Cambridge IAL · Analysis & Prediction

2024 Cambridge IAL Accounting (9706) Past Paper Analysis

The Cambridge International AS & A Level Accounting (9706) October/November 2024 examination series across Papers 13, 23, 33, and 43 tested core topics with an emphasis on detailed adjustments to draft financial statements, ledger account setups, cash flows under IAS 7, and advanced costing models including Activity Based Costing (ABC) and marginal budgeting.

Updated: 12 Jun 2026

Analysis Sample paper

Difficulty 3.8/5

Total marks

245

Duration

315 mins

Most tested

Adjustments to Draft Financial Statements and Statement of Cash Flows

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 · 60 mins

Top chapters

Traditional costing methods - Marginal costing · 32 marksPreparation of financial statements - Adjustments to draft financial statements · 31 marksActivity based costing (ABC) · 25 marks

Difficulty Verdict: A Challenging but Fair Assessment

The October/November 2024 series presented a balanced yet technically rigorous challenge for candidates. While Paper 13 (Multiple Choice) maintained expected standard conceptual thresholds, Papers 23, 33, and 43 pushed the envelope on accuracy and step-by-step precision. The overall difficulty is graded at a 4-star level due to complex multi-step adjustments in J plc’s draft statements (Paper 23) and the granular treatment of cash flows with impairment adjustments in CD plc (Paper 33).

Where the Marks Were Won and Lost

High-scoring students secured easy marks on standard accounting setups, such as N plc’s share capital and premium accounts, and Alex’s sales ledger control accounts. However, significant marks were dropped in the transition to evaluative written parts. For example, in Paper 23, Question 1(f) (bank loan vs. lease) and Paper 43, Question 1(d) (master budget preparation), many candidates provided brief answers lacking financial or non-financial depth. Crucially, own figure (OF) marks saved many candidates who made early calculation errors but followed through with consistent ledger work.

Key Examiner Pitfalls

Neglecting Non-Cash Items in Cash Budgets: In Paper 43 (Mo's business), candidates frequently forgot to deduct depreciation from operating expenses before calculating cash outflows.
Misunderstanding Realisation Mechanics: In Paper 33, Question 1, calculating the profit on realisation required careful adjustment of bank balances and legal fees, which many candidates either omitted or double-counted.
Purchases Ledger Adjustments: In Paper 23, correcting the purchases ledger control account balance against individual ledger balances tripped up candidates regarding the direction of adjustments (e.g., adding vs. subtracting supplier refunds).

Exam Strategy & Prediction

When approaching future papers, a solid command of International Accounting Standards (IAS), particularly IAS 7 (Statement of Cash Flows), IAS 10 (Events After the Reporting Period), and IAS 36 (Impairment of Assets), is essential. For cost accounting, expect the continuation of parallel testing between traditional absorption costing and Activity Based Costing (ABC). Mastery of cost driver rate calculations is non-negotiable for securing full marks.

Charts

Marks by chapter

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Question type mix

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

Multiple Choice Questions30 marks · 30 questions
Structured Numerical Exercises145 marks · 16 questions
Evaluative Essay / Advice Tasks55 marks · 6 questions
Theoretical Short Explanations15 marks · 8 questions

Mark accessibility

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78%within easy or medium reach

118

easy: 72 marksmedium: 118 markshard: 55 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.

Marginal Costing & CVP Analysis

39 marks · Difficulty 2.5 · recurrence 5%

Adjustments to Draft Statements

31 marks · Difficulty 3.2 · recurrence 5%

Activity Based Costing

25 marks · Difficulty 3 · recurrence 4%

Reconciliation & Control Accounts

20 marks · Difficulty 2.2 · recurrence 5%

Time vs marks

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marksmins

Next-year prediction

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

Standard Costing (Variance Analysis)90%

Highly tested at A-Level but absent from Paper 43 in this series; standard variance calculations and material/labour reconciliations are highly likely to feature strongly in the next series.

Preparation of Manufacturing Financial Statements85%

Manufacturing accounts with factory profit adjustments are highly cyclical and were not featured significantly in this series' structured questions.

Cumulative marks ladder

The line is your running mark total question by question; dashed lines are the estimated grade cut-offs. See which question the line crosses your target grade at, so you know how far you must answer cleanly and which questions decide a band.

Topic-year heatmap

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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)

Nov 2024 (V1)

Nov 2024 (V2)

Nov 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

Forgetting to strip out non-cash items (such as depreciation) from general operating expenses before translating them into monthly cash budget outflows.
Miscalculating the discount threshold for cash budgets where sales are split (e.g., 20% cash, 80% credit, with only 30% of credit customers taking a 2% settlement discount in month 1).
Omitting proper journal narratives when recording company acquisitions from partnerships.
Reversing signs during reconciliation of individual purchases ledger balances to the control account.

Misconceptions

Assuming that a revalued non-current asset's depreciation should continue under the reducing balance method when the policy has changed to straight-line, or vice versa, without correcting draft reserves.
Believing that deferred income (e.g., grants/donations for societies) is fully credited to the current year's income statement rather than matched systemically over the asset's economic life.

Where marks are lost

Failing to write detailed, balanced responses for 'Advise' or 'Discuss' questions. Many candidates merely listed one-sided points rather than evaluating both financial and non-financial perspectives.
Losing simple presentation marks by not aligning balances correctly inside ledger accounts (e.g., failing to bring down the 'Balance b/d' on the correct side in share premium/capital ledgers).
Inaccuracies in computing cost driver rates for ABC, leading to incorrect unit overhead allocations.

Estimated grade cut-off

Updated: 12 Jun 2026

Source: Cambridge International grade thresholds (official)

Level	Mark	Percentage
A*	182/250	73%
A	158/250	63%
B	134/250	54%
C	111/250	44%
D	88/250	35%
E	66/250	26%

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

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