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The balance sheet provides a summary of the assets and liabilities of a business. It is a snapshot of those assets at a particular moment in time.

The balance sheet always balances because of the use of "double-entry" bookkeeping to record business transactions.

Every transaction in a business always has two equal effects on the assets and liabilities of a business. Some examples are shown below.

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This resource comprises two practice exam papers (with supporting mark schemes) for each of the two Year 1 (AS) papers. The format of each practice exam paper follows precisely the format of the specimen assessment materials issued by the board that have been accredited by Ofqual.

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