CPA Financial Accounting and Reporting Exam: Financial-Accounting-and-Reporting Exam
"CPA Financial Accounting and Reporting Exam", also known as Financial-Accounting-and-Reporting exam, is a CPA Australia Certification. With the complete collection of questions and answers, PrepAwayPDF has assembled to take you through 100 Q&As to your Financial-Accounting-and-Reporting Exam preparation. In the Financial-Accounting-and-Reporting exam resources, you will cover every field and category in CPA Foundation Program Certification helping to ready you for your successful CPA Australia Certification.
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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Topic 2: Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Topic 3: Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
| Topic 4: Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Regulatory environment and standards setting - Conceptual framework and qualitative characteristics |
| Topic 5: Business Combinations and Group Accounting | 20% | - Non-controlling interests - Consolidation principles and procedures - Business combinations and goodwill |
| Topic 6: Presentation of Financial Statements | 15% | - Statement of cash flows and notes - Statement of profit or loss and OCI - Statement of financial position |
| Topic 7: Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Which one of the following is an accurate definition of fair value of an asset?
- A. The price for which an asset could be sold in an orderly transaction between market participants at the measurement date.
- B. The amount yet to be written off over the remainder of the asset's useful life.
- C. The price for which an asset could be sold net of disposal costs.
- D. The cost of replacing an asset with an identical item.
The chairperson of XYZ Company is concerned about the readability of the annual financial report that is about to be published on its website. XYZ Company is obliged to comply with International Financial Reporting Standards, and the report contains all of the required financial statements, the auditor's report, corporate governance statements, declarations of accounting policy, explanatory notes and a section that addresses the company's corporate social responsibility program.
The chairperson is wondering whether the report can be condensed. The issue that is concerning the chairperson is known as
- A. information overload.
- B. the costs of social responsibility reporting.
- C. the cost of compliance.
- D. the agency costs of monitoring.
Which one of the following is not a principal motivation for creative accounting?
- A. benefits from shares and share options
- B. bonus-related pay
- C. personal incentives
- D. public good
In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
- A. relevant and reliable financial information.
- B. relevant and correct financial information to all interested shareholders.
- C. comparable and accurate financial information to all shareholders.
- D. understandable and clear financial information to all interested shareholders.
Which one of the following examples would not represent an agency cost?
- A. the cost of engaging an external auditor
- B. the cost of preparing a financial report for shareholders
- C. the cost of employing an internal auditor
- D. the cost of preparing a cost-benefit report for a new project
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