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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Topic 2: Business Combinations and Group Accounting | 20% | - Non-controlling interests - Consolidation principles and procedures - Business combinations and goodwill |
| Topic 3: Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of financial position - Statement of cash flows and notes |
| Topic 4: Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Topic 5: Impairment of Assets | 6% | - Impairment indicators and recoverable amount - Impairment testing and recognition |
| Topic 6: Role and Regulatory Framework of Financial Reporting | 15% | - Conceptual framework and qualitative characteristics - Business entities and reporting obligations - Regulatory environment and standards setting |
| Topic 7: Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Which one of the following includes social reporting guidelines?
- A. International Financial Reporting Standards (IFRS)
- B. Global Reporting Initiative (GRI)
- C. International Accounting Standards (IAS)
- D. Generally Accepted Accounting Principles (GAAP)
Correct Answer: B 🗳️
Which one of the following is not an advantage of accounting regulation?
- A. It provides quality of information in and across financial statements.
- B. It provides the required accounting information to all necessary shareholders.
- C. It instils public confidence in the accounting system employed in commerce and industry.
- D. It provides flexibility in the way accounting information is presented to users.
Correct Answer: D 🗳️
A company purchased a machine 10 years ago for $143 890. It is expected that the machine will generate future revenues of $108 495. The machine could be scrapped for $81 232. An equivalent machine in the same condition would cost $94 950 to buy now. What is the deprival value of the asset?
- A. $81 232
- B. $94 950
- C. $108 495
- D. $35 395
Correct Answer: B 🗳️
Which one of the following best describes the objective of the International Financial Reporting Standards (IFRS) Foundation?
- A. to guide investors who compare the financial statements of one entity in one country with those of another entity located elsewhere
- B. to develop an International regulatory framework in the national jurisdictions of countries that produce accountants
- C. to promote the application, convergence and use of International Financial Reporting Standards (IFRS) as a high quality reporting solution
- D. to co-ordinate the accounting profession on a global scale by issuing and establishing international standards
Correct Answer: C 🗳️
Which one of the following is not a principal motivation for creative accounting?
- A. personal incentives
- B. bonus-related pay
- C. benefits from shares and share options
- D. public good
Correct Answer: D 🗳️
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