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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Financial Statements | - Preparation and presentation
|
| Financial Reporting Framework | - Conceptual framework for financial reporting
|
| Revenue Recognition | - Revenue from contracts with customers
|
| Consolidated Financial Statements | - Group accounting
|
| Liabilities and Equity | - Financial instruments and obligations
|
| Assets | - Asset recognition and measurement
|
| Financial Statement Analysis and Interpretation | - Analysis techniques
|
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following statements is correct?
A) Accounting standards are developed and maintained using a consultative process with the OECD.
B) Accounting standards prescribe the possible accounting treatments.
C) Australian accounting standards are based on the US GAAP.
D) Accounting standards provide the basic knowledge upon which the conceptual framework is developed.
2. Which one of the following is an accurate definition of fair value of an asset?
A) The price for which an asset could be sold net of disposal costs.
B) The amount yet to be written off over the remainder of the asset's useful life.
C) The cost of replacing an asset with an identical item.
D) The price for which an asset could be sold in an orderly transaction between market participants at the measurement date.
3. The International Federation of Accountants (IFAC) was established by
A) various professional accounting bodies.
B) the Organization for Economic Co-operation & Development.
C) the United Nations.
D) the International Accounting Standards Board.
4. To be relevant, financial information has to
I)be provided in a timely manner.
II)comply with the going concern assumption.
III)have predictive and/or confirmatory value.
IV)exclude computations that are difficult to understand.
A) II and III only
B) I and II only
C) I and III only
D) III and IV only
5. Which one of the following would be included in the statement of financial position?
A) gains on property valuations
B) distribution costs
C) depreciation
D) deferred tax
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: D |







