Are you a student in Sri Lanka preparing for your upcoming Cambridge O/L Accounting exam? If so, reviewing the 2022 Cambridge O/L Accounting Past Paper – Part 1 is one of the smartest strategies to boost your confidence and performance. This paper consists of 30 multiple-choice questions (MCQs), which test your theoretical understanding and quick application of accounting principles.
At EDUS Wiki, we provide full analysis and answers for each question to help you revise effectively. This article is designed to guide you through the key areas assessed in Paper 1, such as double-entry bookkeeping, accounting equations, ledgers, control accounts, and more. All explanations are presented in a simple, student-friendly manner to ensure every concept is clear—even if you’re just beginning your revision.
We know how competitive and challenging Cambridge O Level exams can be. That’s why EDUS Wiki exists—to offer support through past paper solutions, exam tips, and revision techniques tailored to Sri Lankan students. In this article, we’ll also highlight common errors, exam tricks, and how to eliminate wrong options in MCQs.
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Detailed Examination of Topic
Section: Understanding the Paper 1 Structure
The 2022 Paper 1 featured 30 MCQs, each carrying one mark. These questions covered the following topics:
- Fundamentals of Double-Entry Bookkeeping
- Sources of Documents (Invoices, Credit Notes, Receipts)
- Trial Balance and Error Detection
- Cash Book & Bank Reconciliation
- Capital vs. Revenue Expenditure
- Depreciation Methods (Straight-line & reducing balance)
- Financial Statements Interpretation
Example Question from 2022:
What is the effect on the accounting equation if a business pays a creditor?
Correct Answer: Decrease in liabilities and decrease in assets.
EDUS Wiki Tip: Don’t just memorize answers. Understand why it’s right. We provide simple breakdowns and illustrations for each answer on our platform.
2022 Cambridge O/L Accounting Past Paper – Part 1
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Exam Strategies for Paper 1
- Practice Elimination: Most MCQs have two obviously wrong answers. Learn to eliminate quickly to improve accuracy.
- Time Management: Allocate around 1 minute per question. Skip and return if unsure.
- Common Mistakes:
- Confusing assets with expenses
- Forgetting the golden rules of double entry
- Misreading financial terms (e.g., accruals vs. prepayments)
Secondary keyphrases included: Cambridge O/L Paper 1 analysis, O/L Accounting past paper 2022, Accounting multiple choice questions
How EDUS Wiki Supports You
- Fully Solved Paper 1 PDF Download
- Video Explanation for Difficult Questions
- Short Quizzes After Each Topic
- Related Past Papers: [2021 Part 1], [2022 Part 2], [2023 Part 1]
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Conclusion
The 2022 Cambridge O/L Accounting Past Paper – Part 1 is a great revision resource for every student aiming for A or A*. From MCQs that test your fundamentals to tricky conceptual questions, this paper offers insight into the examiner’s mindset.
By studying with EDUS Wiki, you gain not just access to past papers—but expert-level strategies, answer guides, and revision packs specifically tailored for Sri Lankan students sitting for Cambridge exams.
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