Latest Oct 12, 2023 Real Financial-Accounting-and-Reporting Exam Dumps Questions Valid Financial-Accounting-and-Reporting Dumps PDF
CPA Australia Financial-Accounting-and-Reporting Exam Dumps - PDF Questions and Testing Engine
NEW QUESTION # 31
Which one of the following includes social reporting guidelines?
- A. International Financial Reporting Standards (IFRS)
- B. International Accounting Standards (IAS)
- C. Generally Accepted Accounting Principles (GAAP)
- D. Global Reporting Initiative (GRI)
Answer: D
NEW QUESTION # 32
Current cost accounting reflects an approach to capital maintenance based on maintaining which one of the following?
- A. financial capability of the business
- B. operating capability of the business
- C. profitability of the business
- D. cost of assets in the business
Answer: B
NEW QUESTION # 33
Which one of the following is an advantage of current purchasing power accounting?
- A. It enables raw data to be just easily verifiable but not auditable.
- B. It provides a clear use of indices which approximates the measurement of value.
- C. It supposes that value of net assets clearly reflects general goods and services are bought once assets were released.
- D. It provides a stable monetary unit that values profit and capital.
Answer: D
NEW QUESTION # 34
Which one of the following is an objective of the International Federation of Accountants (IFAC)?
- A. to provide direction to the Financial Accounting Standards Board (FASB)
- B. to establish high quality professional standards in accountancy
- C. to issue new international financial reporting standards (IFRS)
- D. to provide advice on accounting standards to the OECD
Answer: B
NEW QUESTION # 35
In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
- A. comparable and accurate financial information to all shareholders.
- B. relevant and reliable financial information.
- C. understandable and clear financial information to all interested shareholders.
- D. relevant and correct financial information to all interested shareholders.
Answer: B
NEW QUESTION # 36
The body that is part of the international standard-setting framework reporting to the International Financial Reporting Standards Foundation (IFRS Foundation) is the
- A. International Accounting Standards Board.
- B. International Accounting Standards Committee.
- C. Centre on Transnational Corporations.
- D. International Accounting Board.
Answer: A
NEW QUESTION # 37
Variations in the regulatory regime over financial reporting in different countries is attributable to a range of differences including
- A. the extent to which the country has adopted international financial reporting standards and the requirements of local securities exchange.
- B. the needs of investors, creditors, employees, lending institutions and taxation authorities.
- C. company structures, ownership, local culture and the level of development of the country.
- D. consumer laws, taxation requirements and the extent to which the country has adopted international financial reporting standards.
Answer: C
NEW QUESTION # 38
According to the Australian Accounting Standards Board, which one of the following is a benefit of adopting International Financial Reporting Standards (IFRSs)?
- A. to enable the national government to control activities of foreign multinationals
- B. to increase foreign investors' understanding of local financial reports
- C. to make it easier for tax authorities to calculate taxes on investors' overseas income
- D. to become a resource for developing nations who can easily adopt IFRSs as a full set of standards
Answer: B
NEW QUESTION # 39
An agent is answerable under the contract to the agent's principal and must account for the resources of the agent's principal and the money the agent has gained working on the principal's behalf. In the context of agency, this definition describes an agent's
- A. relationship.
- B. contract.
- C. fiduciary duty.
- D. accountability.
Answer: D
NEW QUESTION # 40
According to the IASB Conceptual Framework, income is an increase in economic benefits in the form of I)inflows.
II)decreases of liabilities.
III)enhancements of assets.
IV)contributions from equity holders.
- A. II, III and IV only
- B. I, II and IV only
- C. I, III and IV only
- D. I, II and III only
Answer: D
NEW QUESTION # 41
Which one of the following would be recognised in the statement of profit or loss and other comprehensive income?
- A. prepayment of expenses
- B. employee wages
- C. retained earnings
- D. inventory
Answer: B
NEW QUESTION # 42
According to IASB's Conceptual Framework, an expense is a decrease in economic benefits in the form of
I.
outflows.
II.
decreases of assets.
III.
incurrences of liabilities.
IV.
contributions to equity holders.
- A. II, III and IV only
- B. I, II and IV only
- C. I, III and IV only
- D. I, II and III only
Answer: D
NEW QUESTION # 43
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. I and II only
- B. II and III only
- C. I only
- D. III only
Answer: D
NEW QUESTION # 44
Which one of the following statements differentiates semi-strong form efficiency from strong form efficiency in the context of the efficient market hypothesis?
- A. Semi-strong form efficiency reflects all past price movements whereas strong form efficiency reflects future share price movements.
- B. Semi-strong form efficiency does not reflect knowledge whereas strong form efficiency considers knowledge in addition to publicly available information and past price movements.
- C. Semi-strong form efficiency does not reflect all publicly available information whereas strong form efficiency does incorporate all publicly available information.
- D. Semi-strong form efficiency addresses operational efficiency whereas strong form efficiency aims to address allocative efficiency.
Answer: B
NEW QUESTION # 45
Which one of these concepts suggests that stock prices react to new information almost instantly?
- A. efficient market
- B. incentive substitution
- C. market power
- D. bargaining power
Answer: A
NEW QUESTION # 46
To be relevant, financial information has to
I)be provided in a timely manner.
II)comply with the going concern assumption.
III)have predictive and/or confirmatory value.
IV)exclude computations that are difficult to understand.
- A. I and II only
- B. III and IV only
- C. II and III only
- D. I and III only
Answer: D
NEW QUESTION # 47
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