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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Consolidated Financial Statements | - Group accounting
|
| 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
|
| Revenue Recognition | - Revenue from contracts with customers
|
| Financial Statements | - Preparation and presentation
|
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Published financial statements are regulated by
A) International Financial Reporting Standards to ensure the provision of useful financial information to shareholders.
B) shareholders who specify the framework for the provision of consistent and comparable financial information for decision-making.
C) rules to ensure the provision of consistent financial information to investors.
D) accounting and legal rules to ensure the provision of relevant and reliable financial information to shareholders.
2. Which one of the following shows whether the financial statements of a company show a true and fair presentation of the financial performance of the company?
A) Corporate Governance Statement
B) Director's Report
C) Statement of cash flows
D) Auditor's Report
3. Which one of the following bodies makes accounting standards in Australia?
A) IASB
B) AASB
C) FRC
D) ASIC
4. A company sold some old operating equipment from its factory. After depreciation was accounted for, a small gain on sale was recorded. According to the revised IAS 1 Presentation of Financial Statements, this transaction will be shown as a separate item 'gain on sale of equipment'. This item will be shown in the statement of
A) cash flow.
B) comprehensive income.
C) changes in equity.
D) financial position.
5. Variations in the regulatory regime over financial reporting in different countries is attributable to a range of differences including
A) the extent to which the country has adopted international financial reporting standards and the requirements of local securities exchange.
B) company structures, ownership, local culture and the level of development of the country.
C) the needs of investors, creditors, employees, lending institutions and taxation authorities.
D) consumer laws, taxation requirements and the extent to which the country has adopted international financial reporting standards.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: B |
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