CPA Australia Financial-Accounting-and-Reporting Dumps – The Sure Way To Pass Exam [Q16-Q33]

QUESTION 16
Which one of the following statements is correct about using judgement in the financial reporting process?

QUESTION 17
According to the Australian Accounting Standards Board, which one of the following is a benefit of adopting International Financial Reporting Standards (IFRSs)?

QUESTION 18
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

QUESTION 19
Which one of the following is not an Australian Securities Exchange (ASX) principle of good corporate governance?

QUESTION 20
When business managers seek detailed information about the profitability or efficiency of different parts of their operations, they would find the most useful information in

QUESTION 21
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

QUESTION 22
An element is recognised in the statement of financial position or statement of comprehensive income if
I.
the value of the item can be measured reliably.
II.
the value of the item can be measured accurately.
III.
it is certain that there will be future economic benefits associated with the item.
IV.
it is probable that there will be future economic benefits associated with the item.
Which of the above options are correct?

QUESTION 23
Which of the following are the stated objectives of the International Accounting Standards Board (IASB)?
I)Enforce accounting standards.
II)Develop accounting standards.
III)Work for convergence of accounting standards.

QUESTION 24
Which one of these is a disadvantage of a conceptual framework?

QUESTION 25
A rules-based approach to standard setting

QUESTION 26
Which one of the following statements is correct?

QUESTION 27
Which one of the following financial statements helps provide information about factors that might affect an entity’s liquidity or solvency?

QUESTION 28
Which one of the following situations would result in either a new liability being recognised or an existing liability being increased?

QUESTION 29
Which one of the following reports sets out how directors have run a company and if they implemented proper procedures to deal with matters like accountability, audits, directors’ roles and responsibilities, internal controls and relations with shareholders?

QUESTION 30
Which one of the following statements is not correct in respect of manual accounting systems?

QUESTION 31
Which one of the following statements regarding the IASB’s Conceptual Framework for Financial Reporting is correct?

QUESTION 32
In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present

QUESTION 33
According to IASB’s Conceptual Framework, an expense is a decrease in economic benefits in the form of
I.
outflows.
II.
decreases of assets.
III.
incurrences of liabilities.
IV.
contributions to equity holders.