Only need to practice for 20 to 30 hours

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Fast delivery in 5 to 10 minutes after payment

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Simulate the real exam

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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Venturer Ltd has received fees from venture capital activities and has engaged you as the accountant to prepare the financial report for 31 December 20X0. Unable to find a specific reference to venture capital fees in either the conceptual framework or the accounting standards, you establish the appropriate accounting treatment by

A) referring to the fundamental accounting assumptions and conventions.
B) consulting with the International Accounting Standards Board.
C) using your professional judgment and referring to generally accepted accounting principles and practice.
D) using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.

2. Restrictions on the scope of a specific accounting standard are stated in

A) the IASB's Conceptual Framework.
B) the explanatory materials provided by the AASB.
C) that specific standard.
D) various Statements of Accounting Concepts (SACs) issued by the AASB.

3. Which one of the following would be included in the statement of financial position?

A) deferred tax
B) distribution costs
C) depreciation
D) gains on property valuations

4. 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) positive accounting theory
B) general accounting theory
C) normative accounting theory
D) historical cost accounting theory

5. In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present

A) relevant and correct financial information to all interested shareholders.
B) comparable and accurate financial information to all shareholders.
C) understandable and clear financial information to all interested shareholders.
D) relevant and reliable financial information.

Solutions: