The fundamentals of accounting: past paper questions
Real questions on the fundamentals of accounting
The newest 7 of 7 written questions, plus 38 multiple-choice. Open one to see it on the real paper.
- 7707/23 · October/November 2025 · Q5b[4]
Complete the table by indicating with a tick (3) how the following items of income and expenditure will be classified. item capital expenditure revenue expenditure capital receipt revenue receipt delivery charges for new office equipment repairs to the roof of an existing building painting of a new extension to the fac...
See it on the paper → - 7707/21 · May/June 2025 · Q2f(ii)[1]
Mo’s expenses are lower than Barry’s.
See it on the paper → - 7707/21 · May/June 2025 · Q5c[1]
State how Grace is applying the historic cost accounting principle when she prepares her financial statements. Grace is considering producing the handbags in her factory instead of buying them in. REQUIRED
See it on the paper → - 7707/22 · October/November 2024 · Q2c(ii)[3]
Calculate Ben’s total sales for the year ended 31 March 2024. As his business is growing, Ben is considering maintaining a full set of accounting records. To allow him to do this, he believes he would need to employ an experienced book-keeper at a salary of $18 000. REQUIRED:
See it on the paper → - 7707/23 · October/November 2024 · Q1d[1]
Explain why a bank overdraft is shown as a debit balance on a bank statement. Jenny is concerned about her bank overdraft and is considering adding additional capital into the business from her personal funds. REQUIRED:
See it on the paper → - 7707/22 · May/June 2023 · Q3a[7]
Prepare the subscriptions account for the year ended 31 December 2022. Balance the account and bring down the balances on 1 January 2023. Favourite Book Club Subscriptions account Date Details $ Date Details $
See it on the paper → - 7707/22 · May/June 2023 · Q3b[6]
Prepare the income and expenditure account for the year ended 31 December 2022. Favourite Book Club Income and Expenditure Account for the year ended 31 December 2022 $ $ The treasurer is considering increasing the subscription amount in order to obtain sufficient funds to purchase computer equipment. The equipment wou...
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What examiners said
Club and society accounts pose more challenges for candidates than the other types of organisations within the syllabus. The main income stream for many small clubs is a reliance upon subscriptions and therefore it is important to record them accurately using double-entry techniques. Opening balances were often entered on the wrong side or with incorrect narratives such as ‘accruals’ and ‘prepayme...
— Examiner report, May/June 2023, 7707/22 Q3(a) (Cambridge)
This question followed on from part (a) requiring the preparation of an income and expenditure account for the ‘Favourite Book Club’. The income calculated from the subscriptions account is transferred and is the start point for this statement. There were no complications such as a refreshments or shop account required, and consequently half marks were easily accessible. Common mistakes were to us...
— Examiner report, May/June 2023, 7707/22 Q3(b) (Cambridge)
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