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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
| Business Combinations and Group Accounting | 20% | - Consolidation principles and procedures - Business combinations and goodwill - Non-controlling interests |
| Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of financial position - Statement of cash flows and notes |
| Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
In individual countries, Generally Accepted Accounting Principles (GAAP) is primarily a combination of
- A. national company law, national accounting standards and local stock exchange requirements.
- B. national company law and national accounting standards.
- C. company law, accounting standards, local stock exchange requirements and international accounting standards.
- D. national company law and local stock exchange requirements.
Correct Answer: A 🗳️
Which one of the following statements is not correct in respect of manual accounting systems?
- A. Productivity in manual systems is lower than computer systems.
- B. Risk of error is greater and the quality of outputs is inferior.
- C. It is easy to make corrections.
- D. They are bulky to store compared to computer systems.
Correct Answer: C 🗳️
Liquidity of a company is based on its ability to
- A. buy back shares.
- B. pay dividends to shareholders.
- C. meet short term commitments.
- D. meet long term commitments.
Correct Answer: C 🗳️
Which one of the following bodies makes accounting standards in Australia?
- A. IASB
- B. AASB
- C. FRC
- D. ASIC
Correct Answer: B 🗳️
According to IASB's Conceptual Framework, an expense is a decrease in economic benefits in the form of
I.
outflows.
II.
decreases of assets.
III.
incurrences of liabilities.
IV.
contributions to equity holders.
- A. I, III and IV only
- B. I, II and III only
- C. I, II and IV only
- D. II, III and IV only
Correct Answer: B 🗳️
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