CPA Australia Financial-Accounting-and-Reporting : CPA Financial Accounting and Reporting Exam

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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

Question #1

Which one of the following statements regarding the IASB's Conceptual Framework for Financial Reporting is correct?

A. It specifies the concepts that underlie the preparation and presentation of special purpose financial statements.
B. It specifies the concepts that underlie the preparation and presentation of only consolidated financial statements.
C. It overrides any local or international accounting standard.
D. It specifies the concepts that underlie the preparation and presentation of general purpose financial statements.

Question #2

Which of the following represents a principal-agent relationship?
I.
shareholders-auditors
II.
shareholders-management
III.
security exchange-company
IV.
board of directors-employees

A. I, II, III and IV
B. I, II and IV only
C. I, II and III only
D. II, III and IV only

Question #3

Which one of the following statements is correct?

A. Accounting standards provide the basic knowledge upon which the conceptual framework is developed.
B. Accounting standards are developed and maintained using a consultative process with the OECD.
C. Australian accounting standards are based on the US GAAP.
D. Accounting standards prescribe the possible accounting treatments.

Question #4

XYZ Ltd is listed on the Australian Securities Exchange (ASX). Which one of the following reports is the company required to prepare as a part of its annual financial report?

A. management commentary
B. sustainability report
C. chairman's statement
D. corporate governance statement

Question #5

In individual countries, Generally Accepted Accounting Principles (GAAP) is primarily a combination of

A. company law, accounting standards, local stock exchange requirements and international accounting standards.
B. national company law, national accounting standards and local stock exchange requirements.
C. national company law and national accounting standards.
D. national company law and local stock exchange requirements.

Solutions: