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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. In relation to financial statements, the 'true and fair override' indicates that

A) the true and fair requirement need not be complied with by certain industries.
B) accounting standards must be complied with under all circumstances.
C) statements need not always be true and accurate.
D) departure is allowed from accounting standards under specific instances to show a fair presentation.

2. Which accounting theory is best described by the statement 'An approach to accounting is one where a theory is thought of as a body of knowledge that explains and attempts to predict actual accounting practice'?

A) historical cost accounting theory
B) normative accounting theory
C) positive accounting theory
D) general accounting theory

3. The amount of cash or cash equivalents that could currently be obtained by selling an asset in an orderly disposal, refers to which basis of measurement?

A) current cost
B) present value
C) historical cost
D) realisable value

4. Which one of the following is not a function of the trustees of the International Financial Reporting Standards Foundation (IFRS Foundation)?

A) promoting the application of International Financial Reporting Standards (IFRSs)
B) providing suggestions on technical matters relating to accounting standards
C) appointing the members of the International Accounting Standards Board (IASB)
D) ensuring the financing of the International Accounting Standards Board (IASB)

5. Which one of the following is the correct treatment of sales?

A) Credit sales are recorded in the receivables ledger prior to posting to the general ledger.
B) Cash and credit sales are recorded in the receivables ledger prior to posting to the general ledger.
C) Cash sales are recorded in the receivables ledger prior to posting to the general ledger.
D) Credit sales are not recorded in the receivables ledger prior to posting to the general ledger.

Solutions: