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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
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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
| Topic 2: Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Topic 3: Business Combinations and Group Accounting | 20% | - Consolidation principles and procedures - Non-controlling interests - Business combinations and goodwill |
| Topic 4: Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Topic 5: Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Topic 6: Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting |
| Topic 7: 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:
Question #1
Liquidity of a company is based on its ability to
- A. pay dividends to shareholders.
- B. meet short term commitments.
- C. meet long term commitments.
- D. buy back shares.
Answer: B
Question #2
The objective of the International Accounting Standards Board (IASB) is to
- A. set International Financial Reporting Standards.
- B. enforce International Financial Reporting Standards.
- C. provide strategic advice to the International Financial Reporting Standards Advisory Council.
- D. oversee the standard setting process and International Financial Reporting Standards Advisory Council.
Answer: A
Question #3
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. Director's Report
- B. Statement of cash flows
- C. Corporate Governance Statement
- D. Auditor's Report
Answer: D
Question #4
A statement of comprehensive income reports on
- A. changes in financial position.
- B. financial position.
- C. financial performance.
- D. solvency.
Answer: C
Question #5
Which one of the following statements is correct?
- A. Accounting standards provide the basic knowledge upon which the conceptual framework is developed.
- B. Australian accounting standards are based on the US GAAP.
- C. Accounting standards prescribe the possible accounting treatments.
- D. Accounting standards are developed and maintained using a consultative process with the OECD.
Answer: C
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