Exam Name: Financial Reporting
Certification Provider: CPA
Corresponding Certification: Certified Public Accountant
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- Total Questions: 80
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CPA FR Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Select Transactions | 25-35% | - Leases and financing transactions - Income taxes and other transaction types - Revenue recognition |
| Topic 2: Select Balance Sheet Accounts | 30-40% | - Inventory and property, plant, and equipment - Liabilities and equity accounts - Investments and intangible assets - Cash and receivables |
| Topic 3: Financial Reporting | 30-40% | - Conceptual framework and standard-setting - Disclosures and reporting requirements (e.g., segment, interim reporting) - Preparation and presentation of financial statements - Reporting for for-profit, not-for-profit, and governmental entities |
What to Know About FR Before You Start
- Select Transactions (25-35%)
- Select Balance Sheet Accounts (30-40%)
- Financial Reporting (30-40%)
CPA Financial Reporting Sample Questions:
IAS 19 is intended to prescribe when the cost of employee benefits should berecognizedas a liability or an expense and the amount of the liability or expense that should berecognized.
Which of the following statements regarding IAS 19 is correct?
i)A liability should berecognizedwhen an employee has provided a service in exchange for benefits to be received by the employee at some time in the future.
ii)An expense should berecognizedwhen the entity enjoys the economic benefits from a service provided by an employee regardless of when the employee received or will receive the benefits from providing the service.
- A. (i) is incorrect but (ii) is correct
- B. (i) and (ii) both are incorrect
- C. (i) is correct but (ii) is incorrect
- D. (i) and (ii) both are correct
Correct Answer: D 🗳️
IAS 17 Leasesstandardizesthe accounting treatment and disclosure of assets held under lease. IAS 17 Leases requires a lessee tocapitalizea finance lease at the amount of the
- A. Lower of fair value or present value of minimum lease payments
- B. Higher of fair value or present value of minimum lease payments
- C. Present value of the minimum lease payments
- D. Fair value
Correct Answer: A 🗳️
According to the IASB's Conceptual Framework for Financial Reporting, which of the following does an entity's income statement, statement of financial position and statement of cash flows primarily measure?
Income statement Statement ofStatement of financial position cash flows
- A. Financial performanceFinancial position Financial adaptability
- B. Financial position Financial performance Financial adaptability
- C. Financial performanceFinancial adaptability Financial position
- D. Financial adaptability Financial position Financial position
Correct Answer: A 🗳️
Parrot Ltd had the following balances in its accounts at 30 April 2006 and 30 April 2007.
30 April 200630 April 2007 $$ Cash in hand1,0001,100 Bank overdraft41,627Cash at bank-21,932 Long term bank loan50,00025,000
In accordance with IAS 7 Statement of Cash Flows, what amount should be shown under net change in cash and cash equivalents in the company's statement of cash flows for the year ended 30 April 2007?
- A. $63,659 increase
- B. $16,695 decrease
- C. $20,295 decrease
- D. $63,559 increase
Correct Answer: A 🗳️
Waterloo plc acquired a freehold building for cash, financed in full by issuing 166,000 $1 ordinary shares at a premium of $2 per share.
In its statement of cash flows prepared in accordance with IAS 7 Statement of Cash Flows this transaction should be stated as:
- A. Inflow nil, outflow $498,000
- B. Inflow nil, outflow nil
- C. Inflow $498,000, outflow nil
- D. Inflow $498,000, outflow $498,000
Correct Answer: D 🗳️
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