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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. When business managers seek detailed information about the profitability or efficiency of different parts of their operations, they would find the most useful information in

A) various management accounting reports.
B) the annual financial report.
C) the company's accounting policies.
D) financial statements as specified by IAS 1 Presentation of Financial Statements.

2. 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 co-ordinate the accounting profession on a global scale by issuing and establishing international standards
D) to promote the application, convergence and use of International Financial Reporting Standards (IFRS) as a high quality reporting solution

3. According to IASB's Conceptual Framework, an expense is a decrease in economic benefits in the form of
I.
outflows.
II.
decreases of assets.
III.
incurrences of liabilities.
IV.
contributions to equity holders.

A) I, II and IV only
B) II, III and IV only
C) I, III and IV only
D) I, II and III only

4. Which one of the following statements is correct?

A) Current and non-current assets are shown as separate classifications in the statement of financial position.
B) Assets used for long-term operations are shown under working capital in the statement of financial position.
C) Liabilities are future obligations that will cause outflow of resources embodying economic benefits.
D) A statement of financial position explains the reasons for movement of assets and liabilities through the accounting period.

5. The International Accounting Standards Board's Conceptual Framework for Financial Reporting for the preparation and presentation of financial statements is concerned with the information needs of most users, but not for each possible user.
Which one of the following stakeholders would not be one of the users that the Conceptual Framework is concerned about?

A) governments and regulatory bodies
B) members of the public who have small investment holdings in the company
C) a company's executive management
D) potential investors in the company

Solutions: