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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which one of the following examples would not represent an agency cost?

A) the cost of preparing a cost-benefit report for a new project
B) the cost of employing an internal auditor
C) the cost of preparing a financial report for shareholders
D) the cost of engaging an external auditor

2. An element is recognised in the statement of financial position or statement of comprehensive income if
I.
the value of the item can be measured reliably.
II.
the value of the item can be measured accurately.
III.
it is certain that there will be future economic benefits associated with the item.
IV.
it is probable that there will be future economic benefits associated with the item.
Which of the above options are correct?

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

3. A company sold some old operating equipment from its factory. After depreciation was accounted for, a small gain on sale was recorded. According to the revised IAS 1 Presentation of Financial Statements, this transaction will be shown as a separate item 'gain on sale of equipment'. This item will be shown in the statement of

A) changes in equity.
B) cash flow.
C) financial position.
D) comprehensive income.

4. A decision has been made to change the value of a major non-current asset, upon which depreciation is based, from original cost to a revalued amount. This results in a change in

A) measurement basis and does not need to be disclosed.
B) accounting estimate and does not need to be disclosed.
C) accounting estimate and must be disclosed.
D) measurement basis and must be disclosed.

5. X was influenced by G Co's audit report and dividend declaration, and decided to invest in the securities of the company. What should X be cautious about before investing in the shares of the company?
X should be aware that

A) the auditor's report is influenced by the directors.
B) a declaration of dividend is the ultimate measure of a company's profitability.
C) the auditor's report refers to the company's prior year financials.
D) the declaration of dividends assures high earnings per share.

Solutions: