If you’re a Sri Lankan student preparing for your Cambridge O Level Accounting exams, reviewing past papers is one of the most powerful study strategies available. In particular, analyzing the 2020 Cambridge O/L Accounting Past Paper – Part 1 can help you understand question trends, refine your exam technique, and improve your accuracy in answering multiple choice and structured theory questions.
Paper 1 of the O Level Accounting exam focuses on short-response and multiple-choice questions (MCQs) that test your grasp of accounting fundamentals—like the accounting equation, types of accounts, double entry, and inventory valuation. Getting a high score in Part 1 boosts your chances of achieving an overall A or A*.
That’s where EDUS Wiki comes in. We’ve developed a complete walkthrough of the 2020 Paper 1 with question-by-question solutions, explanations, and tips based on examiner feedback. Our guide is tailored specifically to help Sri Lankan students navigate this paper effectively.
In this article, you’ll find accurate answers for all questions, techniques to eliminate wrong MCQ options, and strategic advice for managing time during the exam. We’ve also linked to relevant past paper resources and highlighted common student mistakes to avoid.
Whether you’re preparing for the first time or revising for your retake, using this guide will help you build confidence and improve your results.
Explore our detailed breakdown of the 2020 Cambridge O/L Accounting Past Paper Part 1—exclusively on EDUS Wiki.
Detailed Examination of Topic
A Complete Review of the 2020 Paper 1 Accounting Exam
The 2020 Part 1 Accounting paper featured 30 multiple-choice questions covering a wide range of syllabus topics. Here’s how it breaks down for student preparation:
1. Accounting Principles & Double Entry
- Topics tested: capital vs. revenue, trial balance, and basic journal entries.
- Difficulty: Moderate
- EDUS Wiki Tip: Learn to recognize which side (debit/credit) a transaction affects.
2. Source Documents & Bookkeeping
- Included questions about purchase invoices, credit notes, and sales day books.
- Common student error: Mixing up source documents (e.g., invoice vs. receipt).
- EDUS Wiki Resource: Our Accounting Documents Guide simplifies this topic.
3. Ledger & Control Accounts
- Several questions focused on ledger balances and control account adjustments.
- Students struggled with identifying correct ledger classifications.
- EDUS Wiki Tip: Make a personal chart for assets, liabilities, expenses, and incomes.
4. Inventory Valuation & Depreciation
- Questions involved FIFO and straight-line methods.
- EDUS Wiki Strategy: Practice at least 5 MCQs per method before the exam.
5. Final Accounts & Profit Calculation
- Paper 1 often tests formats of income statements and identifying profit types.
- Focus area: gross profit, net profit, and how adjustments affect them.
- EDUS Wiki Support: Try our free worksheet on Profit Adjustments in MCQs.
2020 Cambridge O/L Accounting Past Paper – Part 1
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Interactive Tools on EDUS Wiki
- Instant MCQ quiz simulator
- Free PDF downloads of solved papers
- Internal links to 2020 Paper 2 and 2019 Paper 1
- Fully mobile-responsive for easy revision anytime
Conclusion
The 2020 Cambridge O/L Accounting Past Paper – Part 1 is an excellent resource for O Level students, especially those in Sri Lanka who are looking to build a solid understanding of accounting fundamentals. Mastering this paper means mastering the basics—skills that will not only help in Paper 2 but also in real-world financial literacy.
By using the solutions and strategies provided on EDUS Wiki, you can improve your speed, accuracy, and confidence when tackling Part 1 of your accounting exam.
Remember, past paper practice isn’t just about memorizing answers. It’s about understanding why each option is correct—or incorrect—and learning how to apply concepts in different scenarios.
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Get more tips, download past papers, or take our mock quizzes—only on EDUS Wiki.