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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Financial statements | 15% | - Discrepancy detection and correction - Statement of financial position - Statement of profit or loss and other comprehensive income - Statement of cash flows |
| Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| The accounting theory | 15% | - Historical cost vs other valuation methods - Recognition criteria per conceptual framework - Agency and contracting theories |
| The financial reporting environment | 25% | - Accounting regulation and GAAP/IFRS - Role of International Accounting Standards Board - Users and developments impacting reporting - Accounting standards and policies - Regulatory environment and reporting requirements - Conceptual framework and elements of financial statements - Types of business entity and structure |
| Application of specific accounting standards | 22% | - Revenue recognition and ledger reconciliation - Foreign currency transactions and translation - Current and deferred income tax accounting - Intangible assets and journal entries |
| Business combinations | 13% | - Goodwill measurement and disclosure - Impairment and journal entries - Non-controlling interest and control concepts - Consolidated financial statements - Accounting issues for business combinations |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Question #1
Historical cost accounting provides financial information that is
A. reliable but may not be relevant for decision making.
B. relevant and reliable for decision making.
C. relevant for decision making.
D. relevant but may not be reliable for decision making.
Question #2
Which one of the following is not an Australian Securities Exchange (ASX) principle of good corporate governance?
A. Safeguard the environment.
B. Remunerate fairly and responsibly.
C. Respect the rights of shareholders.
D. Promote ethical and responsible decision-making.
Question #3
In a stock market that displays strong efficiency, share prices reflect all available
A. information about past changes in share prices.
B. public information.
C. information about future expansion plans.
D. public and inside information.
Question #4
Investors use the audited financial statements of a company to
I)evaluate the company's current return on assets
II)predict the company's market conditions for future years.
III)predict the company's market conditions for future years.
IV)make a judgement on the liquidity and solvency of the company.
A. I and IV only
B. II and III only
C. I and III only
D. III and IV only
Question #5
The International Accounting Standards Board's Conceptual Framework for Financial Reporting for the preparation and presentation of financial statements is concerned with the information needs of most users, but not for each possible user.
Which one of the following stakeholders would not be one of the users that the Conceptual Framework is concerned about?
A. members of the public who have small investment holdings in the company
B. governments and regulatory bodies
C. potential investors in the company
D. a company's executive management
Solutions:
| Question #1 Correct Answer: A | Question #2 Correct Answer: A | Question #3 Correct Answer: D | Question #4 Correct Answer: A | Question #5 Correct Answer: D |
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