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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Business Combinations and Group Accounting | 20% | - Non-controlling interests - Business combinations and goodwill - Consolidation principles and procedures |
| Topic 2: Impairment of Assets | 6% | - Impairment indicators and recoverable amount - Impairment testing and recognition |
| Topic 3: Role and Regulatory Framework of Financial Reporting | 15% | - Regulatory environment and standards setting - Business entities and reporting obligations - Conceptual framework and qualitative characteristics |
| Topic 4: Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of cash flows and notes - Statement of financial position |
| Topic 5: Income Taxes | 18% | - Tax effects in financial statements - Current and deferred tax calculation |
| Topic 6: Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Topic 7: Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. When business managers seek detailed information about the profitability or efficiency of different parts of their operations, they would find the most useful information in
A) the company's accounting policies.
B) the annual financial report.
C) financial statements as specified by IAS 1 Presentation of Financial Statements.
D) various management accounting reports.
2. Historical cost accounting provides financial information that is
A) relevant and reliable for decision making.
B) relevant but may not be reliable for decision making.
C) relevant for decision making.
D) reliable but may not be relevant for decision making.
3. Which form of capital market efficiency exists when share prices on the stock market reflect all information whether public or not?
A) semi-strong form efficiency
B) information processing efficiency
C) strong form efficiency
D) allocative efficiency
4. What is the difference between positive and normative accounting theories?
A) Normative accounting theory predicts what is expected to occur rather than explaining what should occur.
B) Normative accounting theory explains what should occur instead of predicting what is expected to occur.
C) Normative accounting theory specifies the prediction rules for items.
D) Positive accounting theory explains what should occur.
5. In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
A) relevant and correct financial information to all interested shareholders.
B) relevant and reliable financial information.
C) understandable and clear financial information to all interested shareholders.
D) comparable and accurate financial information to all shareholders.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: B | Question # 5 Answer: B |
