The 2021 Cambridge O/L Accounting Past Paper – Part 1 is a powerful tool for Sri Lankan students preparing for the Cambridge Ordinary Level exam. This part of the exam tests your theoretical knowledge through 30 structured multiple-choice questions, covering core areas of accounting such as double-entry bookkeeping, financial documents, control accounts, and accounting principles.
Scoring well in Paper 1 is essential because it accounts for a significant portion of your final grade. However, many students underestimate the challenge of multiple-choice questions. Unlike essays, MCQs test precision and speed, and even a small misunderstanding can cost valuable marks. That’s where EDUS Wiki comes in to help.
In this article, we walk you through the complete 2021 Cambridge O/L Accounting Past Paper – Part 1. You’ll find clear explanations for each answer, tips for avoiding common mistakes, and insight into how to approach these questions with confidence. Designed specifically for Sri Lankan students, our analysis focuses on practical techniques you can apply in the exam room.
Whether you’re a first-time candidate or retaking the exam to improve your results, this guide will help sharpen your accounting knowledge and exam strategy. With EDUS Wiki’s detailed approach, you can practice smarter, not harder — and make the most out of every past paper.
Let’s begin your path to better grades by mastering the 2021 Paper 1 in a focused and exam-oriented way.
Detailed Examination of Topic
📘 Understanding Paper 1: What Was Asked in 2021?
The Cambridge O/L Accounting Part 1 paper in 2021 included 30 MCQs (multiple-choice questions) covering a wide range of foundational accounting concepts. Here’s a detailed breakdown and tips for success.1. Basic Accounting Principles and Concepts
Approximately 8 questions were based on key concepts like the matching principle, going concern, and consistency.
Strategy: Memorize each principle with real-world examples to reduce confusion during the exam.
Keyphrases used: Cambridge accounting paper 1 solutions, accounting principles
1. Basic Accounting Principles and Concepts
Approximately 8 questions were based on key concepts like the matching principle, going concern, and consistency.
- Keyphrases used: Cambridge accounting paper 1 solutions, accounting principles
- Strategy: Memorize each principle with real-world examples to reduce confusion during the exam.
2. Double-Entry Bookkeeping
Around 6 questions tested students on ledger entries, identifying debits and credits, and posting transactions.
- Common errors: Confusing expense vs. asset entries.
- EDUS Wiki Tip: Draw mini T-accounts while solving to visualize the answer quickly.
3. Financial Documents and Journals
You were asked to identify the correct use of source documents, day books, and subsidiary ledgers.
- Important for: Business transaction cycle understanding.
- Student strategy: Use flashcards to remember document purposes.
4. Control Accounts and Reconciliation
These questions focus on identifying missing balances and correcting errors in trade receivables/payables.
- Technique: Focus on control account format and typical adjustments like dishonoured cheques or discounts.
5. Capital vs. Revenue Expenditure
These tricky classification questions test your conceptual clarity.
- Secondary keyphrase: accounting paper 1 2021 answers
- Exam strategy: Always ask yourself: “Is this expense recurring or one-time?”
6. Interpreting Financial Statements
Candidates had to apply knowledge to read Income Statements, Balance Sheets, and Ratios.
- Practice tip: Understand basic calculations (gross profit %, net profit %) and interpret implications.
2021 Cambridge O/L Accounting Past Paper – Part 1
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EDUS Wiki Value Adds
- Question-by-question answer breakdown
- Error identification tips for tricky options
- Interactive quizzes for Paper 1 revision
- Links to related past papers: [2020 Paper 1], [2021 Paper 2], [2022 Paper 1]
Conclusion
The 2021 Cambridge O/L Accounting Past Paper – Part 1 is more than just a collection of questions — it’s a diagnostic tool that helps you recognize your strengths and fix your weaknesses. By reviewing the answers with EDUS Wiki, you gain deeper insight into how the exam works and how to perform with confidence.
Don’t treat MCQs lightly. With strong practice, a sharp mind, and expert explanations, you can master even the most challenging topics. Let this past paper be your stepping stone to exam excellence.
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