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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Financial Statements | - Preparation and presentation
|
| Topic 2: Assets | - Asset recognition and measurement
|
| Topic 3: Revenue Recognition | - Revenue from contracts with customers
|
| Topic 4: Financial Statement Analysis and Interpretation | - Analysis techniques
|
| Topic 5: Consolidated Financial Statements | - Group accounting
|
| Topic 6: Liabilities and Equity | - Financial instruments and obligations
|
| Topic 7: Financial Reporting Framework | - Conceptual framework for financial reporting
|
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. In relation to financial statements, the 'true and fair override' indicates that
A) accounting standards must be complied with under all circumstances.
B) departure is allowed from accounting standards under specific instances to show a fair presentation.
C) the true and fair requirement need not be complied with by certain industries.
D) statements need not always be true and accurate.
2. 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) $94 950
B) $35 395
C) $108 495
D) $81 232
3. The concept of transparency in corporate governance means that listed companies should disclose
A) only mandatory information by management.
B) their future strategy.
C) material information that affects decisions.
D) confidential issues relating to competitors.
4. A company's financial report is compliant with International Financial Reporting Standards. Where in the report would an investor find the amount of money received by the company for investment activities?
A) statement of financial position
B) statement of cash flows
C) statement of comprehensive income
D) statement of changes in equity
5. The body that is part of the international standard-setting framework reporting to the International Financial Reporting Standards Foundation (IFRS Foundation) is the
A) International Accounting Standards Committee.
B) International Accounting Board.
C) International Accounting Standards Board.
D) Centre on Transnational Corporations.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: C |






