Free Financial-Accounting-and-Reporting Questions for CPA Australia CPA Financial Accounting and Reporting Financial-Accounting-and-Reporting Exam as PDF & Practice Test Engine
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'?
Correct Answer: A
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Which one of the following would be included in a statement of financial position?
Correct Answer: B
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An element is recognised in the statement of financial position or statement of comprehensive income if
I.
the value of the item can be measured reliably.
II.
the value of the item can be measured accurately.
III.
it is certain that there will be future economic benefits associated with the item.
IV.
it is probable that there will be future economic benefits associated with the item.
Which of the above options are correct?
I.
the value of the item can be measured reliably.
II.
the value of the item can be measured accurately.
III.
it is certain that there will be future economic benefits associated with the item.
IV.
it is probable that there will be future economic benefits associated with the item.
Which of the above options are correct?
Correct Answer: C
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You assumed the role as the Chairperson of the Board of Directors of Daylight Ltd. As you start to write your first directors' report, which one of the following areas are you not required to include in your report?
Correct Answer: B
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Which one of the following is not a principal motivation for creative accounting?
Correct Answer: C
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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
Correct Answer: D
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A multinational company is converting the methodology of reporting by its subsidiaries in various countries to make it uniform with the requirements of the International Financial Reporting Standards (IFRS). While changing the reporting methodologies, accountants have to apply certain judgments.
Which one of the following is not a valid motivation for decision making on reporting methodologies?
Which one of the following is not a valid motivation for decision making on reporting methodologies?
Correct Answer: C
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Which one of the following is an advantage of current purchasing power accounting?
Correct Answer: A
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Which one of the following is an accurate definition of fair value of an asset?
Correct Answer: A
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The Framework for the Preparation and Presentation of Financial Statements which assists the development of the International Financial Reporting Standards (IFRS) was originally approved by the
Correct Answer: A
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