Higher Test Marks with Free Online Financial-Accounting-and-Reporting Exam Practice

Assess the CertsIQ’s updated Financial-Accounting-and-Reporting exam questions for free online practice of your CPA Financial Accounting and Reporting test. Our Financial Accounting and Reporting dumps questions will enhance your chances of passing the CPA Australia Certification certification exam with higher marks.

Question 1

Liquidity of a company is based on its ability to

Options :

A : buy back shares.

B : meet long term commitments.

C : pay dividends to shareholders.

D : meet short term commitments.

Answer: D

Question 2

In the context of a regulatory framework, a principles-based system

Options :

A : is a rule-driven approach.

B : attempts to cover specific eventualities.

C : provides a theoretical basis with broad terms of reference.

D : removes any element of judgement by providing clear requirements.

Answer: C

Question 3

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?

Options :

A : $35 395

B : $81 232

C : $94 950

D : $108 495

Answer: C

Question 4

Which one of the following is not a function of the trustees of the International Financial Reporting Standards Foundation (IFRS Foundation)?

Options :

A : ensuring the financing of the International Accounting Standards Board (IASB)

B : appointing the members of the International Accounting Standards Board (IASB)

C : promoting the application of International Financial Reporting Standards (IFRSs)

D : providing suggestions on technical matters relating to accounting standards

Answer: D

Question 5

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

Options :

A : that specific standard.

B : the IASB's Conceptual Framework.

C : the explanatory materials provided by the AASB.

D : various Statements of Accounting Concepts (SACs) issued by the AASB.

Answer: A