Exam Name: CPA Financial Accounting and Reporting Exam
Certification Provider: CPA Australia
Corresponding Certification: CPA Foundation Program
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Instant Download CPA Australia : Financial-Accounting-and-Reporting Questions & Answers as PDF & Test Engine
Updated: Sep 12, 2026
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- Total Questions: 100
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- Total Questions: 100
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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 |
| Passing Score: | Scaled pass mark 540 (on 100–900 scale) |
| Related Certifications: | CPA Program CPA Australia Associate Member |
| Exam Price: | AUD 388 (enrolment fee, may vary by region) |
| Real Exam Qty: | 100 |
| Exam Format: | Multiple choice |
| Available Languages: | English |
| Exam Duration: | 195 minutes |
| Sample Questions: | DOWNLOAD DEMO |
| 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 |
|---|---|---|
| Topic 1: The accounting theory | 15% | - Agency and contracting theories - Historical cost vs other valuation methods - Recognition criteria per conceptual framework |
| Topic 2: Financial statements | 15% | - Statement of financial position - Statement of cash flows - Statement of profit or loss and other comprehensive income - Discrepancy detection and correction |
| Topic 3: The financial reporting environment | 25% | - Regulatory environment and reporting requirements - Conceptual framework and elements of financial statements - Accounting regulation and GAAP/IFRS - Accounting standards and policies - Users and developments impacting reporting - Types of business entity and structure - Role of International Accounting Standards Board |
| Topic 4: Analysis of financial statements | 10% | - Limitations of financial statement analysis - Financial ratio calculation and interpretation |
| Topic 5: Application of specific accounting standards | 22% | - Foreign currency transactions and translation - Intangible assets and journal entries - Revenue recognition and ledger reconciliation - Current and deferred income tax accounting |
| Topic 6: Business combinations | 13% | - Goodwill measurement and disclosure - Consolidated financial statements - Accounting issues for business combinations - Non-controlling interest and control concepts - Impairment and journal entries |
FAQs for CPA Australia CPA Financial Accounting and Reporting Candidates
The Financial-Accounting-and-Reporting exam leads to the CPA Foundation Program certification from CPA Australia. It is positioned at the Foundation level. The exam validates the knowledge and skills expected of candidates preparing for CPA Australia CPA Financial Accounting and Reporting.
Related certifications include:
- CPA Australia Associate Member
- CPA Program
The Financial-Accounting-and-Reporting exam includes 100 questions and allows 195 minutes. Before test day, divide the available time by the number of questions in a timed practice set to establish a steady per-question pace. If a difficult item starts consuming too much time, mark it for review and move forward instead of losing momentum. A full timed practice session can help you decide when to move on, when to return, and how much buffer to reserve for a final check.
The passing score for Financial-Accounting-and-Reporting is Scaled pass mark 540 (on 100–900 scale), and the official exam fee is AUD 388 (enrolment fee, may vary by region). Because a retake requires paying the exam fee again, use timed practice results as a readiness check before scheduling your next attempt. If your performance remains inconsistent, continue reviewing weak domains and repeat a timed session before booking the exam.
No formal prerequisite; part of CPA Australia Foundation exams required for entry to the CPA Program. Eligibility assessed based on prior qualifications and competencies.
Eligibility rules can change, so confirm the current requirements on the official exam page before registering.
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The current Financial-Accounting-and-Reporting outline is organized into 6 top-level domains. The first listed areas include:
- The accounting theory (15%)
- Analysis of financial statements (10%)
- The financial reporting environment (25%)
Review the Exam Topics section above for the complete outline and any nested subtopics.
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
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 comprehensive income
- B. statement of cash flows
- C. statement of financial position
- D. statement of changes in equity
Correct Answer: B 🗳️
Which one of the following bodies makes accounting standards in Australia?
- A. ASIC
- B. IASB
- C. AASB
- D. FRC
Correct Answer: C 🗳️
Which one of the following is an accurate definition of fair value of an asset?
- A. The price for which an asset could be sold net of disposal costs.
- B. The price for which an asset could be sold in an orderly transaction between market participants at the measurement date.
- C. The cost of replacing an asset with an identical item.
- D. The amount yet to be written off over the remainder of the asset's useful life.
Correct Answer: B 🗳️
Which one of the following describes the key advantage of the manual system of accounting?
- A. A thorough understanding of the business can be gained through it.
- B. Corrections are easily managed as updating or recreating the whole document is not difficult.
- C. Processing is maintained at a reasonable speed even while dealing with large volumes of data.
- D. The quality of output is not necessarily an issue.
Correct Answer: A 🗳️
Which one of the following is a benefit of developing financial reporting standards using a conceptual framework?
- A. The interpretation of financial reporting standards by anybody would be easy.
- B. The financial statements based on these standards would be error-free.
- C. The interpretation of non-financial information is made easier.
- D. A financial reporting environment based on standardised principles would be created.
Correct Answer: D 🗳️
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