Study with Financial-Accounting-and-Reporting Actual Test Questions
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Updated: Sep 09, 2026
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CPA Australia Financial-Accounting-and-Reporting Exam Overview:
| Certification Vendor: | CPA Australia |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | Financial-Accounting-and-Reporting |
| Passing Score: | 540 / 900 (60%) |
| Exam Format: | Multiple-choice questions, Closed-book |
| Related Certifications: | CPA Program CPA Australia Associate Membership |
| Real Exam Qty: | 100 |
| Exam Duration: | 195 minutes |
| Certificate Validity Period: | 3 years |
| Available Languages: | English |
| Exam Price: | AUD 388 |
| Recommended Training: | CPA Australia Official Study Materials |
| Exam Registration: | Pearson VUE Scheduling CPA Australia Foundation Exam Registration |
| Sample Questions: | CPA Australia Financial-Accounting-and-Reporting Sample Questions |
| Exam Way: | Computer-based testing (CBT) at Pearson VUE test centres or online proctored |
| Pre Condition: | No formal prerequisite; required for entry into CPA Program if accounting background is insufficient |
| Official Syllabus URL: | https://www.cpaaustralia.com.au/become-a-cpa/cpa-program/foundation-exams/financial-accounting-and-reporting |
CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Presentation of Financial Statements | 15% | - Statement of financial position - Statement of cash flows and notes - Statement of profit or loss and OCI |
| Income Taxes | 18% | - Tax effects in financial statements - Current and deferred tax calculation |
| Business Combinations and Group Accounting | 20% | - Business combinations and goodwill - Consolidation principles and procedures - Non-controlling interests |
| Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Role and Regulatory Framework of Financial Reporting | 15% | - Business entities and reporting obligations - Regulatory environment and standards setting - Conceptual framework and qualitative characteristics |
| Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
The two fundamental qualitative characteristics of the financial information are
- A. verifiability and relevance.
- B. faithful representation and comparability.
- C. relevance and comparability.
- D. relevance and faithful representation.
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 cost-benefit report for a new project
- C. the cost of engaging an external auditor
- D. the cost of preparing a financial report for shareholders
To be relevant, financial information has to
I)be provided in a timely manner.
II)comply with the going concern assumption.
III)have predictive and/or confirmatory value.
IV)exclude computations that are difficult to understand.
- A. I and II only
- B. I and III only
- C. III and IV only
- D. II and III only
Which one of the following is a benefit of developing financial reporting standards using a conceptual framework?
- A. The interpretation of non-financial information is made easier.
- B. The financial statements based on these standards would be error-free.
- C. A financial reporting environment based on standardised principles would be created.
- D. The interpretation of financial reporting standards by anybody would be easy.
Which of the following are the stated objectives of the International Accounting Standards Board (IASB)?
I)Enforce accounting standards.
II)Develop accounting standards.
III)Work for convergence of accounting standards.
- A. I and II only
- B. I only
- C. II and III only
- D. III only
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