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CPA Australia Financial-Accounting-and-Reporting Exam Overview:
| Certification Vendor: | CPA Australia |
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | Financial-Accounting-and-Reporting |
| Exam Price: | AUD 388 |
| Related Certifications: | CPA Program CPA Australia Associate Membership |
| Real Exam Qty: | 100 |
| Available Languages: | English |
| Passing Score: | 540 / 900 (60%) |
| Exam Format: | Multiple-choice questions, Closed-book |
| Exam Duration: | 195 minutes |
| Certificate Validity Period: | 3 years |
| Recommended Training: | CPA Australia Official Study Materials |
| Exam Registration: | CPA Australia Foundation Exam Registration Pearson VUE Scheduling |
| Sample Questions: | CPA Australia Financial-Accounting-and-Reporting Sample Questions |
| Exam Way: | Computer-based testing (CBT) at Pearson VUE test centres or online proctored |
| Pre Condition: | No formal prerequisite; required for entry into CPA Program if accounting background is insufficient |
| Official Syllabus URL: | https://www.cpaaustralia.com.au/become-a-cpa/cpa-program/foundation-exams/financial-accounting-and-reporting |
CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Impairment of Assets | 6% | - Impairment indicators and recoverable amount - Impairment testing and recognition |
| Topic 2: Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
| Topic 3: Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting |
| Topic 4: Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Topic 5: Business Combinations and Group Accounting | 20% | - Business combinations and goodwill - Consolidation principles and procedures - Non-controlling interests |
| Topic 6: Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of financial position - Statement of cash flows and notes |
| Topic 7: Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. 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) $81 232
C) $94 950
D) $108 495
2. The body that is part of the international standard-setting framework reporting to the International Financial Reporting Standards Foundation (IFRS Foundation) is the
A) Centre on Transnational Corporations.
B) International Accounting Board.
C) International Accounting Standards Committee.
D) International Accounting Standards Board.
3. In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
A) relevant and correct financial information to all interested shareholders.
B) understandable and clear financial information to all interested shareholders.
C) comparable and accurate financial information to all shareholders.
D) relevant and reliable financial information.
4. According to the Australian Accounting Standards Board, which one of the following is a benefit of adopting International Financial Reporting Standards (IFRSs)?
A) to become a resource for developing nations who can easily adopt IFRSs as a full set of standards
B) to increase foreign investors' understanding of local financial reports
C) to make it easier for tax authorities to calculate taxes on investors' overseas income
D) to enable the national government to control activities of foreign multinationals
5. JK Ltd intentionally over-valued its closing inventories to increase profitability for the year 20X8. This would help them to better price a planned share issue in 20X9. By doing this they have breached the concept of
A) completeness.
B) neutrality.
C) understandability.
D) substance over form.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: B |
By Marcia
