Cambridge IAL · Analysis & Prediction

2024 Cambridge IAL Accounting (9706) Past Paper Analysis

An extensive and highly balanced examination series across AS & A-Level papers, testing fundamental bookkeeping accuracy, precise adjustments to draft financial statements, standard costing variances, and contemporary management frameworks like ABC and JIT.

Updated: 12 Jun 2026

Analysis Sample paper

Difficulty 3.5/5

Total marks

245

Duration

325 mins

Most tested

Limited Company Financial Statements and Adjustments

Paper breakdown

Paper 13 (Multiple Choice): 30 marks · 60 minsPaper 23 (Fundamentals of Accounting): 90 marks · 105 minsPaper 33 (Financial Accounting): 75 marks · 90 minsPaper 43 (Cost and Management Accounting): 50 marks · 70 mins

Top chapters

Preparation of financial statements - Limited companies (AS) · 30 marksAccounting for non-current assets · 29 marksTraditional costing methods - Absorption costing · 26 marks

Examiner Verdict & Overall Difficulty

The May/June 2024 Accounting (9706) series represents a comprehensive assessment of both foundational accounting practices and strategic cost management. With an overall difficulty index of 3.5 out of 5, the papers combined standard structured formats with high-discrimination calculation tasks. While the multiple-choice paper maintained a familiar layout, the structured papers (especially Paper 23 and 33) featured complex multi-step adjustments that demanded strict attention to detail.

Where the Marks Were Won & Lost

A significant portion of marks resided in high-value preparation schedules. In Paper 23, Question 1, the preparation of the statement of profit or loss and the equity extract accounted for 16 marks, where candidates earned high marks if they correctly handled the rights issue premium calculations $ (\text{issued at } \$0.50 + \$0.20) $. Conversely, many candidates struggled with Paper 33, Question 3, where the non-current asset schedule demanded complex adjustments for revaluations, impairment losses, and part-exchanges. In cost accounting, standard costing variances in Paper 43 were a major differentiator, with weaker candidates failing to work backward from adverse variances to identify actual quantities used.

Examiner Pitfalls & Misconceptions

Damaged Inventory Valuation: Many students failed to clearly articulate the application of the Prudence concept (valuing at the lower of cost and net realisable value) and erroneously calculated the net realisable value without subtracting estimated repair costs.
Step-down Overheads: When reapportioning service departments, students frequently forgot to recalculate the base for the second department (e.g., Canteen to Stores) after the first reallocation occurred.
Research vs. Development (IAS 38): A recurring misconception was that research costs can be capitalised under certain criteria; examiners highlighted that all research expenditure must be written off immediately.

Preparation and Exam Strategy

To secure top grades in future series, candidates must master the 'own figure' (OF) rule pathway. When faced with an early error in a multi-part question, complete the remaining sections using your calculated figure—examiners award full methodological credit. Additionally, practice mock schedules under strict time limits, focusing on the speed of calculation in non-current asset tables and bank reconciliations to leave sufficient time for the 7-mark written evaluation and advisory questions.

Charts

Marks by chapter

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Question type mix

Compare the mark share of each paper section and question type.

Multiple Choice30 marks · 30 questions
Structured Calculations151 marks · 22 questions
Written Evaluative/Explanatory64 marks · 12 questions

Mark accessibility

Estimate which marks were basic, mid-level, or high-difficulty.

79%within easy or medium reach

115

easy: 78 marksmedium: 115 markshard: 52 marks

Difficulty trend

Compare difficulty across recent years.

Command word frequency

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Skill weighting

Shows the skill mix this paper tested most heavily.

Study ROI

Bigger bubbles recur more often; higher bubbles carry more marks, helping you rank revision priorities.

Limited Company AS Financial Statements

30 marks · Difficulty 2.5 · recurrence 95%

Overhead Absorption Costing and Apportionment

26 marks · Difficulty 2.8 · recurrence 90%

Control Accounts and Reconciliation

19 marks · Difficulty 2.2 · recurrence 85%

Activity Based Costing (ABC) Calculations

25 marks · Difficulty 3 · recurrence 80%

Time vs marks

Compare marks with suggested time allocation to plan exam pacing.

marksmins

Next-year prediction

Topics worth watching next year, with the reason shown directly below each bar.

Partnership Dissolution and Realisation Accounts88%

Partnerships only appeared minimally as 2 marks in Paper 13. Full financial statement preparations or dissolution accounts are overdue for a major structured appearance in the next series.

Investment Appraisal (NPV, ARR, Payback)85%

No significant capital investment evaluation calculations were present in this series, leaving NPV and IRR highly critical for the upcoming A-Level papers.

Topic-year heatmap

Compare topic weight by year to spot recurring and returning areas.

Jun 2023 (V1)

Jun 2023 (V2)

Jun 2023 (V3)

Nov 2023 (V1)

Nov 2023 (V2)

Nov 2023 (V3)

Jun 2024 (V1)

Jun 2024 (V2)

Jun 2024 (V3)

Investment appraisal

Budgeting and budgetary control

Preparation of financial statements - Manufacturing businesses

Preparation of financial statements - Partnerships (A Level)

Analysis and communication of accounting information (A Level)

Preparation of financial statements - Sole traders (AS)

Accounting for non-current assets

Reconciliation and verification

Preparation of financial statements - Limited companies (AS)

Traditional costing methods - Absorption costing

Examiner insights

Official report

Common pitfalls

Mistaking sales returns deducted from purchases as a simple single deduction, rather than correctly adjusting both total revenue downward and restoring purchases.
Omitting the calculation of the share premium portion when processing rights issues, leading to incorrect capital structure balances.
Incorrect calculation of reducing balance depreciation immediately following a mid-year machine revaluation or impairment adjustment.

Misconceptions

Assuming JIT inventory systems have no associated costs, overlooking the risks of transport price increases, more frequent delivery checks, and potential production downtime.
Believing that research expenses under IAS 38 are deferred assets if the business expects future sales to arise from the materials.

Where marks are lost

Failing to step-down reallocated overheads to service departments before completing the final allocation to production departments.
Neglecting to eliminate unrealised profit from the manufacturing department's closing work-in-progress inventory valuation.
Confusing debit and credit directions in control accounts when processing entries for overlooked credit notes.

Estimated grade cut-off

Updated: 12 Jun 2026

Source: Cambridge International grade thresholds (official)

Level	Mark	Percentage
A*	188/250	75%
A	160/250	64%
B	132/250	53%
C	110/250	44%
D	88/250	35%
E	67/250	27%

Official grade boundaries published by Cambridge International grade thresholds (official).

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