ACCOUNTING · Pearson Edexcel IGCSE
ACCOUNTING/21
Financial Statements (4AC1/02)
Accounting · 2023 · Variant 1
Relative difficulty
Analysis source: Pearson Edexcel
Analysis aligned to the official syllabus and assessment design.
3.5 / 5
150
195 min
Preparation and adjustment of final financial statements for manufacturing enterprises and partnerships
Cohort performance
Session statistics from official examination reports
Total marks
150
Duration
195 min
Session difficulty
3.5 / 5
Key examiner messages
Top priorities from the principal examiner before you revise
For most students, the largest mark reserves were found in Paper 2’s structured financial statements, which carried a combined 50 marks.
Well-prepared students secured high marks by correctly executing the Manufacturing Account and Partnership Appropriation formats.
However, the examiner's report reveals massive mark leakages in ledger account preparation.
In the Three-Column Cash Book and nominal ledgers (Stationery and Insurance), students frequently dropped marks by using incorrect dates or generic narratives (for example, writing "Standing order" instead of the ledger-bound name "SW Electric").
Question difficulty map
How candidates performed on each question in this series
No data available in official reports
Assessment objectives
Skill and AO weighting from official examiner commentary
Skill weighting
Shows the skill mix this paper tested most heavily.
Bookkeeping Accuracy
Weight: 7100%Financial Statements
Weight: 571%Mathematical
Weight: 343%Conceptual Explanation
Weight: 229%
Method marks watchlist
Where working, steps, or method marks were commonly lost
No data available in official reports
Recurring mistakes across years
Themes examiners flag in multiple recent sessions for this subject
No data available in official reports
Question choice intelligence
Mean scores and popularity for optional questions (HKDSE electives)
No data available in official reports
Level exemplars
What candidate scripts at each grade level looked like
No data available in official reports
Grade & admission context
How marks relate to grade thresholds and entry standards
Report type
Examiner report — national grade boundaries and question-level commentary
Level 9
Approx. 87% of maximum mark
Level 8
Approx. 79% of maximum mark
Level 7
Approx. 72% of maximum mark
Level 6
Approx. 64% of maximum mark
Level 5
Approx. 56% of maximum mark
Level 4
Approx. 48% of maximum mark
Level 3
Approx. 36% of maximum mark
Level 2
Approx. 25% of maximum mark
Deep insights
What top candidates did
Techniques and approaches examiners rewarded in this series
No data available in official reports
Command word playbook
How to match each command word to the expected response style
Match the expected response style for “State” questions.
Name or point to the specific feature asked for — avoid extra explanation.
Show formula, substitution, and unit; method marks need visible working.
Give reasons and link mechanism to outcome; each point needs a because/so chain.
Match the expected response style for “Prepare” questions.
Time traps
Sections where candidates spent disproportionate time relative to marks
Min per mark: 1.5
Min per mark: 1.5
Min per mark: 1.2
Syllabus traceability
Topics linked to questions and mark weighting in this session
Financial statements of a partnership
25 marks this session
Financial statements of a manufacturer
25 marks this session
Books of original entry
20 marks this session
MCQ trap analytics
Commonly chosen wrong options from examiner commentary
No data available in official reports
Topic heatmap across years
Mark concentration by topic and exam year for this subject
Mark intensity
Financial statements of a partnership
Books of original entry
Correction of errors
Financial statements of a manufacturer
Incomplete records
Financial statements of a sole trader
Trial balance
Bank reconciliation statements
Difficulty trend
How session difficulty has shifted across recent years
Paper comparison
Marks and duration breakdown across papers in this session
Paper 1: Introduction to Bookkeeping and Accounting:
Paper 2: Financial Statements:
Marks you can still earn
Where valid approaches outside the mark scheme may still gain credit
No data available in official reports
Practise what examiners flagged
Target weak topics from this report inside the Revui app
Financial statements of a partnership
25 marks this session
Practise in RevuiFinancial statements of a manufacturer
25 marks this session
Practise in RevuiBooks of original entry
20 marks this session
Practise in RevuiSelf-diagnostic checklist
Key actions before you sit this paper — copy and tick off as you revise
- 1Message
For most students, the largest mark reserves were found in Paper 2’s structured financial statements, which carried a combined 50 marks.
- 2Message
Well-prepared students secured high marks by correctly executing the Manufacturing Account and Partnership Appropriation formats.
- 3Message
However, the examiner's report reveals massive mark leakages in ledger account preparation.
- 4Message
In the Three-Column Cash Book and nominal ledgers (Stationery and Insurance), students frequently dropped marks by using incorrect dates or generic narratives (for example, writing "Standing order" instead of the ledger-bound name "SW Electric").
Teacher briefing pack
One-page session summary for tutors and classroom review
2023 2023
Accounting
For most students, the largest mark reserves were found in Paper 2’s structured financial statements, which carried a combined 50 marks. Well-prepared students secured high marks by correctly executing the Manufacturing Account and Partnership Appropriation formats. However, the
For most students, the largest mark reserves were found in Paper 2’s structured financial statements, which carried a combined 50 marks.
Well-prepared students secured high marks by correctly executing the Manufacturing Account and Partnership Appropriation formats.
However, the examiner's report reveals massive mark leakages in ledger account preparation.
- Total marks
- 150
- Duration
- 195 min
- Session difficulty
- 3.5 / 5
Session analysis
For most students, the largest mark reserves were found in Paper 2’s structured financial statements, which carried a combined 50 marks. Well-prepared students secured high marks by correctly executing the Manufacturing Account and Partnership Appropriation formats. However, the examiner's report reveals massive mark leakages in ledger account preparation. In the Three-Column Cash Book and nominal ledgers (Stationery and Insurance), students frequently dropped marks by using incorrect dates or generic narratives (for example, writing "Standing order" instead of the ledger-bound name "SW Electric"). Additionally, the requirement to explain the effect of errors on owner's equity proved highly challenging, with up to 60% of candidates failing to secure marks due to vague prose.
Updated Jun 13, 2026
Paper breakdown
Paper 1: Introduction to Bookkeeping and Accounting:
Paper 2: Financial Statements:
Top chapters
Exam structure insights
Marks by chapter
See where the marks were concentrated so revision time goes to the highest-value topics.
Mark accessibility
Estimate which marks were basic, mid-level, or high-difficulty.
80% within easy or medium reach
Command word frequency
Spot common command words so answers match the expected response style.
Question type mix
Compare the mark share of each paper section and question type.
Financial Statement & Ledger Preparation
93·6·62%
Discursive / Short Answer
29·16·19%
Calculations
18·12·12%
Multiple Choice
10·10·7%
Study ROI
Bigger bubbles recur more often; higher bubbles carry more marks, helping you rank revision priorities.
Time vs marks
Compare marks with suggested time allocation to plan exam pacing.
Paper 1 Section A (
0.83 m/minPaper 2 Question 1
0.66 m/minPaper 2 Question 2
0.68 m/minTotal marks
75
Total time
105 min
Avg pace
0.71
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.
Next-year prediction
Topics worth watching next year, with the reason shown directly below each bar.
Incomplete records (Preparation of financial statements)
90%90%
The calculation and interpretation of accounting ratios
85%85%
Examiner notes & key calculations
- Vague Ledger Narratives: Using names of source documents or methods of payment instead of the actual ledger account name where the double entry is completed.
- Apportionment Errors: Misallocating overheads in manufacturing calculations. For instance, depreciation on factory machinery is a direct factory overhead, whereas depreciation on office equipment belong in the administrative expenses section of the Income Statement.
- Underdeveloped Discursive Answers: Failing to offer a developed second link in 'Explain' questions, such as stating the *business entity* concept but failing to link the personal use of drawings directly to the reduction of owner's equity.
Exam tips
Paper format
- Duration
- 1h 15min
- Total marks
- 50
- Weighting
- 33.3%
- Question types
- Manufacturing Accounts, Financial Statements of Sole Traders or Partnerships, Ratios, Evaluation Essays
Analysis is paraphrased for study purposes. Always verify against the official examiner report and mark scheme.