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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

Question 1

In individual countries, Generally Accepted Accounting Principles (GAAP) is primarily a combination of

A. national company law, national accounting standards and local stock exchange requirements.
B. company law, accounting standards, local stock exchange requirements and international accounting standards.
C. national company law and national accounting standards.
D. national company law and local stock exchange requirements.

Question 2

Restrictions on the scope of a specific accounting standard are stated in

A. the explanatory materials provided by the AASB.
B. that specific standard.
C. various Statements of Accounting Concepts (SACs) issued by the AASB.
D. the IASB's Conceptual Framework.

Question 3

Which one of the following describes the key advantage of the manual system of accounting?

A. A thorough understanding of the business can be gained through it.
B. The quality of output is not necessarily an issue.
C. Corrections are easily managed as updating or recreating the whole document is not difficult.
D. Processing is maintained at a reasonable speed even while dealing with large volumes of data.

Question 4

A multinational company is converting the methodology of reporting by its subsidiaries in various countries to make it uniform with the requirements of the International Financial Reporting Standards (IFRS). While changing the reporting methodologies, accountants have to apply certain judgments.
Which one of the following is not a valid motivation for decision making on reporting methodologies?

A. to present the financial statements in a manner that is understood by most users
B. to present the company's financial performance in the most favourable way
C. to comply with the information demands of government bodies in home country
D. to be consistent with the methodologies followed in the home country of the company

Question 5

Which one of the following statements is correct in relation to presenting the financial position of an entity?

A. Solvency is the availability of cash over the long-term, while liquidity is the availability of funds over the short-term to meet financial commitments as they fall due.
B. Liquidity is the ability to repay long-term financial commitments, whereas solvency is the ability to repay short-term commitments.
C. Liquidity represents cash holdings, while solvency is long-term profitability.
D. Solvency is the availability of total assets over a long-term, while liquidity is the availability of total assets over the short-term to meet financial commitments as they fall due.
.

Solutions: