For many Sri Lankan students preparing for the Cambridge O Level examinations, Paper 1 of the 2023 Cambridge O/L Accounting Past Paper is a crucial step in assessing their fundamental understanding of accounting principles. As the first hurdle in the O/L exam, Paper 1 consists of 30 multiple choice questions (MCQs) covering a wide range of topics — from basic accounting concepts and ledger entries to final accounts and errors in trial balances.
Practicing past papers not only familiarizes students with question formats but also enhances speed and accuracy — essential skills when working under time constraints. That’s why EDUS Wiki has created a complete walkthrough of the 2023 Paper 1, helping Sri Lankan students understand question logic, eliminate incorrect options, and select the best answers with confidence.
By working through this 2023 Cambridge O/L Accounting Past Paper Part 1, students can test their readiness and gain exposure to real exam-style MCQs. This article presents an analysis of the questions, explanations for key topics, and practical tips tailored to students in Sri Lanka who follow the Cambridge syllabus.
Whether you’re aiming for an A* or just trying to pass, this resource from EDUS Wiki will help you refine your exam strategy and improve your performance. Our team ensures you don’t just memorize answers—you understand them.
Let’s dive into the question types, examine how to solve them, and identify what you can learn from the 2023 exam to maximize your results.
Body
Detailed Examination of 2023 Cambridge O/L Accounting Past Paper – Part 1
The 2023 Paper 1 consisted of 30 MCQs, each carrying one mark. Here’s a breakdown of the key sections and what students should focus on:
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Basic Accounting Concepts and Definitions
Several questions tested understanding of principles such as:
- The business entity concept
- Matching principle
- Revenue vs. capital expenditure
Tip: Use flashcards to memorize core definitions.
Ledger Entries and Journal Knowledge
These questions required identifying correct debit/credit entries and the effects of transactions on accounts.
Common errors include:
- Reversing entries
- Confusing asset and expense accounts
Focus keyphrase used: Cambridge Accounting MCQ 2023, O/L Accounting 2023 Paper 1
Trial Balance and Error Detection
Students had to spot whether an error affects the trial balance or not. Common types included:
- Reversal of entries
- Error of omission
- Compensating errors
Secondary keyphrase: Accounting 2023 multiple choice
Inventory Valuation and Final Accounts
Several MCQs focused on:
- FIFO and AVCO methods
- Profit calculation from given sales and costs
- Effect of adjustments on income statement
Tertiary keyphrase: Sri Lankan O/L students accounting
Bank Reconciliation and Control Accounts
Students had to interpret items such as:
- Unpresented cheques
- Errors in bank statement
- Credit balances in control accounts
Throughout this breakdown, EDUS Wiki provides clear answer justifications, practice questions, and links to related topics — enhancing both user retention and search visibility.
Conclusion
The 2023 Cambridge O/L Accounting Past Paper – Part 1 is an invaluable tool for students who want to assess their readiness for the multiple choice segment of the O/L exam. With the right guidance and focused revision, these MCQs become less about guesswork and more about smart application.
EDUS Wiki is dedicated to providing structured, student-friendly resources to support Sri Lankan learners on their exam journey. Our breakdown of the 2023 MCQ paper is just one of many tools available to help you succeed.
Make use of our past paper analysis, take advantage of our free revision materials, and don’t forget to check out our Part 2 coverage for structured questions.
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