Exam Name: CPA Financial Accounting and Reporting Exam
Certification Provider: CPA Australia
Corresponding Certification: CPA Foundation Program
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Instant Download CPA Australia : Financial-Accounting-and-Reporting Questions & Answers
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- Total Questions: 100
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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: The accounting theory | 15% | - Agency and contracting theories - Recognition criteria per conceptual framework - Historical cost vs other valuation methods |
| Topic 2: The financial reporting environment | 25% | - Regulatory environment and reporting requirements - Role of International Accounting Standards Board - Accounting standards and policies - Types of business entity and structure - Conceptual framework and elements of financial statements - Users and developments impacting reporting - Accounting regulation and GAAP/IFRS |
| Topic 3: Business combinations | 13% | - Impairment and journal entries - Goodwill measurement and disclosure - Non-controlling interest and control concepts - Consolidated financial statements - Accounting issues for business combinations |
| Topic 4: Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| Topic 5: Financial statements | 15% | - Discrepancy detection and correction - Statement of financial position - Statement of profit or loss and other comprehensive income - Statement of cash flows |
| Topic 6: Application of specific accounting standards | 22% | - Current and deferred income tax accounting - Intangible assets and journal entries - Revenue recognition and ledger reconciliation - Foreign currency transactions and translation |
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AUD 388 (enrolment fee, may vary by region) per attempt, Scaled pass mark 540 (on 100–900 scale) to pass. Retakes cost the full fee — make the attempt count with the 100 practice questions for the Financial-Accounting-and-Reporting exam at ActualTestsIT.
No formal prerequisite; part of CPA Australia Foundation exams required for entry to the CPA Program. Eligibility assessed based on prior qualifications and competencies. Eligibility rules change over time, so verify the current requirements on the official page (official Financial-Accounting-and-Reporting exam page) before registering.
The CPA Australia CPA Financial Accounting and Reporting is CPA Australia's certification exam for CPA Foundation Program, at the Foundation level. The certificate is an indispensable credential in this field. Related credentials include CPA Australia Associate Member, CPA Program.
Yes — download the free CPA Australia CPA Financial Accounting and Reporting demo before purchase; the full book torrent is better still. Purchases include 365 days of free updates by email; renew afterward at 50% off.
The CPA Australia CPA Financial Accounting and Reporting blueprint spans 6 domains — including Business combinations (13%), Analysis of financial statements (10%), Financial statements (15%). Our experts check the exam database daily to keep pace; the complete outline above lists every subtopic.
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CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Financial managers will benefit in a strongly efficient market by
- A. being able to take more risks without shareholders' consent.
- B. having their shareholders invest more money into expanding the company's operations.
- C. being able to decide what information needs to be made available to shareholders.
- D. having their shareholders be tolerant of low profits if higher profits are expected in the future.
Correct Answer: D 🗳️
A company purchased a machine 10 years ago for $143 890. It is expected that the machine will generate future revenues of $108 495. The machine could be scrapped for $81 232. An equivalent machine in the same condition would cost $94 950 to buy now. What is the deprival value of the asset?
- A. $35 395
- B. $108 495
- C. $94 950
- D. $81 232
Correct Answer: C 🗳️
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. enforce International Financial Reporting Standards.
- D. set International Financial Reporting Standards.
Correct Answer: D 🗳️
A decrease in assets is most likely to be recognised in the financial report as
- A. a change in equity.
- B. a liability.
- C. revenue earned.
- D. an expense.
Correct Answer: D 🗳️
In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
- A. understandable and clear financial information to all interested shareholders.
- B. comparable and accurate financial information to all shareholders.
- C. relevant and correct financial information to all interested shareholders.
- D. relevant and reliable financial information.
Correct Answer: D 🗳️
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