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CPA Australia CPA Financial Accounting and Reporting : Financial-Accounting-and-Reporting
- Exam Code: Financial-Accounting-and-Reporting
- Exam Name: CPA Financial Accounting and Reporting Exam
- Updated: Oct 12, 2026
- Q & A: 100 Questions and Answers
About CPA Australia CPA Financial Accounting and Reporting : Financial-Accounting-and-Reporting Exam
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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| The financial reporting environment | 25% | - Types of business entity and structure - Accounting standards and policies - Accounting regulation and GAAP/IFRS - Regulatory environment and reporting requirements - Role of International Accounting Standards Board - Conceptual framework and elements of financial statements - Users and developments impacting reporting |
| Business combinations | 13% | - Consolidated financial statements - Non-controlling interest and control concepts - Goodwill measurement and disclosure - Accounting issues for business combinations - Impairment and journal entries |
| Financial statements | 15% | - Discrepancy detection and correction - Statement of cash flows - Statement of profit or loss and other comprehensive income - Statement of financial position |
| Application of specific accounting standards | 22% | - Intangible assets and journal entries - Current and deferred income tax accounting - Revenue recognition and ledger reconciliation - Foreign currency transactions and translation |
| Analysis of financial statements | 10% | - Financial ratio calculation and interpretation - Limitations of financial statement analysis |
| The accounting theory | 15% | - Agency and contracting theories - Historical cost vs other valuation methods - Recognition criteria per conceptual framework |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Question #1
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 preparing a financial report for shareholders
- D. the cost of employing an internal auditor
Correct Answer: B 🗳️
Question #2
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 does not reflect all publicly available information whereas strong form efficiency does incorporate all publicly available information.
- C. Semi-strong form efficiency reflects all past price movements whereas strong form efficiency reflects future share price movements.
- D. Semi-strong form efficiency addresses operational efficiency whereas strong form efficiency aims to address allocative efficiency.
Correct Answer: A 🗳️
Question #3
A company purchased a machine 10 years ago for $143 890. It is expected that the machine will generate future revenues of $108 495. The machine could be scrapped for $81 232. An equivalent machine in the same condition would cost $94 950 to buy now. What is the deprival value of the asset?
- A. $94 950
- B. $35 395
- C. $81 232
- D. $108 495
Correct Answer: A 🗳️
Question #4
Which one of the following practices is not considered creative accounting?
- A. profit smoothing
- B. aggressive earnings management
- C. window dressing
- D. trading in derivatives
Correct Answer: D 🗳️
Question #5
Which one of the following is not an Australian Securities Exchange (ASX) principle of good corporate governance?
- A. Respect the rights of shareholders.
- B. Promote ethical and responsible decision-making.
- C. Remunerate fairly and responsibly.
- D. Safeguard the environment.
Correct Answer: D 🗳️
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