Free Aug-2022 UPDATED CPA Australia Financial-Accounting-and-Reporting Certification Exam Dumps is Online
CPA Australia Exam 2022 Financial-Accounting-and-Reporting Dumps Updated Questions
NEW QUESTION 50
A company's financial report is compliant with International Financial Reporting Standards. Where in the report would an investor find the amount of money received by the company for investment activities?
- A. statement of cash flows
- B. statement of comprehensive income
- C. statement of financial position
- D. statement of changes in equity
Answer: A
NEW QUESTION 51
Which one of the following best describes the objective of the International Financial Reporting Standards (IFRS) Foundation?
- A. to guide investors who compare the financial statements of one entity in one country with those of another entity located elsewhere
- B. to develop an International regulatory framework in the national jurisdictions of countries that produce accountants
- C. to co-ordinate the accounting profession on a global scale by issuing and establishing international standards
- D. to promote the application, convergence and use of International Financial Reporting Standards (IFRS) as a high quality reporting solution
Answer: D
NEW QUESTION 52
Liquidity of a company is based on its ability to
- A. meet short term commitments.
- B. pay dividends to shareholders.
- C. meet long term commitments.
- D. buy back shares.
Answer: A
NEW QUESTION 53
Which one of the following would be included in the statement of financial position?
- A. gains on property valuations
- B. deferred tax
- C. distribution costs
- D. depreciation
Answer: B
NEW QUESTION 54
According to the IASB's Conceptual Framework, the key reason general purpose financial statements are produced is to satisfy the information needs of
- A. employees.
- B. capital providers.
- C. management.
- D. internal users.
Answer: B
NEW QUESTION 55
The ability of a company to pay its bills when and as they fall due is a measure of
- A. economic value.
- B. compliance with the conceptual framework.
- C. solvency.
- D. the true and fair view of the financial report.
Answer: C
NEW QUESTION 56
Which one of these is a key principle of good corporate governance?
- A. restriction of shareholders' rights in decision-making
- B. non-disclosure of directors' agency relationship with the company
- C. effective management of the employees of the company
- D. effective communication with shareholders
Answer: D
NEW QUESTION 57
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 profit or loss and other comprehensive income
- C. notes to the financial statements
- D. statement of changes in equity
Answer: A
NEW QUESTION 58
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 generally accepted accounting principles and practice.
- B. consulting with the International Accounting Standards Board.
- C. referring to the fundamental accounting assumptions and conventions.
- D. using your professional judgment and referring to the conceptual framework's definitions and recognition criteria.
Answer: D
NEW QUESTION 59
The two fundamental qualitative characteristics of the financial information are
- A. relevance and faithful representation.
- B. verifiability and relevance.
- C. relevance and comparability.
- D. faithful representation and comparability.
Answer: A
NEW QUESTION 60
Which one of the following practices is not considered creative accounting?
- A. profit smoothing
- B. trading in derivatives
- C. window dressing
- D. aggressive earnings management
Answer: B
NEW QUESTION 61
Which one of the following shows whether the financial statements of a company show a true and fair presentation of the financial performance of the company?
- A. Statement of cash flows
- B. Auditor's Report
- C. Director's Report
- D. Corporate Governance Statement
Answer: B
NEW QUESTION 62
To be relevant, financial information has to
I)be provided in a timely manner.
II)comply with the going concern assumption.
III)have predictive and/or confirmatory value.
IV)exclude computations that are difficult to understand.
- A. II and III only
- B. III and IV only
- C. I and II only
- D. I and III only
Answer: D
NEW QUESTION 63
Which one of the following describes the key advantage of the manual system of accounting?
- A. Processing is maintained at a reasonable speed even while dealing with large volumes of data.
- B. Corrections are easily managed as updating or recreating the whole document is not difficult.
- C. A thorough understanding of the business can be gained through it.
- D. The quality of output is not necessarily an issue.
Answer: C
NEW QUESTION 64
In the context of a regulatory framework, a principles-based system
- A. removes any element of judgement by providing clear requirements.
- B. is a rule-driven approach.
- C. attempts to cover specific eventualities.
- D. provides a theoretical basis with broad terms of reference.
Answer: D
NEW QUESTION 65
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