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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Regulatory environment and standards setting - Conceptual framework and qualitative characteristics |
| Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
| Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
| Impairment of Assets | 6% | - Impairment indicators and recoverable amount - Impairment testing and recognition |
| Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of financial position - Statement of cash flows and notes |
| Business Combinations and Group Accounting | 20% | - Non-controlling interests - Business combinations and goodwill - Consolidation principles and procedures |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. What is the difference between positive and normative accounting theories?
A) Positive accounting theory explains what should occur.
B) Normative accounting theory predicts what is expected to occur rather than explaining what should occur.
C) Normative accounting theory explains what should occur instead of predicting what is expected to occur.
D) Normative accounting theory specifies the prediction rules for items.
2. According to the IASB Conceptual Framework, income is an increase in economic benefits in the form of I)inflows.
II)decreases of liabilities.
III)enhancements of assets.
IV)contributions from 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
3. In a strong efficient market, the finance manager will
A) develop strategies to disclose the company's profit or loss.
B) analyse historical data on takeover targets.
C) maximise the net present value of the firm's investments.
D) employ analysts to determine the best time to issue shares.
4. A company's financial report is compliant with International Financial Reporting Standards. Where in the report would an investor find the amount of money received by the company for investment activities?
A) statement of comprehensive income
B) statement of financial position
C) statement of changes in equity
D) statement of cash flows
5. Which one of the following practices is not considered creative accounting?
A) trading in derivatives
B) profit smoothing
C) window dressing
D) aggressive earnings management
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: A |
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