The 2023 Cambridge O/L Accounting Past Paper – Part 1 serves as a key resource for students preparing to succeed in their O Level examinations. With a specific focus on multiple-choice questions, this paper is designed to test your core understanding of accounting principles, processes, and practical knowledge. For Sri Lankan students, mastering Paper 1 can lead to a significant advantage in overall performance, especially when supported by expert resources like EDUS Wiki.
In this past paper, candidates faced 30 multiple-choice questions covering essential topics including source documents, double entry bookkeeping, trial balance, accounting concepts, and financial statements. Each question aimed to test not only memorization but the student’s ability to apply accounting logic to real-world problems.
At EDUS Wiki, we believe exam preparation should be efficient, accurate, and confidence-boosting. This article offers an in-depth analysis of each question in the 2023 Cambridge O/L Accounting Part 1 paper. From explaining tricky options to identifying common pitfalls, our breakdown is tailored to help you improve your accuracy under pressure.
This page is especially helpful for students who want to:
- Review correct and incorrect answer reasoning
- Identify weak areas in Paper 1 preparation
- Understand how to apply key concepts quickly
- Improve speed and confidence for the actual exam
Whether you’re preparing for a retake or getting ahead, EDUS Wiki is here to guide you through every step of the accounting exam journey.
Detailed Examination of Topic
Understanding the 2023 Cambridge O/L Accounting Paper 1
Paper 1 is a multiple-choice format exam where students answer 30 questions in 1 hour. Scoring well in this section requires not just knowledge, but speed, accuracy, and strategic elimination.
Topics Covered:
- Source Documents & Books of Prime Entry
- Invoices, credit notes, receipts, and journals
- Frequently tested in identifying the correct book
- Double Entry Bookkeeping
- Debits and credits for different transactions
- Important for calculating correct entries
- Trial Balance and Ledger Accounts
- Balance check and error identification
- Understanding how balances are carried forward
- Accounting Principles
- Matching, Prudence, Accruals, and Consistency
- A scoring area for students with strong theory understanding
- Control Accounts & Bank Reconciliation
- Tested through missing figures and error spotting
- Many students confuse these with normal ledgers
2023 Cambridge O/L Accounting Past Paper – Part 1
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Strategy for Success in Paper 1:
- Skim all questions first: Mark the easiest to complete quickly.
- Use elimination: Cross out at least two incorrect answers before selecting one.
- Practice similar papers: Repetition builds recognition and speed.
- Avoid guessing without logic: Learn to rule out distractors.
How EDUS Wiki Supports You
- Detailed Answers & Explanations for each 2023 MCQ
- Links to Related Topics: [Double Entry Notes], [2022 Accounting Paper 1], [Common Student Mistakes]
- Downloadable PDF Version of answer analysis
- Revision Flashcards for key terms
This article is mobile-friendly and connected to other O/L accounting content to keep learners engaged. It offers both quick review and in-depth understanding in one place.
Conclusion
The 2023 Cambridge O/L Accounting Past Paper – Part 1 is a powerful tool for smart exam preparation. It tests a wide variety of essential accounting concepts, and mastering it can build the foundation for success in Paper 2 and overall grades.
Through this article, you’ve gained detailed insights into question patterns, common traps, and strategies for scoring higher. With EDUS Wiki, you’re not just reviewing answers—you’re building exam skills and gaining confidence.
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