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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. The objective of the International Accounting Standards Board (IASB) is to

A) provide strategic advice to the International Financial Reporting Standards Advisory Council.
B) set International Financial Reporting Standards.
C) enforce International Financial Reporting Standards.
D) oversee the standard setting process and International Financial Reporting Standards Advisory Council.

2. Current cost accounting reflects an approach to capital maintenance based on maintaining which one of the following?

A) operating capability of the business
B) profitability of the business
C) cost of assets in the business
D) financial capability of the business

3. Which one of the following is an advantage of current purchasing power accounting?

A) It provides a stable monetary unit that values profit and capital.
B) It enables raw data to be just easily verifiable but not auditable.
C) It provides a clear use of indices which approximates the measurement of value.
D) It supposes that value of net assets clearly reflects general goods and services are bought once assets were released.

4. Which one of the following practices is not considered creative accounting?

A) trading in derivatives
B) aggressive earnings management
C) profit smoothing
D) window dressing

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

Solutions: