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Instant Download CPA Australia : Financial-Accounting-and-Reporting Questions & Answers as PDF & Test Engine
- 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:
| Section | Weight | Objectives |
|---|---|---|
| Application of specific accounting standards | 22% | - Current and deferred income tax accounting - Revenue recognition and ledger reconciliation - Foreign currency transactions and translation - Intangible assets and journal entries |
| The financial reporting environment | 25% | - 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 statements | 15% | - Statement of cash flows - Statement of financial position - Statement of profit or loss and other comprehensive income - Discrepancy detection and correction |
| Analysis of financial statements | 10% | - Financial ratio calculation and interpretation - Limitations of financial statement analysis |
| The accounting theory | 15% | - Agency and contracting theories - Historical cost vs other valuation methods - Recognition criteria per conceptual framework |
| Business combinations | 13% | - 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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