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CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:

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

2. A company purchased a machine 10 years ago for $143 890. It is expected that the machine will generate future revenues of $108 495. The machine could be scrapped for $81 232. An equivalent machine in the same condition would cost $94 950 to buy now. What is the deprival value of the asset?

A) $94 950
B) $108 495
C) $81 232
D) $35 395

3. The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of

A) suppliers.
B) regulatory authorities.
C) tax agencies.
D) investors.

4. Restrictions on the scope of a specific accounting standard are stated in

A) the IASB's Conceptual Framework.
B) various Statements of Accounting Concepts (SACs) issued by the AASB.
C) that specific standard.
D) the explanatory materials provided by the AASB.

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

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

Solutions: