Preparing for your Cambridge Ordinary Level exams can be overwhelming — especially when it comes to mastering the 2021 Cambridge O/L Accounting Past Paper – Part 1. This section of the exam includes 30 multiple-choice questions that cover a wide range of fundamental accounting topics, including financial statements, double-entry bookkeeping, journals, control accounts, and theoretical principles. It’s a crucial part of your exam, and getting familiar with the types of questions asked can significantly improve your confidence and performance.
At EDUS Wiki, we aim to make exam preparation simple, targeted, and effective for Sri Lankan students. This article is designed to walk you through every question from the 2021 Part 1 paper, explaining the correct answers with clarity and context. Whether you’re facing challenges with theory questions or confused between similar answer choices, our detailed breakdown will help you understand the logic behind each solution.
The main focus keyphrase, 2021 Cambridge O/L Accounting Past Paper Part 1, is your gateway to unlocking exam success. By studying past papers in a structured manner, students not only improve their subject knowledge but also learn how to manage time and apply concepts under pressure.
Let EDUS Wiki be your trusted resource for exam preparation. With our user-friendly explanations, revision tips, and local academic relevance, we are here to support your journey toward top results in O Level Accounting.
Detailed Examination of Topic
Understanding the Structure of the Paper
The 2021 Cambridge O/L Accounting Part 1 paper consisted of 30 MCQs designed to test your grasp of foundational accounting concepts. These questions were spread across several important areas:
1. Accounting Principles & Theories
Questions on consistency, accrual, and going concern tested how well students understood the core accounting principles.
- Example: “Which principle requires that expenses be matched with revenues?”
- Tip: Memorize each principle with one-line examples.
- Keyphrases used: accounting theory questions, Paper 1 accounting MCQ solutions
2. Double-Entry Bookkeeping & Ledger Entries
This is where many students lose marks. These questions tested entries for transactions involving purchases, sales, and expenses.
- EDUS Strategy: Draw quick T-accounts during practice to visualize the answer.
- Keyphrases used: O Level accounting multiple choice questions, double-entry basics
3. Control Accounts and Corrections
Around 4 questions involved identifying errors in control accounts, adjustments for dishonoured cheques, and missing entries.
- Student Tip: Focus on the format of control accounts and know which side (debit/credit) to record.
4. Source Documents & Journals
Candidates were tested on the use of day books, invoices, debit notes, and credit notes.
- Common Mistake: Mixing up source documents.
- Keyphrases used: Cambridge Accounting Paper 1 2021 questions
5. Interpretation of Financial Statements
Basic ratio analysis and identifying profits or losses from provided financial figures appeared in the last few questions.
- Key Tip: Know formulas and learn how to spot profitability, liquidity, and efficiency indicators quickly.
2021 Cambridge O/L Accounting Past Paper – Part 1
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EDUS Wiki Student Advantages
- Complete answer breakdowns
- Time-saving revision guides
- Direct links to related past papers: [2021 Paper 2], [2020 Part 1], [2022 Part 1]
- Interactive MCQ quizzes for practice
- Ideal for Sri Lankan curriculum alignment
Conclusion
The 2021 Cambridge O/L Accounting Past Paper – Part 1 is not just a test of memory — it’s a test of concept clarity, speed, and precision. By analyzing each question and its reasoning with the support of EDUS Wiki, you equip yourself with the knowledge and confidence needed to tackle your real exam paper successfully.
Whether you’re aiming for an A* or simply trying to pass with confidence, consistent practice with past papers is key. Make the most of your time by reviewing high-quality, explained answers — and stay one step ahead.
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