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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. As per the International Accounting Standards Board conceptual framework, which of the following holds the primary responsibility for preparing and presenting financial statements?
I)owners
II)auditors
III)directors

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

2. Which one of the following reports sets out how directors have run a company and if they implemented proper procedures to deal with matters like accountability, audits, directors' roles and responsibilities, internal controls and relations with shareholders?

A) corporate social responsibility report
B) chairman's statement
C) corporate governance statement
D) director's report

3. JK Ltd intentionally over-valued its closing inventories to increase profitability for the year 20X8. This would help them to better price a planned share issue in 20X9. By doing this they have breached the concept of

A) substance over form.
B) understandability.
C) completeness.
D) neutrality.

4. Published financial statements are regulated by

A) International Financial Reporting Standards to ensure the provision of useful financial information to shareholders.
B) rules to ensure the provision of consistent financial information to investors.
C) shareholders who specify the framework for the provision of consistent and comparable financial information for decision-making.
D) accounting and legal rules to ensure the provision of relevant and reliable financial information to shareholders.

5. A statement of generally accepted theoretical principles which form the frame of reference for financial reporting refers to the

A) Generally Accepted Accounting Principles.
B) Conceptual Framework.
C) International Financial Reporting Standards.
D) Regulatory Framework.

Solutions: