The 2023 Cambridge O/L Accounting Past Paper – Part 1 is the first step in assessing your understanding of key accounting concepts. For many Sri Lankan students, this multiple-choice section often feels deceptively easy—but without proper preparation and a strong grasp of the subject, it’s easy to make costly mistakes. This part of the paper contributes significantly to your final grade and requires a clear revision strategy.
In Paper 1, students face 30 structured multiple-choice questions covering topics like double-entry bookkeeping, financial statements, control accounts, accounting principles, and source documents. These questions not only test your memory but also your ability to apply logic and choose the most accurate answer in a limited timeframe.
At EDUS Wiki, we understand the exam pressure faced by Sri Lankan O/L students. That’s why we’ve created this article specifically to help you revise more effectively for Cambridge O/L Accounting Paper 1 – 2023 edition. You’ll find carefully explained answers to each question, a breakdown of common student mistakes, and helpful tips to sharpen your accuracy and speed during the exam.
We don’t just provide answers—we teach you how to think like a top scorer. With clickable links to detailed concepts, visual aids, and direct connections to the Cambridge syllabus, this article ensures your preparation is smarter, not harder.
Get ready to boost your performance and confidently tackle your 2023 O/L exam with EDUS Wiki’s expert guidance.
Detailed Examination of Topic
A Closer Look at the 2023 Cambridge O/L Accounting Paper 1
The 2023 Paper 1 comprised 30 multiple-choice questions, each with four answer options. Students were tested across a balanced mix of theory and application-based questions. Below is an analysis of major question areas and performance strategies:
Core Topic Areas Covered
- Double Entry Bookkeeping
- Identify correct debit and credit entries in transactions.
- Key Focus: Understand which accounts increase/decrease and why.
- Source Documents and Books of Original Entry
- Tested students’ ability to identify invoices, credit notes, receipts, and related ledgers.
- Common Mistake: Confusing sales invoice with credit note.
- Final Accounts & Financial Statements
- Interpretation of profit/loss statements and balance sheets.
- Questions focused on revenue recognition and expense matching.
- Control Accounts & Reconciliation
- Identify missing figures or locate errors in control accounts.
- Strategy Tip: Learn to eliminate obviously wrong answers quickly.
- Accounting Concepts & Principles
- Questions about matching principle, prudence, going concern, etc.
- Often neglected in revision but easy scoring area if understood.
Effective Strategy for Paper 1
- Read the question twice: Misreading is a common cause of wrong answers.
- Eliminate options: Narrow down to 2 likely choices before choosing.
- Practice with past papers: Familiarize yourself with wording and logic.
- Use timing wisely: Aim to spend no more than 1 minute per question.
2023 Cambridge O/L Accounting Past Paper – Part 1
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EDUS Wiki’s Value-Added Resources
- Fully worked-out answer key with explanations for all 30 questions.
- Printable revision flashcards for accounting terms.
- Links to:
- [2022 Paper 1 Solutions]
- [Common Mistakes in O/L Accounting MCQs]
- [Revision Notes for Key Topics]
Conclusion
The 2023 Cambridge O/L Accounting Past Paper – Part 1 is not just about ticking boxes—it’s a vital checkpoint to ensure you’ve built a strong foundation in accounting before moving to Paper 2. For Sri Lankan students, getting this part right can significantly boost overall performance.
EDUS Wiki is committed to helping you master every question. With clear explanations, topic-focused revision support, and expertly guided learning strategies, we ensure you not only memorize answers but truly understand accounting concepts.
Don’t let multiple-choice questions catch you off guard. Equip yourself with the tools, techniques, and tips offered right here on EDUS Wiki—and step into your exam room with confidence.
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