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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which one of the following statements differentiates semi-strong form efficiency from strong form efficiency in the context of the efficient market hypothesis?

A) Semi-strong form efficiency does not reflect all publicly available information whereas strong form efficiency does incorporate all publicly available information.
B) Semi-strong form efficiency does not reflect knowledge whereas strong form efficiency considers knowledge in addition to publicly available information and past price movements.
C) Semi-strong form efficiency reflects all past price movements whereas strong form efficiency reflects future share price movements.
D) Semi-strong form efficiency addresses operational efficiency whereas strong form efficiency aims to address allocative efficiency.

2. Which one of the following statements regarding the IASB's Conceptual Framework for Financial Reporting is correct?

A) It overrides any local or international accounting standard.
B) It specifies the concepts that underlie the preparation and presentation of special purpose financial statements.
C) It specifies the concepts that underlie the preparation and presentation of general purpose financial statements.
D) It specifies the concepts that underlie the preparation and presentation of only consolidated financial statements.

3. When business managers seek detailed information about the profitability or efficiency of different parts of their operations, they would find the most useful information in

A) financial statements as specified by IAS 1 Presentation of Financial Statements.
B) the company's accounting policies.
C) the annual financial report.
D) various management accounting reports.

4. Which one of the following bodies makes accounting standards in Australia?

A) FRC
B) IASB
C) ASIC
D) AASB

5. JK Ltd intentionally over-valued its closing inventories to increase profitability for the year 20X8. This would help them to better price a planned share issue in 20X9. By doing this they have breached the concept of

A) neutrality.
B) completeness.
C) understandability.
D) substance over form.

Solutions: