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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which of the following statements are correct in the context of accounting concepts and principles?
I)The going concern assumption requires that assets be carried at their cost values.
II)Prudence allows the creation of contingency reserves and more generous provisions.
III)Financial information is considered complete even if it excludes non-material information.
IV)Understandability does not require complex information to be excluded from financial reports.

A) III and IV only
B) II and IV only
C) II and III only
D) I and III only

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

3. Which one of the following examples would not represent an agency cost?

A) the cost of engaging an external auditor
B) the cost of preparing a financial report for shareholders
C) the cost of employing an internal auditor
D) the cost of preparing a cost-benefit report for a new project

4. Which one of these is a disadvantage of a conceptual framework?

A) It increases the chances of political interference in the development of accounting standards.
B) A single framework is not suitable for all users of financial statements.
C) It mandates the formats of various financial statements.
D) It replaces the established principles.

5. Variations in the regulatory regime over financial reporting in different countries is attributable to a range of differences including

A) company structures, ownership, local culture and the level of development of the country.
B) the needs of investors, creditors, employees, lending institutions and taxation authorities.
C) the extent to which the country has adopted international financial reporting standards and the requirements of local securities exchange.
D) consumer laws, taxation requirements and the extent to which the country has adopted international financial reporting standards.

Solutions: