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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| The financial reporting environment | 25% | - Accounting regulation and GAAP/IFRS - Conceptual framework and elements of financial statements - Users and developments impacting reporting - Role of International Accounting Standards Board - Regulatory environment and reporting requirements - Types of business entity and structure - Accounting standards and policies |
| Analysis of financial statements | 10% | - Financial ratio calculation and interpretation - Limitations of financial statement analysis |
| Financial statements | 15% | - Discrepancy detection and correction - Statement of cash flows - Statement of financial position - Statement of profit or loss and other comprehensive income |
| Business combinations | 13% | - Accounting issues for business combinations - Non-controlling interest and control concepts - Consolidated financial statements - Impairment and journal entries - Goodwill measurement and disclosure |
| The accounting theory | 15% | - Recognition criteria per conceptual framework - Agency and contracting theories - Historical cost vs other valuation methods |
| Application of specific accounting standards | 22% | - Revenue recognition and ledger reconciliation - Current and deferred income tax accounting - Foreign currency transactions and translation - Intangible assets and journal entries |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. LMN Ltd recently changed the measurement base for their assets. They should I)treat this like a change in an estimate.
II)treat this like a change in the accounting policy.
III)disclose this in the notes to financial statements.
A) III only
B) I only
C) II and III only
D) I and III only
2. 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.
3. Which one of the following statements regarding the IASB's Conceptual Framework for Financial Reporting is correct?
A) It specifies the concepts that underlie the preparation and presentation of general purpose financial statements.
B) It overrides any local or international accounting standard.
C) It specifies the concepts that underlie the preparation and presentation of only consolidated financial statements.
D) It specifies the concepts that underlie the preparation and presentation of special purpose financial statements.
4. A company purchased a machine 10 years ago for $143 890. It is expected that the machine will generate future revenues of $108 495. The machine could be scrapped for $81 232. An equivalent machine in the same condition would cost $94 950 to buy now. What is the deprival value of the asset?
A) $35 395
B) $108 495
C) $94 950
D) $81 232
5. X was influenced by G Co's audit report and dividend declaration, and decided to invest in the securities of the company. What should X be cautious about before investing in the shares of the company?
X should be aware that
A) the auditor's report refers to the company's prior year financials.
B) the declaration of dividends assures high earnings per share.
C) the auditor's report is influenced by the directors.
D) a declaration of dividend is the ultimate measure of a company's profitability.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: A |
Hyman 
Coral 
Dave 
Ada 
Delia 
Pete 
Judith 
Mildred 
Cecil 
Quintion 
Hunter 
Bruce 
Charles 
Boyd 
Olive 
Haley 
Ina 
