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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. According to IASB's Conceptual Framework, an expense is a decrease in economic benefits in the form of
I.
outflows.
II.
decreases of assets.
III.
incurrences of liabilities.
IV.
contributions to equity holders.

A) II, III and IV only
B) I, III and IV only
C) I, II and III only
D) I, II and IV only

2. Which one of the following is a benefit of developing financial reporting standards using a conceptual framework?

A) The interpretation of non-financial information is made easier.
B) A financial reporting environment based on standardised principles would be created.
C) The interpretation of financial reporting standards by anybody would be easy.
D) The financial statements based on these standards would be error-free.

3. The ability of a company to pay its bills when and as they fall due is a measure of

A) compliance with the conceptual framework.
B) solvency.
C) economic value.
D) the true and fair view of the financial report.

4. Which one of the following statements is correct in relation to presenting the financial position of an entity?

A) Liquidity is the ability to repay long-term financial commitments, whereas solvency is the ability to repay short-term commitments.
B) Liquidity represents cash holdings, while solvency is long-term profitability.
C) Solvency is the availability of cash over the long-term, while liquidity is the availability of funds over the short-term to meet financial commitments as they fall due.
D) Solvency is the availability of total assets over a long-term, while liquidity is the availability of total assets over the short-term to meet financial commitments as they fall due.
.

5. 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) prepayment of expenses
D) retained earnings

Solutions: