New 2023 Financial-Accounting-and-Reporting Dumps for CPA Foundation Program Certified Exam Questions and Answer
Realistic Verified Financial-Accounting-and-Reporting exam dumps Q&As - Financial-Accounting-and-Reporting Free Update
NEW QUESTION 51
Which one of the following is not a function of the trustees of the International Financial Reporting Standards Foundation (IFRS Foundation)?
- A. providing suggestions on technical matters relating to accounting standards
- B. promoting the application of International Financial Reporting Standards (IFRSs)
- C. appointing the members of the International Accounting Standards Board (IASB)
- D. ensuring the financing of the International Accounting Standards Board (IASB)
Answer: A
NEW QUESTION 52
The chairperson of XYZ Company is concerned about the readability of the annual financial report that is about to be published on its website. XYZ Company is obliged to comply with International Financial Reporting Standards, and the report contains all of the required financial statements, the auditor's report, corporate governance statements, declarations of accounting policy, explanatory notes and a section that addresses the company's corporate social responsibility program.
The chairperson is wondering whether the report can be condensed. The issue that is concerning the chairperson is known as
- A. the agency costs of monitoring.
- B. the costs of social responsibility reporting.
- C. the cost of compliance.
- D. information overload.
Answer: D
NEW QUESTION 53
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. International Accounting Standards Committee (IASC).
- B. IFRS Interpretations Committee (IFRIC).
- C. International Accounting Standards Board (IASB).
- D. International Federation of Accountants (IFAC).
Answer: A
NEW QUESTION 54
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 and II only
- B. I only
- C. III only
- D. II and III only
Answer: D
NEW QUESTION 55
JK Ltd intentionally over-valued its closing inventories to increase profitability for the year 20X8. This would help them to better price a planned share issue in 20X9. By doing this they have breached the concept of
- A. understandability.
- B. substance over form.
- C. neutrality.
- D. completeness.
Answer: C
NEW QUESTION 56
A company's financial report is compliant with International Financial Reporting Standards. Where in the report would an investor find the amount of money received by the company for investment activities?
- A. statement of changes in equity
- B. statement of financial position
- C. statement of comprehensive income
- D. statement of cash flows
Answer: D
NEW QUESTION 57
The International Federation of Accountants (IFAC) was established by
- A. the United Nations.
- B. various professional accounting bodies.
- C. the Organization for Economic Co-operation & Development.
- D. the International Accounting Standards Board.
Answer: B
NEW QUESTION 58
An example of voluntary reporting in Australia is a
- A. statement of financial position.
- B. statement of comprehensive income.
- C. sustainability report.
- D. statement of cash flows.
Answer: C
NEW QUESTION 59
Which one of the following best describes the objective of the International Financial Reporting Standards (IFRS) Foundation?
- A. to promote the application, convergence and use of International Financial Reporting Standards (IFRS) as a high quality reporting solution
- B. to co-ordinate the accounting profession on a global scale by issuing and establishing international standards
- C. to guide investors who compare the financial statements of one entity in one country with those of another entity located elsewhere
- D. to develop an International regulatory framework in the national jurisdictions of countries that produce accountants
Answer: A
NEW QUESTION 60
Which one of the following is an objective of the International Federation of Accountants (IFAC)?
- A. to provide direction to the Financial Accounting Standards Board (FASB)
- B. to establish high quality professional standards in accountancy
- C. to issue new international financial reporting standards (IFRS)
- D. to provide advice on accounting standards to the OECD
Answer: B
NEW QUESTION 61
Which accounting theory is best described by the statement 'An approach to accounting is one where a theory is thought of as a body of knowledge that explains and attempts to predict actual accounting practice'?
- A. historical cost accounting theory
- B. general accounting theory
- C. positive accounting theory
- D. normative accounting theory
Answer: C
NEW QUESTION 62
Generally accepted accounting practice recognises revenue when
- A. cash is received for the goods.
- B. customers order goods.
- C. goods are dispatched to the customer.
- D. goods are produced.
Answer: C
NEW QUESTION 63
Which one of the following statements differentiates semi-strong form efficiency from strong form efficiency in the context of the efficient market hypothesis?
- A. Semi-strong form efficiency does not reflect knowledge whereas strong form efficiency considers knowledge in addition to publicly available information and past price movements.
- B. Semi-strong form efficiency addresses operational efficiency whereas strong form efficiency aims to address allocative efficiency.
- C. Semi-strong form efficiency does not reflect all publicly available information whereas strong form efficiency does incorporate all publicly available information.
- D. Semi-strong form efficiency reflects all past price movements whereas strong form efficiency reflects future share price movements.
Answer: A
NEW QUESTION 64
Which one of the following is not an Australian Securities Exchange (ASX) principle of good corporate governance?
- A. Promote ethical and responsible decision-making.
- B. Safeguard the environment.
- C. Respect the rights of shareholders.
- D. Remunerate fairly and responsibly.
Answer: B
NEW QUESTION 65
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. financial position.
- C. changes in equity.
- D. cash flow.
Answer: A
NEW QUESTION 66
A statement of generally accepted theoretical principles which form the frame of reference for financial reporting refers to the
- A. International Financial Reporting Standards.
- B. Conceptual Framework.
- C. Generally Accepted Accounting Principles.
- D. Regulatory Framework.
Answer: B
NEW QUESTION 67
Which one of the following is the correct treatment of sales?
- A. Credit sales are recorded in the receivables ledger prior to posting to the general ledger.
- B. Credit sales are not recorded in the receivables ledger prior to posting to the general ledger.
- C. Cash and credit sales are recorded in the receivables ledger prior to posting to the general ledger.
- D. Cash sales are recorded in the receivables ledger prior to posting to the general ledger.
Answer: A
NEW QUESTION 68
Which one of the following bodies makes accounting standards in Australia?
- A. AASB
- B. ASIC
- C. IASB
- D. FRC
Answer: A
NEW QUESTION 69
The two fundamental qualitative characteristics of the financial information are
- A. verifiability and relevance.
- B. relevance and faithful representation.
- C. faithful representation and comparability.
- D. relevance and comparability.
Answer: B
NEW QUESTION 70
Which one of the following would be recognised in the statement of profit or loss and other comprehensive income?
- A. inventory
- B. employee wages
- C. retained earnings
- D. prepayment of expenses
Answer: B
NEW QUESTION 71
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