Financial-Accounting-and-Reporting exam dumps

CPA Australia Financial-Accounting-and-Reporting Value Package

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  • Exam Code: Financial-Accounting-and-Reporting
  • Exam Name: CPA Financial Accounting and Reporting Exam
  • No. of Questions: 100 Questions and Answers
  • Updated: Sep 18, 2026

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

SectionWeightObjectives
Analysis of financial statements10%- Limitations of financial statement analysis
- Financial ratio calculation and interpretation
Business combinations13%- Consolidated financial statements
- Non-controlling interest and control concepts
- Accounting issues for business combinations
- Impairment and journal entries
- Goodwill measurement and disclosure
Application of specific accounting standards22%- Revenue recognition and ledger reconciliation
- Foreign currency transactions and translation
- Current and deferred income tax accounting
- Intangible assets and journal entries
Financial statements15%- Statement of profit or loss and other comprehensive income
- Statement of cash flows
- Discrepancy detection and correction
- Statement of financial position
The accounting theory15%- Agency and contracting theories
- Historical cost vs other valuation methods
- Recognition criteria per conceptual framework
The financial reporting environment25%- Users and developments impacting reporting
- Accounting standards and policies
- Regulatory environment and reporting requirements
- Accounting regulation and GAAP/IFRS
- Conceptual framework and elements of financial statements
- Role of International Accounting Standards Board
- Types of business entity and structure

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

Which one of the following statements regarding the IASB's Conceptual Framework for Financial Reporting is correct?

  • A. It overrides any local or international accounting standard.
  • B. It specifies the concepts that underlie the preparation and presentation of special purpose financial statements.
  • C. It specifies the concepts that underlie the preparation and presentation of general purpose financial statements.
  • D. It specifies the concepts that underlie the preparation and presentation of only consolidated financial statements.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Which one of the following situations would result in either a new liability being recognised or an existing liability being increased?

  • A. A company recognises the depreciation expense for the current period.
  • B. A company pays only half of an overdue invoice.
  • C. A company establishes an asset revaluation reserve.
  • D. At the end of the reporting period, there are unpaid wages.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Which one of the following statements is correct?

  • A. Accounting standards prescribe the possible accounting treatments.
  • B. Australian accounting standards are based on the US GAAP.
  • C. Accounting standards are developed and maintained using a consultative process with the OECD.
  • D. Accounting standards provide the basic knowledge upon which the conceptual framework is developed.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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

  • A. national company law and national accounting standards.
  • B. national company law, national accounting standards and local stock exchange requirements.
  • C. company law, accounting standards, local stock exchange requirements and international accounting standards.
  • D. national company law and local stock exchange requirements.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

An example of voluntary reporting in Australia is a

  • A. statement of financial position.
  • B. statement of cash flows.
  • C. statement of comprehensive income.
  • D. sustainability report.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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