CPA Australia Financial-Accounting-and-Reporting

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

CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which one of the following statements is correct?

A) Accounting standards are developed and maintained using a consultative process with the OECD.
B) Accounting standards prescribe the possible accounting treatments.
C) Australian accounting standards are based on the US GAAP.
D) Accounting standards provide the basic knowledge upon which the conceptual framework is developed.

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

A) cost of sales
B) finance costs
C) retained earnings
D) proceeds from long term borrowings

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) $108 495
C) $35 395
D) $81 232

4. What is the difference between positive and normative accounting theories?

A) Normative accounting theory predicts what is expected to occur rather than explaining what should occur.
B) Normative accounting theory specifies the prediction rules for items.
C) Normative accounting theory explains what should occur instead of predicting what is expected to occur.
D) Positive accounting theory explains what should occur.

5. Which one of the following is not an Australian Securities Exchange (ASX) principle of good corporate governance?

A) Remunerate fairly and responsibly.
B) Promote ethical and responsible decision-making.
C) Respect the rights of shareholders.
D) Safeguard the environment.

Solutions: