables ...
A trader sent goods to a customer on a sale or return basis. At the trader's year end he had not heard if the customer had accepted the goods. Wher...
On 1 May 2018 Trevor had a debit balance of $3000 on his rent receivable account. Rent received during the year was as follows. 28 May 2018 18000 3...
A sole trader makes a profit for the year of $31000, after taking the following items into account. carriage inwards 2600 decrease in provision for...
X and Y are in partnership sharing profit and losses equally. Y's opening current account balance was $1350 debit. The residual profit for the year...
F and P are in business sharing profits and losses in the ratio 3:1. Their capital account balances are: F 90 000 P 60000 B is introduced as a new ...
L and M are in partnership, sharing profits and losses in proportion to their capital invested. The following information is available: capital: L ...
Which item is shown in the statement of changes in equity?
Which statement about bonus shares is correct?
The equity of P Limited at 1 January 2019 was $668000. Profit for the year ended 31 December 2019 was $120000. During the year ended 31 December 20...
A business applied a mark-up of 25%. Which statement is correct?
A company's results for a year showed credit sales of $500000. The trade receivables collection period was 73 days. In the next year, credit sales ...
A business has the following current assets and current liabilities. trade receivables 6000 bank overdraft 1500 cash in hand 50 trade payables 5050...
A mechanic carries out regular factory machine maintenance. He is paid an annual salary of $20000. Which type of cost is this?
A manufacturer uses the weighted average cost (AVCO) method of inventory valuation. Opening inventory was 10 units at $50 each. During the month: 3...
Which statement is correct when production increases?
Why might absorption costing be used? 1 to calculate contribution 2 to decide whether or not to accept a special order 3 to make long-term decision...
The following information is available for a business. fixed overheads budget $180000, actual $190000 hours budget 10000, actual 11000 What was the...
A business plans to sell all the 10000 units produced next year at the same price as this year. Direct costs are forecast to decrease by $2 per uni...
The following information is available for a business. sales revenue $600000 variable cost $180000 break even sales revenue $400000 What is the pro...
Which statements about cost-volume-profit analysis are correct? 1 It assumes costs and revenues behave in a linear fashion. 2 It assumes that only ...
A company is forecasting its profits at two levels of activity. sales units: 5000 units, 8000 units total fixed and variable costs: $20000, $26000 ...
Why would a business prepare budgets? 1 to communicate its plans 2 to enable it to control costs 3 to improve its products' quality 4 to plan its o...
A business values its inventory at the lower of cost and net realisable value. Which accounting concept is being applied?
On 1 May, Tom sold an old motor vehicle with a net book value of $10000 to Arnold for $12000. Arnold paid $7500 by cheque and agreed to pay the bal...
Which item is not included as part of the capital cost of a new machine?
Why does a business charge depreciation on its non-current assets?
The net book value of motor vehicles of a company is shown. beginning of the year end of the year $312000 $305000 During the year, an old vehicle...
The bank statement of a business showed a credit balance of $4520. This did not agree with the cash book. The following were discovered. 1 Bank ch...
What may help a book-keeper detect errors in the accounting records of a business? 1 books of original entry 2 sales ledger control account 3 stat...
The closing balance on a purchases ledger control account is $163762. The purchases journal has been undercast by $1000. What is the correct closin...
A business has calculated its draft profit for the year as $15000. The following were then discovered. 1 General expenses were understated by $600...
A sole trader maintains a provision for doubtful debts at 5% of trade receivables. Provision for doubtful debts at the start of the year was $2750....
Esarba has a financial year end of 31 December. On 31 March 2020, she transferred her private vehicle to the business at a value of $12000. Her p...
At the end of his first year of trading, the trader lost all of his inventory in a fire. He knows the values of sales and purchases and wishes to c...
X and Y were in partnership sharing profits and losses equally. Z was admitted as a partner and the profit and loss sharing ratio for X, Y and Z w...
Which items would appear in a partnership's appropriation account, in the absence of a partnership agreement? 1 profit for the year 2 partners' in...
Annie and Bernie have been in partnership for some years, sharing profits and losses in the ratio 2:1. On 1 January 2020, they decided to introduc...
The total of shareholders' equity at 31 December 2019 was $45500. During the year ended 31 December 2020, the following took place. 1 An issue of...
The following relates to a limited company during a year. $ repayment of a debenture 200 000 receipt from issue of ordinary shares 500 000 non-cur...