CPA Australia CPA Financial Accounting and Reporting - Financial-Accounting-and-Reporting Exam Practice Test
Which one of the following is the correct treatment of sales?
Correct Answer: D
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The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of
Correct Answer: B
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Which one of the following would be included in a statement of financial position?
Correct Answer: B
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The use of the principle of substance over form is found in which one of the following accounting treatments?
Correct Answer: D
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An element is recognised in the statement of financial position or statement of comprehensive income if
I.
the value of the item can be measured reliably.
II.
the value of the item can be measured accurately.
III.
it is certain that there will be future economic benefits associated with the item.
IV.
it is probable that there will be future economic benefits associated with the item.
Which of the above options are correct?
I.
the value of the item can be measured reliably.
II.
the value of the item can be measured accurately.
III.
it is certain that there will be future economic benefits associated with the item.
IV.
it is probable that there will be future economic benefits associated with the item.
Which of the above options are correct?
Correct Answer: A
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Which one of the following is not an advantage of accounting regulation?
Correct Answer: D
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The chairperson of XYZ Company is concerned about the readability of the annual financial report that is about to be published on its website. XYZ Company is obliged to comply with International Financial Reporting Standards, and the report contains all of the required financial statements, the auditor's report, corporate governance statements, declarations of accounting policy, explanatory notes and a section that addresses the company's corporate social responsibility program.
The chairperson is wondering whether the report can be condensed. The issue that is concerning the chairperson is known as
The chairperson is wondering whether the report can be condensed. The issue that is concerning the chairperson is known as
Correct Answer: C
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Which one of the following reports sets out how directors have run a company and if they implemented proper procedures to deal with matters like accountability, audits, directors' roles and responsibilities, internal controls and relations with shareholders?
Correct Answer: A
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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
Correct Answer: C
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Which one of the following parties provides information to ensure that the financial statements show a true and fair view?
Correct Answer: D
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