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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
|
| Assets | - Asset recognition and measurement
|
| Liabilities and Equity | - Financial instruments and obligations
|
| Financial Statement Analysis and Interpretation | - Analysis techniques
|
| Consolidated Financial Statements | - Group accounting
|
| Revenue Recognition | - Revenue from contracts with customers
|
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
LMN Ltd recently changed the measurement base for their assets. They should I)treat this like a change in an estimate.
II)treat this like a change in the accounting policy.
III)disclose this in the notes to financial statements.
- A. I only
- B. II and III only
- C. I and III only
- D. III only
Correct Answer: B 🗳️
Which one of the following statements is correct about using judgement in the financial reporting process?
- A. A true and fair view cannot be assured if individual judgement is allowed.
- B. Use of individual judgement is required to choose between alternative methods available within accounting standards.
- C. Judgement can be allowed in the statement of comprehensive income but not in the statement of financial position.
- D. Accountants should not be allowed to use their own judgement.
Correct Answer: B 🗳️
Which one of the following is an accurate definition of fair value of an asset?
- A. The amount yet to be written off over the remainder of the asset's useful life.
- B. The price for which an asset could be sold in an orderly transaction between market participants at the measurement date.
- C. The price for which an asset could be sold net of disposal costs.
- D. The cost of replacing an asset with an identical item.
Correct Answer: B 🗳️
Investors use the audited financial statements of a company to
I)evaluate the company's current return on assets
II)predict the company's market conditions for future years.
III)predict the company's market conditions for future years.
IV)make a judgement on the liquidity and solvency of the company.
- A. II and III only
- B. I and III only
- C. III and IV only
- D. I and IV only
Correct Answer: D 🗳️
In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
- A. relevant and correct financial information to all interested shareholders.
- B. understandable and clear financial information to all interested shareholders.
- C. relevant and reliable financial information.
- D. comparable and accurate financial information to all shareholders.
Correct Answer: C 🗳️
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