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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial statements | 15% | - Discrepancy detection and correction - Statement of financial position - Statement of cash flows - Statement of profit or loss and other comprehensive income |
| Topic 2: Business combinations | 13% | - Impairment and journal entries - Goodwill measurement and disclosure - Accounting issues for business combinations - Non-controlling interest and control concepts - Consolidated financial statements |
| Topic 3: Analysis of financial statements | 10% | - Financial ratio calculation and interpretation - Limitations of financial statement analysis |
| Topic 4: The financial reporting environment | 25% | - Role of International Accounting Standards Board - Types of business entity and structure - Regulatory environment and reporting requirements - Conceptual framework and elements of financial statements - Users and developments impacting reporting - Accounting standards and policies - Accounting regulation and GAAP/IFRS |
| Topic 5: Application of specific accounting standards | 22% | - Intangible assets and journal entries - Foreign currency transactions and translation - Revenue recognition and ledger reconciliation - Current and deferred income tax accounting |
| Topic 6: The accounting theory | 15% | - Historical cost vs other valuation methods - Recognition criteria per conceptual framework - Agency and contracting theories |
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) consulting with the International Accounting Standards Board.
B) referring to the fundamental accounting assumptions and conventions.
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. 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) $81 232
C) $35 395
D) $108 495
3. Generally accepted accounting practice recognises revenue when
A) customers order goods.
B) goods are dispatched to the customer.
C) cash is received for the goods.
D) goods are produced.
4. X was influenced by G Co's audit report and dividend declaration, and decided to invest in the securities of the company. What should X be cautious about before investing in the shares of the company?
X should be aware that
A) a declaration of dividend is the ultimate measure of a company's profitability.
B) the auditor's report is influenced by the directors.
C) the declaration of dividends assures high earnings per share.
D) the auditor's report refers to the company's prior year financials.
5. A decision has been made to change the value of a major non-current asset, upon which depreciation is based, from original cost to a revalued amount. This results in a change in
A) measurement basis and must be disclosed.
B) accounting estimate and must be disclosed.
C) accounting estimate and does not need to be disclosed.
D) measurement basis and does not need to be disclosed.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: A |
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