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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which accounting theory is best described by the statement 'An approach to accounting is one where a theory is thought of as a body of knowledge that explains and attempts to predict actual accounting practice'?

A) positive accounting theory
B) normative accounting theory
C) historical cost accounting theory
D) general accounting theory

2. As per the International Accounting Standards Board conceptual framework, which of the following holds the primary responsibility for preparing and presenting financial statements?
I)owners
II)auditors
III)directors

A) I and II only
B) III only
C) I only
D) II and III only

3. The body that is part of the international standard-setting framework reporting to the International Financial Reporting Standards Foundation (IFRS Foundation) is the

A) International Accounting Standards Committee.
B) International Accounting Board.
C) International Accounting Standards Board.
D) Centre on Transnational Corporations.

4. 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 represents cash holdings, while solvency is long-term profitability.
C) 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.
.
D) Liquidity is the ability to repay long-term financial commitments, whereas solvency is the ability to repay short-term commitments.

5. A decrease in assets is most likely to be recognised in the financial report as

A) a liability.
B) a change in equity.
C) an expense.
D) revenue earned.

Solutions: