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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 in relation to presenting the financial position of an entity?

A) Liquidity represents cash holdings, while solvency is long-term profitability.
B) Solvency is the availability of total assets over a long-term, while liquidity is the availability of total assets over the short-term to meet financial commitments as they fall due.
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C) Solvency is the availability of cash over the long-term, while liquidity is the availability of funds over the short-term to meet financial commitments as they fall due.
D) Liquidity is the ability to repay long-term financial commitments, whereas solvency is the ability to repay short-term commitments.

2. Which one of the following is the correct treatment of sales?

A) Cash and credit sales are recorded in the receivables ledger prior to posting to the general ledger.
B) Credit sales are not recorded in the receivables ledger prior to posting to the general ledger.
C) Credit sales are recorded in the receivables ledger prior to posting to the general ledger.
D) Cash sales are recorded in the receivables ledger prior to posting to the general ledger.

3. A company sold some old operating equipment from its factory. After depreciation was accounted for, a small gain on sale was recorded. According to the revised IAS 1 Presentation of Financial Statements, this transaction will be shown as a separate item 'gain on sale of equipment'. This item will be shown in the statement of

A) comprehensive income.
B) changes in equity.
C) financial position.
D) cash flow.

4. Which one of the following examples would not represent an agency cost?

A) the cost of employing an internal auditor
B) the cost of preparing a financial report for shareholders
C) the cost of engaging an external auditor
D) the cost of preparing a cost-benefit report for a new project

5. An agent is answerable under the contract to the agent's principal and must account for the resources of the agent's principal and the money the agent has gained working on the principal's behalf. In the context of agency, this definition describes an agent's

A) fiduciary duty.
B) accountability.
C) relationship.
D) contract.

Solutions: