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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. According to the Australian Accounting Standards Board, which one of the following is a benefit of adopting International Financial Reporting Standards (IFRSs)?

A) to become a resource for developing nations who can easily adopt IFRSs as a full set of standards
B) to increase foreign investors' understanding of local financial reports
C) to make it easier for tax authorities to calculate taxes on investors' overseas income
D) to enable the national government to control activities of foreign multinationals

2. Which one of the following is not a principal motivation for creative accounting?

A) personal incentives
B) bonus-related pay
C) benefits from shares and share options
D) public good

3. The two fundamental qualitative characteristics of the financial information are

A) relevance and comparability.
B) relevance and faithful representation.
C) faithful representation and comparability.
D) verifiability and relevance.

4. Which of the following statements are correct in the context of accounting concepts and principles?
I)The going concern assumption requires that assets be carried at their cost values.
II)Prudence allows the creation of contingency reserves and more generous provisions.
III)Financial information is considered complete even if it excludes non-material information.
IV)Understandability does not require complex information to be excluded from financial reports.

A) II and III only
B) III and IV only
C) I and III only
D) II and IV only

5. Which one of these is a key principle of good corporate governance?

A) restriction of shareholders' rights in decision-making
B) non-disclosure of directors' agency relationship with the company
C) effective communication with shareholders
D) effective management of the employees of the company

Solutions: