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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which one of the following would be included in a statement of financial position?

A) retained earnings
B) finance costs
C) cost of sales
D) proceeds from long term borrowings

2. The Framework for the Preparation and Presentation of Financial Statements which assists the development of the International Financial Reporting Standards (IFRS) was originally approved by the

A) International Federation of Accountants (IFAC).
B) International Accounting Standards Board (IASB).
C) IFRS Interpretations Committee (IFRIC).
D) International Accounting Standards Committee (IASC).

3. Financial managers will benefit in a strongly efficient market by

A) being able to decide what information needs to be made available to shareholders.
B) having their shareholders invest more money into expanding the company's operations.
C) being able to take more risks without shareholders' consent.
D) having their shareholders be tolerant of low profits if higher profits are expected in the future.

4. Venturer Ltd has received fees from venture capital activities and has engaged you as the accountant to prepare the financial report for 31 December 20X0. Unable to find a specific reference to venture capital fees in either the conceptual framework or the accounting standards, you establish the appropriate accounting treatment by

A) consulting with the International Accounting Standards Board.
B) referring to the fundamental accounting assumptions and conventions.
C) using your professional judgment and referring to generally accepted accounting principles and practice.
D) using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.

5. Which of the following statements are correct in the context of accounting concepts and principles?
I)The going concern assumption requires that assets be carried at their cost values.
II)Prudence allows the creation of contingency reserves and more generous provisions.
III)Financial information is considered complete even if it excludes non-material information.
IV)Understandability does not require complex information to be excluded from financial reports.

A) I and III only
B) II and IV only
C) II and III only
D) III and IV only

Solutions: