Free CPA Australia Financial-Accounting-and-Reporting Exam Dumps Questions & Answers

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?

• A.director's report
• B.corporate governance statement
• C.corporate social responsibility report
• D.chairman's statement

In a strong efficient market, the finance manager will

• A.analyse historical data on takeover targets.
• B.develop strategies to disclose the company's profit or loss.
• C.employ analysts to determine the best time to issue shares.
• D.maximise the net present value of the firm's investments.

The use of the principle of substance over form is found in which one of the following accounting treatments?

• A.accounting for property, plant and equipment
• B.accounting for inventories
• C.accounting for finance leases
• D.accounting for non-current assets

Variations in the regulatory regime over financial reporting in different countries is attributable to a range of differences including

• A.company structures, ownership, local culture and the level of development of the country.
• B.the needs of investors, creditors, employees, lending institutions and taxation authorities.
• C.consumer laws, taxation requirements and the extent to which the country has adopted international financial reporting standards.
• D.the extent to which the country has adopted international financial reporting standards and the requirements of local securities exchange.

Generally accepted accounting practice recognises revenue when

• A.goods are produced.
• B.cash is received for the goods.
• C.goods are dispatched to the customer.
• D.customers order goods.