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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

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

A) deferred tax
B) gains on property valuations
C) distribution costs
D) depreciation

2. Investors use the audited financial statements of a company to
I)evaluate the company's current return on assets
II)predict the company's market conditions for future years.
III)predict the company's market conditions for future years.
IV)make a judgement on the liquidity and solvency of the company.

A) I and IV only
B) II and III only
C) I and III only
D) III and IV only

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

4. Which of the following statements are correct in the context of accounting concepts and principles?
I)The going concern assumption requires that assets be carried at their cost values.
II)Prudence allows the creation of contingency reserves and more generous provisions.
III)Financial information is considered complete even if it excludes non-material information.
IV)Understandability does not require complex information to be excluded from financial reports.

A) II and III only
B) I and III only
C) III and IV only
D) II and IV only

5. In relation to financial statements, the 'true and fair override' indicates that

A) the true and fair requirement need not be complied with by certain industries.
B) statements need not always be true and accurate.
C) accounting standards must be complied with under all circumstances.
D) departure is allowed from accounting standards under specific instances to show a fair presentation.

Solutions: