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 bank statement of a business showed a credit balance of $3421, which did not agree with the balance in the cash book. Further investigation re...
Which statements describe the benefits of preparing control accounts? 1 assists in detection of fraud 2 assists in finding errors of original entr...
A trade payable for $720 transferred from the purchases ledger has been entered on the wrong side of the sales ledger control account. The sales l...
After preparing the draft statement of profit or loss, it was discovered that the purchase of an office computer had been incorrectly recorded in t...
The draft profit for a business was $64 000 before the following information was taken into account. • An allowance for irrecoverable debts was ma...
A trader sells goods at a uniform mark-up of 20%. The following information is available for the year ended 31 December. inventory at 1 January $1...
Both partners in a business have a credit balance on their current account. How does the inclusion of interest on drawings affect the financial st...
Vicram and Walter are in partnership but have not made any partnership agreement. The net assets of the partnership at the end of a financial perio...
Which row correctly shows an example of a capital reserve and an example of a revenue reserve? capital reserve revenue reserve
On 1 January a company makes a bonus issue of 10 000 ordinary shares of $0.50 each. During the year it makes a rights issue of 15000 ordinary share...
An accounting student made the following statements about the requirements of different users of the accounting information of a company. 1 the go...
What could improve the current ratio of a sole trader?
Which ratios will identify the highest profit for the year for a business?
A business provided the following information at 31 March. inventories 225 000 trade receivables 785 000 cash and cash equivalents 15000 trade pay...
When are unit costing and job costing principles applied? unit costing job costing
A hotel provided the following information for a 30-day period. rooms with rooms with two beds one bed number of letting bedrooms 180 60 average n...
Which two factors would mean fixed overheads are under-absorbed? 1 actual hours worked are less than budgeted hours 2 actual hours worked are more...
A company has a positive margin of safety. How did this arise?
A company makes three products X, Y and Z for which details per unit are as follows: selling price $18 $35 $50 direct material costs $4 $5 $5 dir...
The details of a planned college course are as follows: course fee per student $100 variable course cost per student $20 total fixed costs of the ...
Which statement applies for cost-volume-profit analysis?
Ahmed and Betty are in partnership. They plan to convert the business from a partnership to a limited company. Ahmed and Betty will be shareholders...
What is the correct double entry to record goods taken for own use by the owner of a business?
Which accounting concepts are applied when depreciating non-current assets? 1 consistency 2 matching/accruals 3 objectivity 4 prudence
Which account balance will be in the credit column of a trial balance?
The financial statements were prepared using the following details. purchase cost of machinery (included $450 for repairs to the machinery) $16950 ...
What is the purpose of depreciating a non-current asset?
The non-current assets of a business are shown in the table. end of the year $ start of the year $ cost 360 000 300 000 accumulated depreciation 12...
After the profit for the year was calculated, the following errors were discovered. 1 Discount allowed of $550 was recorded as discount received. 2...
A business's suspense account appears as follows: $ $ discount allowed 150 opening balance 100 sales 50 150 150 Which statements are correct? 1 Tot...
Why does a business prepare a bank reconciliation statement?
A debit balance of $2600 was shown for the bank in the cash book of a business at the end of the month. The bank statement included bank charges of...
Why is a sales ledger control account used? 1 to control discounts received 2 to ensure credit customers pay promptly 3 to provide a trial balance ...
A bookkeeper is given the task of reconciling the sales ledger control account with balances in the sales ledger at the end of each month. The sale...
A business paid $5750 during its trading year for advertising. This amount included $500 in respect of the next financial year. How would the corre...
The books of a business showed the following balances at the end of the financial year on 31 December. trade receivables $18820 allowance for irrec...
After preparing the financial statements of a sole trader, the following items were discovered. 1 Drawings consisted of goods taken for own use at ...
Valerie and Paul are in partnership, sharing profits and losses in the ratio of 5:3 respectively. The partnership profit for the year was $250000. ...
Which items will be shown in a company's statement of changes in equity? 1 a bonus issue of ordinary shares 2 an issue of debentures 3 a proposed d...
The table shows a company's equity. ordinary shares of $1.00 each $200 000 share premium account $80 000 revenue reserves $160 000 Changes now to b...
A company had the following balances at 31 December. inventory $31000 trade receivables $88000 allowance for irrecoverable debts $2000 bank overdra...
The table shows year-end information for a company. statement of profit or loss: profit for the year $55 200, finance costs $12000; statement of fi...
A restaurant owner paid the following: 1 cost of food ingredients 2 maintenance of cooking appliances 3 wages to the chefs 4 wages to the restauran...
Total costs for each of two months had been recorded. Variable cost per unit remained constant. Total fixed costs increased by $1000 in July. June:...
P Limited uses an overhead absorption rate of $15 per machine hour, based on budgeted machine hours of 8000 per month. In July, production required...
Which statement describes the purpose of overhead allocation?
A manufacturing business provides the following budgeted annual information. direct wages ($12 per labour hour) $600 000 fixed overheads $160 000 F...
Which factor would cause the variable cost line on a break-even chart not to be a straight line?
The following information is available for a business. budgeted fixed costs per month $2000 target profit per month $3000 budget variable cost per ...
What are the assumptions of cost–volume–profit analysis? 1 fixed cost per unit is constant 2 selling price per unit is constant 3 sales volume is c...