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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Business Combinations and Group Accounting | 20% | - Consolidation principles and procedures - Business combinations and goodwill - Non-controlling interests |
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Income Taxes | 18% | - Tax effects in financial statements - Current and deferred tax calculation |
| Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Regulatory environment and standards setting - Conceptual framework and qualitative characteristics |
| Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
| Presentation of Financial Statements | 15% | - Statement of cash flows and notes - Statement of financial position - Statement of profit or loss and OCI |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
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.
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
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
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)
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.
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