Are you preparing for the 2021 Cambridge O/L Accounting Past Paper – Part 2? Then you’ve come to the right place. Paper 2 is the structured and extended-answer component of the O Level Accounting exam and often poses a challenge for students due to its in-depth and practical nature.
In this section, students must demonstrate not only theoretical understanding but also the practical application of accounting concepts. You’ll encounter tasks like preparing ledgers, reconciling bank statements, calculating depreciation, and adjusting financial reports. This is where EDUS Wiki steps in.
At EDUS Wiki, we are committed to supporting Sri Lankan students with comprehensive, exam-focused content. Our platform provides full worked solutions, clear explanations, and tips to avoid common mistakes. Whether you’re revising for your own exam or helping someone else study, understanding how to approach 2021 Cambridge O/L Accounting Past Paper Part 2 is essential.
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As you go through each part of this past paper, we’ll highlight key concepts, break down complicated steps, and reinforce your understanding. This structured guide is tailor-made for Sri Lankan students who want to improve their O/L Accounting results.
Detailed Examination of Topic
Section A – Short Structured Questions
The 2021 Part 2 paper began with 3–4 mid-length questions that tested:
- Control accounts: Students had to complete control account statements using debtor/creditor balances.
- Inventory valuation: Calculations using FIFO or weighted average methods.
- Petty cash books and journal entries: Understanding daily accounting records.
EDUS Tip: Always show full workings. Even if the final answer is wrong, you can still earn method marks.
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Section B – Extended Questions
This section included longer, high-weightage questions like:
- Preparation of the Income Statement
With adjustments for:- Prepaid expenses
- Accrued revenue
- Depreciation on assets
- Balance Sheet / Statement of Financial Position
Candidates had to classify assets and liabilities while applying year-end adjustments. - Bank Reconciliation
A popular and frequently tested topic. The paper asked for reconciliations involving cheques not presented and bank errors.
2021 Cambridge O/L Accounting Past Paper – Part 2
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Common Student Errors:
- Misposting adjustments
- Confusion between accruals and prepayments
- Omitting calculation steps
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How EDUS Wiki Helps
- Downloadable Answer Sheets with working
- Video Explanations linked to each question
- PDF Study Pack for structured revision
- Links to related papers: [2021 Paper 1], [2020 Paper 2], [2022 Paper 2]
Internal linking improves site engagement and supports student navigation.
Conclusion
The 2021 Cambridge O/L Accounting Past Paper – Part 2 is a vital tool for exam revision. From understanding ledger adjustments to preparing financial reports, this paper provides an ideal opportunity to sharpen your exam techniques.
With EDUS Wiki, Sri Lankan students gain a clear edge. Our detailed breakdowns, visual guides, and strategic tips are built to help you perform better — confidently and consistently.
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