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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which one of these is a disadvantage of a conceptual framework?

A) It mandates the formats of various financial statements.
B) It increases the chances of political interference in the development of accounting standards.
C) A single framework is not suitable for all users of financial statements.
D) It replaces the established principles.

2. Which one of the following is the correct treatment of sales?

A) Credit sales are not recorded in the receivables ledger prior to posting to the general ledger.
B) Credit sales are recorded in the receivables ledger prior to posting to the general ledger.
C) Cash and credit sales are recorded in the receivables ledger prior to posting to the general ledger.
D) Cash sales are recorded in the receivables ledger prior to posting to the general ledger.

3. Which one of the following includes social reporting guidelines?

A) Generally Accepted Accounting Principles (GAAP)
B) Global Reporting Initiative (GRI)
C) International Accounting Standards (IAS)
D) International Financial Reporting Standards (IFRS)

4. Which one of the following bodies makes accounting standards in Australia?

A) AASB
B) IASB
C) FRC
D) ASIC

5. Which one of the following is not an advantage of accounting regulation?

A) It instils public confidence in the accounting system employed in commerce and industry.
B) It provides quality of information in and across financial statements.
C) It provides flexibility in the way accounting information is presented to users.
D) It provides the required accounting information to all necessary shareholders.

Solutions: