Try CPA Australia : Financial-Accounting-and-Reporting valid & accurate questions and answers
Updated: Jul 24, 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 |
| Exam Price: | AUD 388 |
| Exam Format: | Multiple-choice questions, Closed-book |
| Related Certifications: | CPA Program CPA Australia Associate Membership |
| Certificate Validity Period: | 3 years |
| Passing Score: | 540 / 900 (60%) |
| Available Languages: | English |
| Exam Duration: | 195 minutes |
| Real Exam Qty: | 100 |
| 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: Revenue, Provisions and Liabilities | 14% | - Revenue from contracts with customers - Provisions, contingent liabilities and assets |
| Topic 2: Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
| Topic 3: Presentation of Financial Statements | 15% | - Statement of cash flows and notes - Statement of financial position - Statement of profit or loss and OCI |
| Topic 4: Role and Regulatory Framework of Financial Reporting | 15% | - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting - Business entities and reporting obligations |
| Topic 5: Business Combinations and Group Accounting | 20% | - Business combinations and goodwill - Consolidation principles and procedures - Non-controlling interests |
| Topic 6: Financial Instruments | 12% | - Classification and measurement - Recognition, derecognition and disclosure |
| Topic 7: Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. In a stock market that displays strong efficiency, share prices reflect all available
A) information about past changes in share prices.
B) public and inside information.
C) public information.
D) information about future expansion plans.
2. Which one of the following bodies makes accounting standards in Australia?
A) FRC
B) AASB
C) IASB
D) ASIC
3. The International Accounting Standards Board's Conceptual Framework for Financial Reporting for the preparation and presentation of financial statements is concerned with the information needs of most users, but not for each possible user.
Which one of the following stakeholders would not be one of the users that the Conceptual Framework is concerned about?
A) potential investors in the company
B) members of the public who have small investment holdings in the company
C) governments and regulatory bodies
D) a company's executive management
4. Which one of the following situations would result in either a new liability being recognised or an existing liability being increased?
A) A company recognises the depreciation expense for the current period.
B) A company pays only half of an overdue invoice.
C) At the end of the reporting period, there are unpaid wages.
D) A company establishes an asset revaluation reserve.
5. 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 preparing a cost-benefit report for a new project
C) the cost of engaging an external auditor
D) the cost of employing an internal auditor
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: B |
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