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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 - Consolidation principles and procedures - Business combinations and goodwill |
| Topic 2: Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Topic 3: Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Topic 4: Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of financial position - Statement of cash flows and notes |
| Topic 5: Role and Regulatory Framework of Financial Reporting | 15% | - Regulatory environment and standards setting - Business entities and reporting obligations - Conceptual framework and qualitative characteristics |
| Topic 6: Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Topic 7: Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following would be included in a statement of financial position?
A) retained earnings
B) proceeds from long term borrowings
C) finance costs
D) cost of sales
2. In a stock market that displays strong efficiency, share prices reflect all available
A) public and inside information.
B) information about future expansion plans.
C) public information.
D) information about past changes in share prices.
3. Which one of the following describes the key advantage of the manual system of accounting?
A) Corrections are easily managed as updating or recreating the whole document is not difficult.
B) A thorough understanding of the business can be gained through it.
C) The quality of output is not necessarily an issue.
D) Processing is maintained at a reasonable speed even while dealing with large volumes of data.
4. A decrease in assets is most likely to be recognised in the financial report as
A) a liability.
B) an expense.
C) a change in equity.
D) revenue earned.
5. Which one of the following statements is correct?
A) Assets used for long-term operations are shown under working capital in the statement of financial position.
B) A statement of financial position explains the reasons for movement of assets and liabilities through the accounting period.
C) Current and non-current assets are shown as separate classifications in the statement of financial position.
D) Liabilities are future obligations that will cause outflow of resources embodying economic benefits.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: B | Question # 5 Answer: C |
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