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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial statements | 15% | - Statement of cash flows - Statement of profit or loss and other comprehensive income - Statement of financial position - Discrepancy detection and correction |
| Topic 2: The accounting theory | 15% | - Historical cost vs other valuation methods - Agency and contracting theories - Recognition criteria per conceptual framework |
| Topic 3: Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| Topic 4: Application of specific accounting standards | 22% | - Intangible assets and journal entries - Revenue recognition and ledger reconciliation - Current and deferred income tax accounting - Foreign currency transactions and translation |
| Topic 5: Business combinations | 13% | - Impairment and journal entries - Non-controlling interest and control concepts - Consolidated financial statements - Accounting issues for business combinations - Goodwill measurement and disclosure |
| Topic 6: The financial reporting environment | 25% | - Accounting regulation and GAAP/IFRS - Role of International Accounting Standards Board - Accounting standards and policies - Users and developments impacting reporting - Conceptual framework and elements of financial statements - Types of business entity and structure - Regulatory environment and reporting requirements |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of
- A. regulatory authorities.
- B. suppliers.
- C. tax agencies.
- D. investors.
Correct Answer: D 🗳️
Published financial statements are regulated by
- A. accounting and legal rules to ensure the provision of relevant and reliable financial information to shareholders.
- B. shareholders who specify the framework for the provision of consistent and comparable financial information for decision-making.
- C. International Financial Reporting Standards to ensure the provision of useful financial information to shareholders.
- D. rules to ensure the provision of consistent financial information to investors.
Correct Answer: A 🗳️
Which one of the following is not a principal motivation for creative accounting?
- A. benefits from shares and share options
- B. bonus-related pay
- C. personal incentives
- D. public good
Correct Answer: D 🗳️
In the context of a regulatory framework, a principles-based system
- A. provides a theoretical basis with broad terms of reference.
- B. removes any element of judgement by providing clear requirements.
- C. is a rule-driven approach.
- D. attempts to cover specific eventualities.
Correct Answer: A 🗳️
Which one of the following methods is not used for 'creative accounting'?
- A. profit smoothing
- B. off balance sheet financing
- C. window dressing
- D. aggressive debt management
Correct Answer: D 🗳️
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