Facing the 2023 Cambridge O/L Accounting Past Paper – Part 2 may seem challenging, especially for students preparing for the O Levels in Sri Lanka. This section of the exam is structured to test your analytical skills, formatting accuracy, and ability to interpret real-world business data through accounting principles.
Unlike Paper 1, which focuses more on short answers and theoretical MCQs, Paper 2 demands deeper problem-solving. This includes crafting complete income statements, adjusting balance sheets, interpreting control accounts, correcting journal entries, and more.
At EDUS Wiki, we understand the unique challenges Sri Lankan students face. That’s why we’ve developed this detailed breakdown of the 2023 O/L Accounting Paper 2. Our aim is to help you grasp every question’s intent, identify examiner expectations, and practice with confidence.
In this article, you will find a question-by-question breakdown, fully worked solutions, tips on how to avoid common mistakes, and insights into how marks are awarded. Whether you’re self-studying or working with a tutor, EDUS Wiki’s content will guide your preparation journey and improve your performance.
Using our resources, you’ll not only learn how to solve questions—but also why each step matters. With the main focus keyphrase “2023 Cambridge O/L Accounting Past Paper Part 2” and related SEO terms integrated throughout, this page is also built to help you find exactly what you need through search.
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Detailed Examination of Topic
Inside the 2023 O/L Accounting Paper 2: Key Concepts and Solutions
The 2023 Part 2 Accounting paper included several core topics that align with Cambridge’s learning outcomes. Here’s a deep dive into each question type, designed for Sri Lankan O/L students:
1. Income Statement & Statement of Financial Position
- Required students to adjust figures for bad debts, depreciation, accrued expenses, and prepayments.
- Key mistake: Students often skipped adjustment columns or made calculation errors in final totals.
- EDUS Wiki Tip: Double-check column headings and closing balance formatting. Use the exact layout specified in the syllabus.
2. Control Accounts & Reconciliations
- Included questions on trade receivables and payables with given ledgers.
- Marks were often lost due to incorrect debits/credits or missing references.
- EDUS Wiki Tip: Practice the format. Remember, neatness and proper narration can earn easy marks.
3. Corrections of Errors Using Journal Entries
- Asked to identify and rectify errors without using a suspense account.
- Many students confused types of errors (e.g., omission vs. commission).
- EDUS Wiki Tip: Understand the effect of the error before correcting it.
4. Incomplete Records
- Common in recent Cambridge papers, this question asked students to deduce capital or profit.
- Sri Lankan students found it tricky due to the unfamiliar business scenario.
- EDUS Wiki Tip: Write assumptions if needed, and clearly label your workings.
2023 Cambridge O/L Accounting Past Paper – Part 2
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Performance Enhancer Tools on EDUS Wiki
- Downloadable marking schemes
- Expert commentary on examiner reports
- Linked past papers (2022 & 2021 Part 2)
- Mobile-ready layout for revision on-the-go
Conclusion
The 2023 Cambridge O/L Accounting Past Paper – Part 2 tested a variety of real-world accounting applications. Mastering this paper can give you a strong advantage in your exams—especially if you approach each section with proper guidance and repeated practice.
At EDUS Wiki, we’re committed to helping Sri Lankan students not just pass—but excel in Cambridge exams. Our detailed breakdown of Part 2 ensures that you understand the examiner’s mindset, improve your accuracy, and build confidence.
So whether you’re revising solo or seeking extra support, use this article as your trusted guide for O Level Accounting Paper 2.
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