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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

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

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

2. A company sold some old operating equipment from its factory. After depreciation was accounted for, a small gain on sale was recorded. According to the revised IAS 1 Presentation of Financial Statements, this transaction will be shown as a separate item 'gain on sale of equipment'. This item will be shown in the statement of

A) changes in equity.
B) cash flow.
C) comprehensive income.
D) financial position.

3. You assumed the role as the Chairperson of the Board of Directors of Daylight Ltd. As you start to write your first directors' report, which one of the following areas are you not required to include in your report?

A) Details regarding accounting policies pursued by Daylight in preparation of its financial statements.
B) Details regarding any significant changes to Daylight's state of affairs for the year that just ended.
C) Details of any dividends paid or proposed.
D) Review of operations of Daylight during the year just ended and any likely developments in the future that may impact Daylight.

4. The International Accounting Standards Board's Conceptual Framework for Financial Reporting for the preparation and presentation of financial statements is concerned with the information needs of most users, but not for each possible user.
Which one of the following stakeholders would not be one of the users that the Conceptual Framework is concerned about?

A) governments and regulatory bodies
B) members of the public who have small investment holdings in the company
C) a company's executive management
D) potential investors in the company

5. Venturer Ltd has received fees from venture capital activities and has engaged you as the accountant to prepare the financial report for 31 December 20X0. Unable to find a specific reference to venture capital fees in either the conceptual framework or the accounting standards, you establish the appropriate accounting treatment by

A) using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.
B) using your professional judgment and referring to generally accepted accounting principles and practice.
C) consulting with the International Accounting Standards Board.
D) referring to the fundamental accounting assumptions and conventions.

Solutions: