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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Income Taxes | 18% | - Tax effects in financial statements - Current and deferred tax calculation |
| Business Combinations and Group Accounting | 20% | - Consolidation principles and procedures - Business combinations and goodwill - Non-controlling interests |
| Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Role and Regulatory Framework of Financial Reporting | 15% | - Regulatory environment and standards setting - Conceptual framework and qualitative characteristics - Business entities and reporting obligations |
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Presentation of Financial Statements | 15% | - Statement of cash flows and notes - Statement of financial position - Statement of profit or loss and OCI |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following shows whether the financial statements of a company show a true and fair presentation of the financial performance of the company?
A) Corporate Governance Statement
B) Auditor's Report
C) Director's Report
D) Statement of cash flows
2. Published financial statements are regulated by
A) rules to ensure the provision of consistent financial information to investors.
B) accounting and legal rules to ensure the provision of relevant and reliable financial information to shareholders.
C) shareholders who specify the framework for the provision of consistent and comparable financial information for decision-making.
D) International Financial Reporting Standards to ensure the provision of useful financial information to shareholders.
3. Which of the following are the stated objectives of the International Accounting Standards Board (IASB)?
I)Enforce accounting standards.
II)Develop accounting standards.
III)Work for convergence of accounting standards.
A) I only
B) II and III only
C) I and II only
D) III only
4. To be relevant, financial information has to
I)be provided in a timely manner.
II)comply with the going concern assumption.
III)have predictive and/or confirmatory value.
IV)exclude computations that are difficult to understand.
A) I and III only
B) II and III only
C) I and II only
D) III and IV only
5. Which one of the following is the correct treatment of sales?
A) Cash sales are recorded in the receivables ledger prior to posting to the general ledger.
B) Cash and credit sales are recorded in the receivables ledger prior to posting to the general ledger.
C) Credit sales are not recorded in the receivables ledger prior to posting to the general ledger.
D) Credit sales are recorded in the receivables ledger prior to posting to the general ledger.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: D |






