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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Income Taxes | 18% | - Tax effects in financial statements - Current and deferred tax calculation |
| Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting |
| Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
| Business Combinations and Group Accounting | 20% | - Non-controlling interests - Business combinations and goodwill - Consolidation principles and procedures |
| Presentation of Financial Statements | 15% | - Statement of financial position - Statement of profit or loss and OCI - Statement of cash flows and notes |
| Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. The chairperson of XYZ Company is concerned about the readability of the annual financial report that is about to be published on its website. XYZ Company is obliged to comply with International Financial Reporting Standards, and the report contains all of the required financial statements, the auditor's report, corporate governance statements, declarations of accounting policy, explanatory notes and a section that addresses the company's corporate social responsibility program.
The chairperson is wondering whether the report can be condensed. The issue that is concerning the chairperson is known as
A) the agency costs of monitoring.
B) the cost of compliance.
C) information overload.
D) the costs of social responsibility reporting.
2. In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
A) comparable and accurate financial information to all shareholders.
B) understandable and clear financial information to all interested shareholders.
C) relevant and reliable financial information.
D) relevant and correct financial information to all interested shareholders.
3. Which one of the following would be recognised in the statement of profit or loss and other comprehensive income?
A) prepayment of expenses
B) employee wages
C) retained earnings
D) inventory
4. Which one of the following is an accurate definition of fair value of an asset?
A) The price for which an asset could be sold net of disposal costs.
B) The cost of replacing an asset with an identical item.
C) The price for which an asset could be sold in an orderly transaction between market participants at the measurement date.
D) The amount yet to be written off over the remainder of the asset's useful life.
5. In an efficient market, normally if interest rates rise, share prices will
A) fall since investors expect a higher return.
B) fall in anticipation of a reversal in the interest rate cycle.
C) rise due to the overall positive sentiment.
D) rise since banks invest their increased profits.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: A |
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