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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Business Combinations and Group Accounting | 20% | - Business combinations and goodwill - Consolidation principles and procedures - Non-controlling interests |
| Role and Regulatory Framework of Financial Reporting | 15% | - Regulatory environment and standards setting - Conceptual framework and qualitative characteristics - Business entities and reporting obligations |
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Presentation of Financial Statements | 15% | - Statement of profit or loss and OCI - Statement of financial position - Statement of cash flows and notes |
| Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
| Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Which one of these is a key principle of good corporate governance?
- A. effective management of the employees of the company
- B. restriction of shareholders' rights in decision-making
- C. non-disclosure of directors' agency relationship with the company
- D. effective communication with shareholders
Financial information is reliable if it
I)prefers substance over legal form.
II)is neutral and without any material error.
III)is complete and has been made with prudence.
IV)is understandable to those with no knowledge of accounting.
- A. I, II and IV only
- B. II, III and IV only
- C. I, II and III only
- D. I, III and IV only
Which one of the following examples would not represent an agency cost?
- A. the cost of preparing a financial report for shareholders
- B. the cost of employing an internal auditor
- C. the cost of engaging an external auditor
- D. the cost of preparing a cost-benefit report for a new project
Financial markets have achieved operational efficiency when
- A. the costs of financial transactions are kept as low as possible.
- B. past records are used to predict the future prices of goods.
- C. the cost of transactions is a reflection of the actual cost incurred.
- D. the price of stocks and shares are available accurately and quickly.
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 reflects all past price movements whereas strong form efficiency reflects future share price movements.
- B. Semi-strong form efficiency addresses operational efficiency whereas strong form efficiency aims to address allocative efficiency.
- C. Semi-strong form efficiency does not reflect all publicly available information whereas strong form efficiency does incorporate all publicly available information.
- D. Semi-strong form efficiency does not reflect knowledge whereas strong form efficiency considers knowledge in addition to publicly available information and past price movements.
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