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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. A decrease in assets is most likely to be recognised in the financial report as

A) a change in equity.
B) a liability.
C) revenue earned.
D) an expense.

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

3. 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

A) consulting with the International Accounting Standards Board.
B) referring to the fundamental accounting assumptions and conventions.
C) using your professional judgment and referring to generally accepted accounting principles and practice.
D) using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.

4. Which one of the following is not a function of the trustees of the International Financial Reporting Standards Foundation (IFRS Foundation)?

A) ensuring the financing of the International Accounting Standards Board (IASB)
B) appointing the members of the International Accounting Standards Board (IASB)
C) providing suggestions on technical matters relating to accounting standards
D) promoting the application of International Financial Reporting Standards (IFRSs)

5. Liquidity of a company is based on its ability to

A) buy back shares.
B) pay dividends to shareholders.
C) meet short term commitments.
D) meet long term commitments.

Solutions: