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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. The use of the principle of substance over form is found in which one of the following accounting treatments?

A) accounting for non-current assets
B) accounting for inventories
C) accounting for property, plant and equipment
D) accounting for finance leases

2. Which one of the following describes the key advantage of the manual system of accounting?

A) The quality of output is not necessarily an issue.
B) Processing is maintained at a reasonable speed even while dealing with large volumes of data.
C) Corrections are easily managed as updating or recreating the whole document is not difficult.
D) A thorough understanding of the business can be gained through it.

3. Which one of the following is an advantage of current purchasing power accounting?

A) It provides a stable monetary unit that values profit and capital.
B) It enables raw data to be just easily verifiable but not auditable.
C) It provides a clear use of indices which approximates the measurement of value.
D) It supposes that value of net assets clearly reflects general goods and services are bought once assets were released.

4. Which one of the following statements is not correct in respect of manual accounting systems?

A) Risk of error is greater and the quality of outputs is inferior.
B) They are bulky to store compared to computer systems.
C) It is easy to make corrections.
D) Productivity in manual systems is lower than computer systems.

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

Solutions: