Study with Financial-Accounting-and-Reporting Actual Test Questions
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Last Updated: Sep 09, 2026
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The CPA Australia CPA Financial Accounting and Reporting exam is known for tricky wording and broad coverage. Working through 100 practice questions at Actualtests4sure exposes your weak spots before they can cost you on exam day.
CPA Australia Financial-Accounting-and-Reporting Exam Overview:
| Certification Vendor: | CPA Australia |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | Financial-Accounting-and-Reporting |
| Exam Price: | AUD 388 |
| Certificate Validity Period: | 3 years |
| Related Certifications: | CPA Program CPA Australia Associate Membership |
| Passing Score: | 540 / 900 (60%) |
| Real Exam Qty: | 100 |
| Available Languages: | English |
| Exam Duration: | 195 minutes |
| Exam Format: | Closed-book, Multiple-choice questions |
| 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 |
|---|---|---|
| Topic 1: Role and Regulatory Framework of Financial Reporting | 15% | - Conceptual framework and qualitative characteristics - Business entities and reporting obligations - Regulatory environment and standards setting |
| Topic 2: Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
| Topic 3: Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Topic 4: Impairment of Assets | 6% | - Impairment indicators and recoverable amount - Impairment testing and recognition |
| Topic 5: Income Taxes | 18% | - Tax effects in financial statements - Current and deferred tax calculation |
| Topic 6: Business Combinations and Group Accounting | 20% | - Consolidation principles and procedures - Business combinations and goodwill - Non-controlling interests |
| Topic 7: Presentation of Financial Statements | 15% | - Statement of financial position - Statement of profit or loss and OCI - Statement of cash flows and notes |
Financial-Accounting-and-Reporting Exam FAQ: What Candidates Ask Most
The CPA Australia Financial-Accounting-and-Reporting exam, officially titled CPA Financial Accounting and Reporting Exam, is the required test for earning the CPA Foundation Program certification, a credential at the Foundation level. Passing it validates the skills CPA Australia expects from certified professionals, and it can also support progress toward related credentials such as CPA Program, CPA Australia Associate Membership.
The Financial-Accounting-and-Reporting exam includes 100 questions, and you have 195 minutes to complete it. Before exam day, divide the available time by the question count so you know the pace you need to hold, and practice flagging time-consuming items for review instead of stalling on a single question. Timed sessions in the Actualtests4sure test engine are the easiest way to build that rhythm before it counts.
You need 540 / 900 (60%) to pass the Financial-Accounting-and-Reporting exam, and the official registration fee is AUD 388. Keep in mind that a failed attempt means paying that fee in full again for a retake, so avoid booking your seat on a hunch. Work through the Actualtests4sure practice test until your scores sit comfortably above the passing requirement before you schedule the exam.
CPA Australia asks candidates to meet the following requirement before registering: No formal prerequisite; required for entry into CPA Program if accounting background is insufficient. Exam policies do change, so confirm the latest details on the official exam page at https://www.cpaaustralia.com.au/become-a-cpa/cpa-program/foundation-exams/financial-accounting-and-reporting before you book.
You can book your seat through the official registration channels below:
The Financial-Accounting-and-Reporting exam is delivered in the following format: Computer-based testing (CBT) at Pearson VUE test centres or online proctored.
What official training does CPA Australia recommend for the Financial-Accounting-and-Reporting exam?
CPA Australia recommends the following official training for this exam:
A course builds the theory; practice turns it into exam-day performance. Once you finish a class, the 100 practice questions from Actualtests4sure show you how the same knowledge appears in exam-style items.
Yes. Actualtests4sure offers a free PDF demo of the CPA Australia CPA Financial Accounting and Reporting practice questions, so you can judge the quality and format before purchasing. After you buy, your purchase includes 365 days of free updates; if the product expires after that period, you can extend the update service at a 50% discount from your member zone.
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The CPA Australia CPA Financial Accounting and Reporting exam is organized into 7 major domains. Some of the key domains include:
- Presentation of Financial Statements, accounting for 15% of the exam
- Business Combinations and Group Accounting, accounting for 20% of the exam
- Role and Regulatory Framework of Financial Reporting, accounting for 15% of the exam
Scroll up to the Exam Topics section for the complete breakdown, and use it to plan how much study time each domain deserves.
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
PLO Advertising Ltd (PLO) buys a new stretch limousine for $40 000. A number of individuals have expressed an interest in buying the limousine from PLO for $60 000. The board members decide that the limousine is worth between $65 000 and $70 000. What is the fair value of the limousine?
- A. $40 000
- B. $65 000
- C. $70 000
- D. $60 000
Correct Answer: D 🗳️
As per the International Accounting Standards Board conceptual framework, which of the following holds the primary responsibility for preparing and presenting financial statements?
I)owners
II)auditors
III)directors
- A. I and II only
- B. I only
- C. II and III only
- D. III only
Correct Answer: D 🗳️
Which one of the following is not a principal motivation for creative accounting?
- A. public good
- B. bonus-related pay
- C. benefits from shares and share options
- D. personal incentives
Correct Answer: A 🗳️
Financial markets have achieved operational efficiency when
- A. past records are used to predict the future prices of goods.
- B. the price of stocks and shares are available accurately and quickly.
- C. the costs of financial transactions are kept as low as possible.
- D. the cost of transactions is a reflection of the actual cost incurred.
Correct Answer: C 🗳️
Which one of the following statements is correct?
- A. A statement of financial position explains the reasons for movement of assets and liabilities through the accounting period.
- B. Liabilities are future obligations that will cause outflow of resources embodying economic benefits.
- C. Assets used for long-term operations are shown under working capital in the statement of financial position.
- D. Current and non-current assets are shown as separate classifications in the statement of financial position.
Correct Answer: D 🗳️
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