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CPA Australia Financial-Accounting-and-Reporting : CPA Financial Accounting and Reporting Exam
- Exam Code: Financial-Accounting-and-Reporting
- Exam Name: CPA Financial Accounting and Reporting Exam
- Updated: Sep 06, 2026
- Q & A: 100 Questions and Answers
About CPA Australia Financial-Accounting-and-Reporting Exam
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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Presentation of Financial Statements | 15% | - Statement of cash flows and notes - Statement of financial position - Statement of profit or loss and OCI |
| Impairment of Assets | 6% | - Impairment indicators and recoverable amount - Impairment testing and recognition |
| Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
| Business Combinations and Group Accounting | 20% | - Business combinations and goodwill - Consolidation principles and procedures - Non-controlling interests |
| Role and Regulatory Framework of Financial Reporting | 15% | - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting - Business entities and reporting obligations |
| Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Question #1
Which one of the following statements is correct?
- A. Liabilities are future obligations that will cause outflow of resources embodying economic benefits.
- B. Assets used for long-term operations are shown under working capital in the statement of financial position.
- C. A statement of financial position explains the reasons for movement of assets and liabilities through the accounting period.
- D. Current and non-current assets are shown as separate classifications in the statement of financial position.
Answer: D
Question #2
Which one of the following would be included in a statement of financial position?
- A. retained earnings
- B. cost of sales
- C. finance costs
- D. proceeds from long term borrowings
Answer: A
Question #3
A company sold some old operating equipment from its factory. After depreciation was accounted for, a small gain on sale was recorded. According to the revised IAS 1 Presentation of Financial Statements, this transaction will be shown as a separate item 'gain on sale of equipment'. This item will be shown in the statement of
- A. comprehensive income.
- B. changes in equity.
- C. financial position.
- D. cash flow.
Answer: A
Question #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 increase foreign investors' understanding of local financial reports
- B. to make it easier for tax authorities to calculate taxes on investors' overseas income
- C. to become a resource for developing nations who can easily adopt IFRSs as a full set of standards
- D. to enable the national government to control activities of foreign multinationals
Answer: A
Question #5
Which one of the following examples would not represent an agency cost?
- A. the cost of engaging an external auditor
- B. the cost of preparing a cost-benefit report for a new project
- C. the cost of employing an internal auditor
- D. the cost of preparing a financial report for shareholders
Answer: B
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