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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
| Impairment of Assets | 6% | - Impairment indicators and recoverable amount
- Impairment testing and recognition
|
| Business Combinations and Group Accounting | 20% | - Consolidation principles and procedures
- Business combinations and goodwill
- Non-controlling interests
|
| Presentation of Financial Statements | 15% | - Statement of financial position
- Statement of cash flows and notes
- Statement of profit or loss and OCI
|
| Role and Regulatory Framework of Financial Reporting | 15% | - Conceptual framework and qualitative characteristics
- Regulatory environment and standards setting
- Business entities and reporting obligations
|
| Income Taxes | 18% | - Tax effects in financial statements
- Current and deferred tax calculation
|
| Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets
- Revenue from contracts with customers
|
| Financial Instruments | 12% | - Classification and measurement
- Recognition, derecognition and disclosure
|
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. An example of voluntary reporting in Australia is a
A) statement of comprehensive income.
B) statement of cash flows.
C) sustainability report.
D) statement of financial position.
2. The amount of cash or cash equivalents that could currently be obtained by selling an asset in an orderly disposal, refers to which basis of measurement?
A) current cost
B) present value
C) historical cost
D) realisable value
3. In an efficient market, normally if interest rates rise, share prices will
A) rise due to the overall positive sentiment.
B) rise since banks invest their increased profits.
C) fall since investors expect a higher return.
D) fall in anticipation of a reversal in the interest rate cycle.
4. Which one of the following shows whether the financial statements of a company show a true and fair presentation of the financial performance of the company?
A) Director's Report
B) Auditor's Report
C) Statement of cash flows
D) Corporate Governance Statement
5. Investors use the audited financial statements of a company to
I)evaluate the company's current return on assets
II)predict the company's market conditions for future years.
III)predict the company's market conditions for future years.
IV)make a judgement on the liquidity and solvency of the company.
A) II and III only
B) I and IV only
C) I and III only
D) III and IV only
Solutions:
Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: B |