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Updated: Aug 10, 2026
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CPA Australia Financial-Accounting-and-Reporting Exam Overview:
| Certification Vendor: | CPA Australia |
| Exam Name: | CPA Australia Financial Accounting and Reporting Exam |
| Exam Number: | Financial Accounting and Reporting |
| Exam Format: | Multiple choice |
| Real Exam Qty: | 100 |
| Available Languages: | English |
| Exam Duration: | 195 minutes |
| Passing Score: | Scaled pass mark 540 (on 100–900 scale) |
| Related Certifications: | CPA Australia Associate Member CPA Program |
| Exam Price: | AUD 388 (enrolment fee, may vary by region) |
| Sample Questions: | CPA Australia Financial-Accounting-and-Reporting Sample Questions |
| Exam Way: | Computer-based test centre exam (closed book, supervised by Pearson VUE; online proctored in some regions under conditions) with 100 multiple-choice questions; total time 195 minutes (3 hours 15 minutes) excluding introductory and survey components. |
| Pre Condition: | No formal prerequisite; part of CPA Australia Foundation exams required for entry to the CPA Program. Eligibility assessed based on prior qualifications and competencies. |
| 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 |
|---|---|---|
| Application of specific accounting standards | 22% | - Foreign currency transactions and translation - Current and deferred income tax accounting - Revenue recognition and ledger reconciliation - Intangible assets and journal entries |
| Financial statements | 15% | - Statement of profit or loss and other comprehensive income - Statement of financial position - Statement of cash flows - Discrepancy detection and correction |
| Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| The financial reporting environment | 25% | - Conceptual framework and elements of financial statements - Role of International Accounting Standards Board - Users and developments impacting reporting - Types of business entity and structure - Accounting standards and policies - Regulatory environment and reporting requirements - Accounting regulation and GAAP/IFRS |
| Business combinations | 13% | - Goodwill measurement and disclosure - Non-controlling interest and control concepts - Impairment and journal entries - Accounting issues for business combinations - Consolidated financial statements |
| The accounting theory | 15% | - Historical cost vs other valuation methods - Recognition criteria per conceptual framework - Agency and contracting theories |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following statements is not correct in respect of manual accounting systems?
A) Productivity in manual systems is lower than computer systems.
B) They are bulky to store compared to computer systems.
C) Risk of error is greater and the quality of outputs is inferior.
D) It is easy to make corrections.
2. A decrease in assets is most likely to be recognised in the financial report as
A) an expense.
B) a change in equity.
C) revenue earned.
D) a liability.
3. Which one of the following is not an advantage of accounting regulation?
A) It provides quality of information in and across financial statements.
B) It provides flexibility in the way accounting information is presented to users.
C) It instils public confidence in the accounting system employed in commerce and industry.
D) It provides the required accounting information to all necessary shareholders.
4. In relation to financial statements, the 'true and fair override' indicates that
A) the true and fair requirement need not be complied with by certain industries.
B) accounting standards must be complied with under all circumstances.
C) statements need not always be true and accurate.
D) departure is allowed from accounting standards under specific instances to show a fair presentation.
5. Financial markets have achieved operational efficiency when
A) the costs of financial transactions are kept as low as possible.
B) the cost of transactions is a reflection of the actual cost incurred.
C) past records are used to predict the future prices of goods.
D) the price of stocks and shares are available accurately and quickly.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: A |
CPA Australia Financial-Accounting-and-Reporting Exam Overview:
| Certification Vendor: | CPA Australia |
| Exam Name: | CPA Australia Financial Accounting and Reporting Exam |
| Exam Number: | Financial Accounting and Reporting |
| Exam Format: | Multiple choice |
| Real Exam Qty: | 100 |
| Available Languages: | English |
| Exam Duration: | 195 minutes |
| Passing Score: | Scaled pass mark 540 (on 100–900 scale) |
| Related Certifications: | CPA Australia Associate Member CPA Program |
| Exam Price: | AUD 388 (enrolment fee, may vary by region) |
| Sample Questions: | CPA Australia Financial-Accounting-and-Reporting Sample Questions |
| Exam Way: | Computer-based test centre exam (closed book, supervised by Pearson VUE; online proctored in some regions under conditions) with 100 multiple-choice questions; total time 195 minutes (3 hours 15 minutes) excluding introductory and survey components. |
| Pre Condition: | No formal prerequisite; part of CPA Australia Foundation exams required for entry to the CPA Program. Eligibility assessed based on prior qualifications and competencies. |
| 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 |
|---|---|---|
| Application of specific accounting standards | 22% | - Foreign currency transactions and translation - Current and deferred income tax accounting - Revenue recognition and ledger reconciliation - Intangible assets and journal entries |
| Financial statements | 15% | - Statement of profit or loss and other comprehensive income - Statement of financial position - Statement of cash flows - Discrepancy detection and correction |
| Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| The financial reporting environment | 25% | - Conceptual framework and elements of financial statements - Role of International Accounting Standards Board - Users and developments impacting reporting - Types of business entity and structure - Accounting standards and policies - Regulatory environment and reporting requirements - Accounting regulation and GAAP/IFRS |
| Business combinations | 13% | - Goodwill measurement and disclosure - Non-controlling interest and control concepts - Impairment and journal entries - Accounting issues for business combinations - Consolidated financial statements |
| The accounting theory | 15% | - Historical cost vs other valuation methods - Recognition criteria per conceptual framework - Agency and contracting theories |
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
1. Which one of the following statements is not correct in respect of manual accounting systems?
A) Productivity in manual systems is lower than computer systems.
B) They are bulky to store compared to computer systems.
C) Risk of error is greater and the quality of outputs is inferior.
D) It is easy to make corrections.
2. A decrease in assets is most likely to be recognised in the financial report as
A) an expense.
B) a change in equity.
C) revenue earned.
D) a liability.
3. Which one of the following is not an advantage of accounting regulation?
A) It provides quality of information in and across financial statements.
B) It provides flexibility in the way accounting information is presented to users.
C) It instils public confidence in the accounting system employed in commerce and industry.
D) It provides the required accounting information to all necessary shareholders.
4. In relation to financial statements, the 'true and fair override' indicates that
A) the true and fair requirement need not be complied with by certain industries.
B) accounting standards must be complied with under all circumstances.
C) statements need not always be true and accurate.
D) departure is allowed from accounting standards under specific instances to show a fair presentation.
5. Financial markets have achieved operational efficiency when
A) the costs of financial transactions are kept as low as possible.
B) the cost of transactions is a reflection of the actual cost incurred.
C) past records are used to predict the future prices of goods.
D) the price of stocks and shares are available accurately and quickly.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: A |
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