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CPA Australia CPA Financial Accounting and Reporting : Financial-Accounting-and-Reporting
- Exam Code: Financial-Accounting-and-Reporting
- Exam Name: CPA Financial Accounting and Reporting Exam
- Updated: Oct 28, 2026 Q & A: 100 Questions and Answers
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About CPA Australia Financial-Accounting-and-Reporting Exam
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CPA Australia Financial-Accounting-and-Reporting Exam Overview:
| Certification Vendor: | CPA Australia |
|---|---|
| Exam Name: | Financial Accounting and Reporting |
| Exam Number: | Financial-Accounting-and-Reporting |
| Passing Score: | 540 / 900 (60%) |
| Exam Price: | AUD 388 |
| Exam Format: | Closed-book, Multiple-choice questions |
| Real Exam Qty: | 100 |
| Available Languages: | English |
| Exam Duration: | 195 minutes |
| Certificate Validity Period: | 3 years |
| Related Certifications: | CPA Australia Associate Membership CPA Program |
| Recommended Training: | CPA Australia Official Study Materials |
| Exam Registration: | Pearson VUE Scheduling CPA Australia Foundation Exam Registration |
| Sample Questions: |  |
| Exam Way: | Computer-based testing (CBT) at Pearson VUE test centres or online proctored |
| Pre Condition: | No formal prerequisite; required for entry into CPA Program if accounting background is insufficient |
| Official Syllabus URL: | https://www.cpaaustralia.com.au/become-a-cpa/cpa-program/foundation-exams/financial-accounting-and-reporting |
CPA Australia Financial-Accounting-and-Reporting Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Business Combinations and Group Accounting | 20% | - Business combinations and goodwill - Consolidation principles and procedures - Non-controlling interests |
| Role and Regulatory Framework of Financial Reporting | 15% | - Conceptual framework and qualitative characteristics - Regulatory environment and standards setting - Business entities and reporting obligations |
| Presentation of Financial Statements | 15% | - Statement of financial position - Statement of cash flows and notes - Statement of profit or loss and OCI |
| Financial Instruments | 12% | - Recognition, derecognition and disclosure - Classification and measurement |
| Income Taxes | 18% | - Current and deferred tax calculation - Tax effects in financial statements |
| Revenue, Provisions and Liabilities | 14% | - Provisions, contingent liabilities and assets - Revenue from contracts with customers |
| Impairment of Assets | 6% | - Impairment testing and recognition - Impairment indicators and recoverable amount |
The CPA Australia CPA Financial Accounting and Reporting Exam: What to Know First
Currency is maintained daily, not occasionally. Our IT staff reviews and updates the CPA Australia CPA Financial Accounting and Reporting question bank every day to keep it aligned with the live Financial-Accounting-and-Reporting exam. If a revision is underway when you buy or during your update period, we notify you and send the updated version as soon as it is ready — free within your 365 days of updates. You will never be left studying a stale edition without knowing it.
The Financial-Accounting-and-Reporting exam is the official assessment behind the CPA Australia CPA Financial Accounting and Reporting certification from CPA Australia, and its pass rate is genuinely low — many candidates need two or three attempts to get through. The difficulty is real, but it is also manageable: candidates who prepare with material aligned to the published objectives give themselves a far better starting position than those who walk in underprepared.
Registration for the Financial-Accounting-and-Reporting exam runs through these official channels:
Given how commonly this exam takes more than one attempt, schedule your sitting only when your practice results say you are ready.
The official outline divides the Financial-Accounting-and-Reporting exam into weighted domains, including:
- Income Taxes (18%)
- Business Combinations and Group Accounting (20%)
- Impairment of Assets (6%)
The CPA Australia CPA Financial Accounting and Reporting question bank at PracticeTorrent is updated daily against these same objectives, and the free practice test lets you sample that alignment yourself.
CPA Australia recommends these training resources for candidates:
Official training builds the foundation; a daily-reviewed practice bank with expert-verified answers builds the exam-day readiness. Use both.
Only while you want us to. Update notifications about the CPA Australia CPA Financial Accounting and Reporting materials are sent because they are useful; once you have passed the Financial-Accounting-and-Reporting exam, one email to our team opts you out completely — no junk mail, ever. Your personal information is kept secret and safe throughout, and never shared with third parties.
Passing the Financial-Accounting-and-Reporting exam requires 540 / 900 (60%), and registration costs AUD 388 — per attempt. With retakes so common on this exam, preparing properly for one focused attempt is the choice that protects your budget.
The Financial-Accounting-and-Reporting exam contains 100 questions with 195 minutes minutes to complete them. Practicing under the same time limit is the reliable way to make exam-day pacing feel familiar rather than frantic.
No formal prerequisite; required for entry into CPA Program if accounting background is insufficient
CPA Australia CPA Financial Accounting and Reporting Sample Questions:
Question #1
In applying accounting standards, an entity develops accounting policies that ensure that the financial statements present
- A. comparable and accurate financial information to all shareholders.
- B. relevant and correct financial information to all interested shareholders.
- C. relevant and reliable financial information.
- D. understandable and clear financial information to all interested shareholders.
Correct Answer: C 🗳️
Question #2
An agent is answerable under the contract to the agent's principal and must account for the resources of the agent's principal and the money the agent has gained working on the principal's behalf. In the context of agency, this definition describes an agent's
- A. accountability.
- B. fiduciary duty.
- C. contract.
- D. relationship.
Correct Answer: A 🗳️
Question #3
The use of the principle of substance over form is found in which one of the following accounting treatments?
- A. accounting for finance leases
- B. accounting for property, plant and equipment
- C. accounting for inventories
- D. accounting for non-current assets
Correct Answer: A 🗳️
Question #4
The amount of cash or cash equivalents that could currently be obtained by selling an asset in an orderly disposal, refers to which basis of measurement?
- A. present value
- B. historical cost
- C. current cost
- D. realisable value
Correct Answer: D 🗳️
Question #5
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.
- A. II and III only
- B. III and IV only
- C. I and III only
- D. I and II only
Correct Answer: C 🗳️
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