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Instant Download CPA Australia : Financial-Accounting-and-Reporting Questions & Answers as PDF & Test Engine

Financial-Accounting-and-Reporting
  • Exam Code: Financial-Accounting-and-Reporting
  • Exam Name: CPA Financial Accounting and Reporting Exam
  • Updated: Jul 26, 2026
  • No. of Questions: 100 Questions and Answers
  • Download Limit: Unlimited
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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:

SectionWeightObjectives
Application of specific accounting standards22%- Current and deferred income tax accounting
- Revenue recognition and ledger reconciliation
- Foreign currency transactions and translation
- Intangible assets and journal entries
The financial reporting environment25%- Regulatory environment and reporting requirements
- Users and developments impacting reporting
- Conceptual framework and elements of financial statements
- Role of International Accounting Standards Board
- Types of business entity and structure
- Accounting regulation and GAAP/IFRS
- Accounting standards and policies
Financial statements15%- Statement of cash flows
- Statement of financial position
- Statement of profit or loss and other comprehensive income
- Discrepancy detection and correction
Analysis of financial statements10%- Financial ratio calculation and interpretation
- Limitations of financial statement analysis
The accounting theory15%- Agency and contracting theories
- Historical cost vs other valuation methods
- Recognition criteria per conceptual framework
Business combinations13%- Impairment and journal entries
- Goodwill measurement and disclosure
- Accounting issues for business combinations
- Non-controlling interest and control concepts
- Consolidated financial statements

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which form of capital market efficiency exists when share prices on the stock market reflect all information whether public or not?

A) semi-strong form efficiency
B) strong form efficiency
C) information processing efficiency
D) allocative efficiency


2. Which one of the following parties provides information to ensure that the financial statements show a true and fair view?

A) tax consultants
B) financial Institutions
C) shareholders
D) directors of the company


3. An example of voluntary reporting in Australia is a

A) statement of comprehensive income.
B) statement of financial position.
C) sustainability report.
D) statement of cash flows.


4. The objective of the International Accounting Standards Board (IASB) is to

A) oversee the standard setting process and International Financial Reporting Standards Advisory Council.
B) provide strategic advice to the International Financial Reporting Standards Advisory Council.
C) set International Financial Reporting Standards.
D) enforce International Financial Reporting Standards.


5. Which one of the following is an advantage of current purchasing power accounting?

A) It provides a clear use of indices which approximates the measurement of value.
B) It supposes that value of net assets clearly reflects general goods and services are bought once assets were released.
C) It enables raw data to be just easily verifiable but not auditable.
D) It provides a stable monetary unit that values profit and capital.


Solutions:

Question # 1
Answer: B
Question # 2
Answer: D
Question # 3
Answer: C
Question # 4
Answer: C
Question # 5
Answer: D

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