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 table shows details relating to a company's banking transactions at 31 December. $ balance at bank as per bank statement 22 650 uncleared lodg...
A company's accounts showed a gross profit for the year of $32 500. After the draft financial statements were prepared it was found that the openin...
A manufacturing company has the following information for the year ended 31 December. $ purchase of raw materials 58 000 wages of machine operator...
The table shows information about four partners in a partnership. Which partner has the greatest net reward from interest on capital and interest o...
X and Y are in partnership sharing the profits equally. No goodwill account is maintained in the accounts. Z joins the partnership and pays $30 000...
Which statements about non-profit making organisations are correct? 1 A club or society may engage in trading activities. 2 A club or society may s...
A business sells goods at cost plus 25%. Information for a year is shown. $ revenue 240 000 opening inventory 42 000 closing inventory 48 000 Wha...
The inventory records of a business show the following information for product X. units cost per unit $ 1 January opening balance 100 3 3 Janua...
A company has an issued share capital of 200 000 6% cumulative preference shares of $1 each fully paid and 800 000 ordinary shares of $1 each fully...
A company raises finance by issuing debentures. What is the effect on net current assets and short term profits? net current assets profits decr...
A business finds that it is unable to pay its trade payables because of a poor cash flow. What should it do to improve its cash flow?
For some years a business has given 2% cash discount to its customers and lost 3% of its inventory to pilferage by staff. On 1 January, the busines...
The table gives information about a company. year 1 $ year 2 $ revenue 150 000 200 000 cost of sales 105 000 130 000 45 000 70 000 administration ...
A business turns over its inventory 5 times a year. Average inventory is $54 000 and sales are made at a mark-up of one-third. How much are the sales?
What is not included in the calculation of the liquid ratio (acid test)?
The owner of a business has to decide whether to sell a particular type of product. Which ratio is the most useful in making the decision?
Which statement best describes a sunk cost?
A business has the following costs. raw materials $3 per unit direct labour $2 per unit stepped costs of $5000 for every 10 000 units What is the c...
Which statement best describes fixed costs?
Which costs are classified as manufacturing overheads for a car assembly plant? 1 assembly line employees' wages 2 cost of components assembled 3 d...
A business has the following budget for April. $ sales revenue 1 000 000 contribution 550 000 fixed production costs 275 000 fixed selling costs 5...
Which costing method is best suited to valuing inventory and which for deciding whether to accept an order below normal selling price? valuation o...
The following information is forecast for May. units opening inventory 25 200 closing inventory 28 200 $ marginal cost profit 100 800 absorption ...
What is the purpose of a job cost sheet?
In the books of account of Y, how could a credit entry of $500 in X's account have arisen?
A business paid $5750 during its trading year for advertising. Part of this amount included $500 in respect of the next financial year. Which effec...
A rents its building to B. At 31 December 2011, B owed $4500 for rent. At 31 December 2012, B had paid $3200 in advance. During the year A had rece...
The draft financial statements of a business show a profit for the year of $64 000 before taking account of the following. 1 the reduction of the p...
What does the application of the accounting principle of consistency ensure?
A trader recently purchased a non-current asset for his business at a cost of $6500. A friend told him he could buy a similar asset on-line for $50...
At the financial year end of a business the following information is available. [Table: debit balance on the bank statement 1000, unpresented chequ...
Which error would result in the creation of a suspense account?
Who is most likely to use an age analysis of debtors?
An error of reversal is made when recording the payment of a telephone bill for $500. Which journal entries are required to record the correction o...
What is included in the cost of production?
The summarised statements of financial position for a business for two years are as follows. [Table: year 1, year 2 for non-current assets, current...
The wages of staff employed in manufacturing goods have been debited in the income statement. What is the effect of this error?
During the year ended 31 December 2012 a business made a profit of $31000. A dividend of 8% was paid on the 200000 ordinary shares of $0.50 each, a...
X and Y have been in partnership for some years sharing profits in the ratio of 3:2. Z joins the partnership and introduces cash of $40000. The pro...
Which statement about a receipts and payments account is correct?
A business sells some inventory for $80 on credit. This originally cost $50. How does this affect the statement of financial position?
A vehicle is sold for $1000. It had cost $6000 and $2800 depreciation had been provided on it. What is the profit or loss on disposal?
A company has ordinary shares of $1 each. Each year it pays a dividend of 10% of the nominal value of the shares. It now wishes to raise a further ...
An extract from a statement of financial position is as follows. [Table: ordinary share capital 50000, general reserve 10000, retained earnings 400...
A company had a trade receivables collection period of 80 days in 2011 and 100 days in 2012. Total revenue was the same for both years. Which state...
A company's financial statements show the following. [Table: profit from operations 160000, finance charges 40000, ordinary share capital 500000, r...
The following information has been taken from a statement of financial position. [Table: non-current assets 150000, capital and reserves 170000, cu...
A company has ordered a new machine, to be delivered in six months. In the short term, the machine hours will be a limiting factor. It has made the...
The following data is available for the production department of a manufacturing company. Overheads are absorbed on a direct labour hour basis. [Ta...
The following information applies to a business. [Table: output (units), sales $, profits $] What is the contribution to sales ratio?