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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which one of the following statements differentiates semi-strong form efficiency from strong form efficiency in the context of the efficient market hypothesis?

A) Semi-strong form efficiency addresses operational efficiency whereas strong form efficiency aims to address allocative efficiency.
B) Semi-strong form efficiency does not reflect knowledge whereas strong form efficiency considers knowledge in addition to publicly available information and past price movements.
C) Semi-strong form efficiency reflects all past price movements whereas strong form efficiency reflects future share price movements.
D) Semi-strong form efficiency does not reflect all publicly available information whereas strong form efficiency does incorporate all publicly available information.

2. Which one of the following statements is correct about using judgement in the financial reporting process?

A) Accountants should not be allowed to use their own judgement.
B) A true and fair view cannot be assured if individual judgement is allowed.
C) Judgement can be allowed in the statement of comprehensive income but not in the statement of financial position.
D) Use of individual judgement is required to choose between alternative methods available within accounting standards.

3. Venturer Ltd has received fees from venture capital activities and has engaged you as the accountant to prepare the financial report for 31 December 20X0. Unable to find a specific reference to venture capital fees in either the conceptual framework or the accounting standards, you establish the appropriate accounting treatment by

A) using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.
B) using your professional judgment and referring to generally accepted accounting principles and practice.
C) consulting with the International Accounting Standards Board.
D) referring to the fundamental accounting assumptions and conventions.

4. You assumed the role as the Chairperson of the Board of Directors of Daylight Ltd. As you start to write your first directors' report, which one of the following areas are you not required to include in your report?

A) Details regarding accounting policies pursued by Daylight in preparation of its financial statements.
B) Details regarding any significant changes to Daylight's state of affairs for the year that just ended.
C) Details of any dividends paid or proposed.
D) Review of operations of Daylight during the year just ended and any likely developments in the future that may impact Daylight.

5. Which one of the following financial statements helps provide information about factors that might affect an entity's liquidity or solvency?

A) statement of cash flows
B) statement of changes in equity
C) notes to the financial statements
D) statement of profit or loss and other comprehensive income

Solutions: