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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Venturer Ltd has received fees from venture capital activities and has engaged you as the accountant to prepare the financial report for 31 December 20X0. Unable to find a specific reference to venture capital fees in either the conceptual framework or the accounting standards, you establish the appropriate accounting treatment by

A) using your professional judgment and referring to generally accepted accounting principles and practice.
B) using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.
C) consulting with the International Accounting Standards Board.
D) referring to the fundamental accounting assumptions and conventions.

2. A decision has been made to change the value of a major non-current asset, upon which depreciation is based, from original cost to a revalued amount. This results in a change in

A) measurement basis and does not need to be disclosed.
B) accounting estimate and does not need to be disclosed.
C) measurement basis and must be disclosed.
D) accounting estimate and must be disclosed.

3. 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) I and III only
D) II and III only

4. Which one of the following is not a function of the trustees of the International Financial Reporting Standards Foundation (IFRS Foundation)?

A) providing suggestions on technical matters relating to accounting standards
B) appointing the members of the International Accounting Standards Board (IASB)
C) promoting the application of International Financial Reporting Standards (IFRSs)
D) ensuring the financing of the International Accounting Standards Board (IASB)

5. Which one of the following statements is correct?

A) A statement of financial position explains the reasons for movement of assets and liabilities through the accounting period.
B) Assets used for long-term operations are shown under working capital in the statement of financial position.
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: