Free CPA Australia Financial-Accounting-and-Reporting Practice Test & Real Exam Questions
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.
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.
Correct Answer: A
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Which one of these is a key principle of good corporate governance?
Correct Answer: B
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A decision has been made to change the value of a major non-current asset, upon which depreciation is based, from original cost to a revalued amount. This results in a change in
Correct Answer: B
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A company sold some old operating equipment from its factory. After depreciation was accounted for, a small gain on sale was recorded. According to the revised IAS 1 Presentation of Financial Statements, this transaction will be shown as a separate item 'gain on sale of equipment'. This item will be shown in the statement of
Correct Answer: C
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Which one of the following situations would result in either a new liability being recognised or an existing liability being increased?
Correct Answer: B
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Which one of the following is not an Australian Securities Exchange (ASX) principle of good corporate governance?
Correct Answer: D
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Which one of the following examples would not represent an agency cost?
Correct Answer: A
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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?
Correct Answer: A
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The use of the principle of substance over form is found in which one of the following accounting treatments?
Correct Answer: A
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