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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Objectives |
| Topic 1: Financial Statement Analysis and Interpretation | - Analysis techniques
- 1. Trend and comparative analysis
- 2. Ratio analysis
|
| Topic 2: Consolidated Financial Statements | - Group accounting
- 1. Business combinations
- 2. Goodwill recognition and impairment
- 3. Non-controlling interests
|
| Topic 3: Financial Statements | - Preparation and presentation
- 1. Statement of profit or loss and other comprehensive income
- 2. Statement of financial position
- 3. Statement of cash flows
|
| Topic 4: Financial Reporting Framework | - Conceptual framework for financial reporting
- 1. Recognition and measurement principles
- 2. Qualitative characteristics of financial information
|
| Topic 5: Revenue Recognition | - Revenue from contracts with customers
- 1. Timing of revenue recognition
- 2. Identification of performance obligations
|
| Topic 6: Assets | - Asset recognition and measurement
- 1. Property, plant and equipment
- 2. Inventories
- 3. Intangible assets
- 4. Impairment of assets
|
| Topic 7: Liabilities and Equity | - Financial instruments and obligations
- 1. Provisions and contingencies
- 2. Borrowing costs
- 3. Equity instruments
|
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following is not an advantage of accounting regulation?
A) It provides the required accounting information to all necessary shareholders.
B) It instils public confidence in the accounting system employed in commerce and industry.
C) It provides flexibility in the way accounting information is presented to users.
D) It provides quality of information in and across financial statements.
2. LMN Ltd recently changed the measurement base for their assets. They should I)treat this like a change in an estimate.
II)treat this like a change in the accounting policy.
III)disclose this in the notes to financial statements.
A) I and III only
B) I only
C) II and III only
D) III only
3. When business managers seek detailed information about the profitability or efficiency of different parts of their operations, they would find the most useful information in
A) the company's accounting policies.
B) the annual financial report.
C) various management accounting reports.
D) financial statements as specified by IAS 1 Presentation of Financial Statements.
4. According to the IASB's Conceptual Framework, the key reason general purpose financial statements are produced is to satisfy the information needs of
A) capital providers.
B) internal users.
C) management.
D) employees.
5. The Framework for the Preparation and Presentation of Financial Statements which assists the development of the International Financial Reporting Standards (IFRS) was originally approved by the
A) IFRS Interpretations Committee (IFRIC).
B) International Accounting Standards Committee (IASC).
C) International Accounting Standards Board (IASB).
D) International Federation of Accountants (IFAC).
Solutions:
Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: A | Question # 5 Answer: B |